Expenditure Management Commission

The constitution of Expenditure Management Commission (EMC) of India was announced in the Budget Speech by Finance Minister of India Arun Jaitley in the budget of 2014–15.[1] The Commission will be a recommendation body with the primary responsibility of suggesting major expenditure reforms that will enable the government to reduce and manage its fiscal deficit at more sustainable levels.

The EMC is a five-member body composed of the former Reserve Bank of India (RBI) Governor Bimal Jalan, who has been appointed to head the Commission, former Finance Secretary Sumit Bose, former Deputy RBI Governor Subir Gokarn and two other members.[2]

Despite the legal mandate intended to lower the Fiscal Deficit to 3 per cent within the stipulated time Fiscal Responsibility and Budgetary Management Act, 2003, India has witnessed a persistent high fiscal deficit. Subsidies, public services, underpricing and arbitrary natural resource allocation are government activities that have led to expenditures greater than revenue.[citation needed] [3]

The commission is mandated to evaluate proposals for reducing the three major subsidies (i.e. food, fertilizer and oil).[4]

The commission was to submit an interim report before the presentation of the Budget for 2015-16.[5][needs update] The final report was to be submitted before the 2016-17 budget.[6][7][8][9]

References

  1. ^Mehra, Puja. “PM approves constitution of expenditure management panel”. The Hindu. Retrieved 27 February 2015.
  2. ^“Bimal Jalan to head Expenditure Management Commission”. India Today. Retrieved 27 February 2015.
  3. ^Watal, Ratan (4 September 2014). “Constitute_Expenditure_Management_Commission” (PDF). Retrieved 27 February 2015.
  4. ^Mishra, Asit. “Former RBI head Bimal Jalan to head expenditure management commission”. Livemint. Retrieved 27 February 2015.
  5. ^“EMC to Submit Interim Report by Early January: Bimal Jalan”. NDTV.com. Retrieved 16 April 2019.
  6. ^“Jalan Panel on Expenditure to Submit Report This Month”. NDTV.com. Retrieved 16 April 2019.
  7. ^“Government examining report on subsidy rationalisation”. The Economic Times. 6 May 2016. Retrieved 16 April 2019.
  8. ^Singh, Mahendra K. (29 October 2016). “Niti Aayog to vet performance of 500 autonomous bodies”. The Economic Times. Retrieved 16 April 2019.
  9. ^“More steps on the anvil for expenditure efficiency: Lavasa – Times of India”. The Times of India. 20 June 2016. Retrieved 16 April 2019.

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