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Vijay L. Kelkar Committee on Fiscal Consolidation Presented by:Ankush Singh Bagal Intoduction Finance minister constituted a 3 member committee under the chairmanship of the former Finance Secretary and 13th Finance Commission Chairman Vijay L. Kelkar to outline a roadmap for fiscal consolidation. The objective of committee was to give recommendations on midterm corrections for the fiscal year(2012-13) and reforms for medium term fiscal consolidation. Members of the Committee Vija
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  Vijay L. Kelkar Committee on Fiscal Consolidation Presented by:- Ankush Singh Bagal  Intoduction Finance minister constituted a 3 member committee under the chairmanship of the former Finance Secretary and 13 th  Finance Commission Chairman Vijay L. Kelkar to outline a roadmap for fiscal consolidation. The objective of committee was to give recommendations on midterm corrections for the fiscal year(2012-13) and reforms for medium term fiscal consolidation.  Members of the Committee  Vijay L Kelkar - Chairman  Indira Rajaraman - Member  Sanjiv Misra - Member  Need for fiscal consolidation   Fiscal consolidation is very important because India‟s  fiscal deficit, the excess of government expenditure over receipts, is forecasted to expand to 6.1% of GDP, higher than the budget estimate of 5.1%. High fiscal deficit can be problematic for many reasons  investment, growth and employment could all weaken  inflation could increase  monetary policy expansion may be constrained  external sector imbalances could widen  high fiscal deficits might reduce investor confidence in India.
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