Explanation:

The 5 member committee was headed by N.K. Singh, former Revenue and Expenditure Secretary and former MP. Its member included RBI Governor Urjit Patel, Chief Economic Advisor Arvind Subramanian, former Finance Secretary Sumit Bose, and National Institute of Public Finance and Policy Director Rathin Roy

• The committee was constituted in May 2016 following Finance Minister Budget 2016-17 announcement. It was assigned task to review the working of the FRBM Act over last 12 years to suggest the way forward.
• It was also tasked to examine the need and feasibility of having a ‘fiscal deficit range’ as the target in place of the existing fixed numbers (percentage of GDP) as fiscal deficit target.