The detailed terms of reference for commission will be notified separately. It will submit its interim report before next Budget and the final report before Budget FY17.
The Centre has approved setting up of an expenditure management commission (EMC), to be headed by former RBI governor Bimal Jalan, sources tell CNBC-TV18.
Sumit Bose and Subir Gokarn will be members of the committee.
The detailed terms of reference for commission will be notified separately. The commission is empowered to come out with a subsidy reform roadmap, a new urea policy and other expenditure reforms. It will submit its interim report before next Budget and the final report before Budget FY17.
Finance Minister Arun Jaitley in his Budget speech on July 10 had announced the decision to set up the EMC. While presenting his maiden budget, the FM said that the time has come to review the allocative and operational efficiencies of government expenditure to achieve "maximum output".
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