The Government will constitute an Expenditure Management Commission (EMC). Announcing this in his maiden Budget speech in Lok Sabha today, the Union Finance Minister Arun Jaitley said that EMC will look into various aspects of expenditure reforms to be undertaken by the Government.
Jaitley said the Government is committed to the principle of ‘Minimum Government Maximum Governance’. To achieve this goal, time has come to review the allocated and operational efficiencies of government expenditure to achieve maximum output.
The Expenditure Management Commission will give its interim report within this financial year. The Finance Minister said he proposed to overhaul the subsidy regime, including food and petroleum subsidies, and make it more targeted while providing full protection to the marginalized, poor and SCs/STs. A new urea policy would also be formulated
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