''Cabinet has approved extension of terms of reference of 13th Finance Commission having regard to the need to bring liabilities of the central government on account of oil, food and fertiliser bonds into fiscal accounting," information and broadcasting minister P R Dasmunshi said.
The Commission, headed by former finance secretary Vijay Kelkar, would also review the impact of various other obligations of central government on the deficit target.
The government is also set to refer the Sixth Pay Commission report to the 13th Finance Commission for evaluation and possible impact on the fiscal health of the country.
This is likely to impact the implementation of pay revision for millions of central government employees, including those from defence and paramilitary forces. The 13th Finance Commission is expected to assess the cost in in case of the Sixth Pay Commission report, while, in case of oil and fertiliser subsidies, the commission has to decide how to stager in repayment and minimise the impact on government exchequer.
The other members of the 13th Finance Commission include Indira Rajaraman, emeritus professor, National Institute of Public Finance and Policy, Abusaleh Shariff, chief economist, National Council of Applied Economic Research and Atul Sarma, former vice-chancellor, Rajiv Gandhi University (formerly Arunachal University). Sumit Bose is the secretary to the commission, while B.K. Chaturvedi, member, planning commission, is a part-time member.
The next cabinet meeting scheduled on 7th August and hopefully the matter of sixth pay commission recommendations may be taken up there.
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