Vijay Kelkar, advisor to the finance minister, has been entrusted with the new task of preparing quarterly review of the economy as mandated under the Fiscal Responsibility and Budget Management Act.

A panel set up for this purpose will be headed by Kelkar and comprise finance secretary D C Gupta, revenue secretary Vineeta Rai, budget secretary D Swarup and financial sector secretary N S Sisodia.

"The panel will come up with quarterly report on the economy and the Centre's financial position, as envisaged in the Fiscal Responsibility and Budget Management Act of 2003," a senior finance ministry official told PTI in New Delhi on Wednesday.

Finance Minister Jaswant Singh had initiated the quarterly review of the economy last year before the FRBM Act was actually passed.

With the passage of FRBM Act, the government has been periodically presenting mid-year and quarterly reviews.