FRBM panel proposes for 'autonomous' fiscal council under North Block

40 countries now have one of these bodies, tripling in number after the 2008 global crisis

The committee report on the Fiscal Responsibility and Budget Management (FRBM) law’s recommendation for a new fiscal council to monitor implementation comes after studying the examples of 40 other countries, advanced and emerging.

The panel, whose report was made public on Wednesday, has proposed the Council as an autonomous body but under the finance ministry.

It asks that the Council be tasked with monitoring the government’s fiscal announcements for any year, providing its own forecasts and analysis for these, and to advise the ministry on when to trigger the escape clause provision.

“It is proposed that it should comprise a