The Group recommended that the compilation of data on the budgetary liabilities should be consistent with those in respect of the Gross Fiscal Deficit and accordingly, specified the constituent items. The Group also recommended exclusion of the implicit/contingent liabilities from the definition of budgetary liabilities, reckoning the wide divergence in views on the various items that should be included under implicit liabilities.
It, however, recommended the disclosure of information on various implicit liabilities along with the budgetary liabilities. The Group recommended specific formats for timely release of data on the liabilities in the budget documents of the State Governments.