The government will soon come out with a detailed plan of action on fiscal responsibility based on the report on Fiscal Responsibility Budget and Management Act, which was recently submitted by a committee headed by former Revenue Secretary N K Singh.
“We have a law, the FRBM, that specifies certain fiscal targets and allows us to follow certain fiscal prudent policies,” said Economic Affairs Secretary Shaktikanta Das at the second annual conference of the New Development Bank in New Delhi.
The committee’s recommendations have been broadly adopted by the finance minister in this year’s Budget and the fiscal targets for 2017-18 have been fixed accordingly.
“Going forward, the government will be coming out with the details of the decision on the recommendations of committees report,” Das added.
Speaking on financing sustainable development, Das said there was a lot of talk of developed countries providing the required climate financing for developing and emerging countries, as part of the differentiated responsibilities. “But, we have not seen much action on that front… why it is happening, what is the justification and the calculation of climate financing still are an issue.”
Das was also critical of the way the issue is being seen by developed countries. “In India, along with other emerging economies, feels that the computation of the climate financing that has been provided should not include the normal multilateral and bilateral funding, which are already there and are remotely connected to climate financing,” he said.
He said India is capable of generating its own resources for such projects. “We’re not waiting for any finance to come from external sources other than what we are already accessing.”
India is going ahead with its commitments on sustainable development goals and climate mitigation agenda.
He said the government has already announced generating 175 gigawatt of non-renewable energy by 2022 and 40 per cent of the country’s total electricity generation will be from non-conventional energy sources by year 2030.
“These are definitive programmes and project financing is already taking place as per schedule,” Das added.