- A Fiscal Council is a permanent agency.
- Its mandate is to independently assess government’s fiscal plans and projections.
- It puts its findings in the public domain.
- Proposed for India because:
- India has a chronic problem of fiscal irresponsibility.
- Government often overstates GDP and revenue projections.
- It understates expenditures.
- There is manipulation of budget figures using ‘off-budget’ financing.
- It aims to bring open scrutiny and accountability to fiscal management.