New Delhi, Dec 23 (IANS): With the general elections likely to take place in the first quarter of 2019, the chief of a major federal body -- the Finance Commission -- on Saturday urged political parties to come out with manifestos aimed at boosting economic development of the country without proposing measures that could upset macroeconomic stability.

"We are approaching elections and every party will come up with their manifesto, not just economic but holistic manifestos. For the progress of the economy, macroeconomic stability is critical," Chairman of 15th Finance Commission N.K. Singh said addressing the 55th summit organised by think-tank SKOCH.

Singh's remarks come in the backdrop of a flurry of farm loan waivers in various states which are bound to further pressure their respective fiscal deficits.

Earlier, receiving the SKOCH Challenger Award for Reforms, Commerce Minister Suresh Prabhu said India is on a progressive path and is witnessing unprecedented reforms.

"This award is recognition of India's efforts towards great reforms and how we are setting benchmarks of growth on the global platform. I accept this award with a deep sense of gratitude," he said.