The Ministry of Finance of India recently formed a steering committee particularly to bring together Extra Budgetary Resources (EBRs). The committee consists of 13 skilled members. The various ministries and departments of the Government of India had made quite a few proposals regarding the collection of EBRs for financing schemes associated with the social and infrastructure sectors of the nation.
Keeping this in mind, the Finance Ministry initiated a small panel, which functions under the leadership of Mr. Subhash Chandra Garg, the Economic Affairs Secretary of India. The members of the panel include well-experienced officials such as the Managing Director of IIFCL, the Chairman of NABARD, and secretaries of multiple government ministries.
The chief goal of this exclusive committee is to assess the different suggestions regarding the provision of financial assistance to projects that come under the health, infrastructure, education, and other social sectors. Government ministries and departments had recommended that EBRs can be raised to sponsor operations of the above-mentioned sectors.
The member secretary of this steering committee is the Joint Secretary (Budget) in the Department of Economic Affairs (DEA). This committee intends to evaluate and determine the various elements related to the projects such as the amount of money required, nature of the project, the time required for completing a particular project, headways of a particular project, etc. After making a comprehensive analysis of each and every facet associated with the activities of these sectors, the committee aims to decide the number of Extra Budgetary Resources (EBRs) to be collected.
Apart from gaging the suggestions made by the departments, the committee will also take up the responsibility for formulating strategies to raise the EBRs. This will be done by creating an extensive calendar with timelines for accumulating EBRs through a step-by-step process. The committee will also need to judiciously select an institution for obtaining these essential resources.