The Union Finance Ministry on Tuesday constituted a five member Fiscal Responsibility and Budget Management (FRBM) panel.
The panel would be headed by former revenue and expenditure secretary and Member of Parliament N.K. Singh. Former finance secretary Sumit bose, Chief Economic Advisor Arvind Subramanian, director of National Institute of Public Finance and Policy Rathin Roy and deputy governor of RBI Urijit Patel will be its members.
The panel will examine fiscal deficit range instead of fixed targets and look into feasibility of fiscal expansion or contraction in relation to credit expansion and contraction.
The FRBM Act deals with matters of fiscal discipline, such as spending and deficit, along with management of macro-economic factors and public funds.
The FRBM committee would submit its report to the government by October 31.
The panel, which was announced by Union Finance Minister Arun Jaitley in his Budget speech, will look into factors that influence the country's fiscal targets.