Relevance : GS Paper II
Introduction
It is important for our electorate and the representatives to have an independent body which acts as source for facts and evidence.
Appointment of this body
- This body needs to be appointed on its expertise in budgetary, fiscal and economic matters.
- This body should serve parliamentarians equally and without prejudice.
Need of this body
Most parliamentarians do not benefit from timely access to good quality analysis on economic, fiscal or financial matters.
Name of this body
This body exists in many countries around the world, going by many names but most commonly as Parliamentary Budget Offices (PBOs).
Function performed by PBOs
- help shape the debate and discourse on finances
- help drive smarter debate in the media and with our electorate.
- provide information on fiscal and economic projections.
- provide reliable data to parliamentarians to make decisions on.
- would assist parliamentarians in scrutiny of information.
Co-existing with the AG
- A question that often arises is the necessity of such an office when we already have an auditor general.
- A PBO provides prospective, forward-looking economic and fiscal projections. This distinguishes it from an auditor general, which provides useful information, but retrospective.
International scenario
- Internationally, similar offices have been established across the world.
- Congressional Budget Office in the United States.
- Offices in the Netherlands, Korea, Australia and the United Kingdom.
- PBOs in emerging economies in Sub-Saharan Africa and Southeast Asia.
Conclusion
Legislatures across the world have witnessed an increasingly stronger executive try to wrest away its rightful power of the purse. A PBO would help resuscitate these powers.
