Union Budget 2014-15: Expenditure Management Commission to be set up to evaluate expenditure reforms

The government will constitute an Expenditure Management Commission (EMC).

Announcing this in his maiden Budget speech in Lok Sabha today, finance minister Arun Jaitley said that commission will look into various aspects of expenditure reforms to be undertaken by the government.

He 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 commission will give its interim report within this financial year. He said he proposed to overhaul the subsidy regime, including food and petroleum subsidies, and make it more targeted while providing full protection to the poor and SCs / STs.