How the audit committee of the audit report of the Central Government has cleared the budget 2017-2018
The Government of India’s (GIS) Central Audit Committee (CAC) has cleared its first budget for 2017-18 with an overall surplus of Rs 8,000 crore.
The Budget 2017-19 was approved by the CAC in a vote on February 28.
The government will release the Budget 2017 to Parliament on March 1.
The Government has promised to provide a budget for next year as per the Finance Bill 2017.
GIS has also proposed the establishment of a CAC to ensure fiscal control.
On February 25, the CEC had said it would review the current fiscal framework in the country and its plans for a sustainable fiscal policy.
However, the Finance Ministry’s Deputy Chairman, Pranab Goswami, had said that the government would have to consult the CACC before implementing any new financial framework.
“The CAC is working on a budget to be released soon.
It will also take into account the impact of demonetisation on the country’s economy,” Goswam said on February 25.