The government of India has formed a Coordination Committee with Chief Economic Advisor (CEA) Arvind Subramanian as Committee’s head. The main objective of the committee is to address issues while reporting Government Finance Statistics (GFS) data. The committee will have members from RBI, the Controller General of Accounts (CGA), the Central Statistics Office (CSO), the Comptroller and Auditor General (CAG)and the Department of Economic Affairs (DEA).

The GFS year book is an annual publication of the International Monetary Fund (IMF) that collects data of the public sector from member countries.

What is Government Finance Statistics (GFS)? (Source – IMF)

The Government Finance Statistics is an internationally recognized statistical reporting framework, is aimed at helping national authorities to strengthen their capacity to formulate fiscal policy and monitor fiscal developments.

The GFS framework provides a basis for analyzing public investment while providing a “common language” that fiscal analysts can use to develop a consistent approach to handling new, and often complex, government operations that create challenges in fiscal reporting and analysis.

The framework forms an integral part of the IMF’s effort to promote international standards for transparency in fiscal reporting.

Arvind Subramanian 

• Arvind Subramanian is the current Chief Economic Adviser to the Government of India.
• He has taken the charge of the position on 16 October 2014 succeeding Raghuram Rajan.
• In 2011, Foreign Policy magazine has named him as one of the world’s top 100 global thinkers.