Former RBI governor Bimal Jalan to head expenditure
panel
13/08/2014 16:24
Bimal Jalan, former RBI Governor, will head Expenditure Management Commission which will suggest ways to reduce food, fertiliser and oil subsidies to contain the fiscal deficit, reported PTI. The EMC is being set up following the announcement made by Finance Minister Arun Jaitley in the Budget 2014-15. "The Government will constitute an Expenditure Management Commission, which will look into various aspects of expenditure reforms to be undertaken by the Government," Jaitley had announced in the Budget. "I also propose to overhaul the subsidy regime, including food and petroleum subsidies, and make it more targeted while providing full protection to the marginalised, poor and SC/STs. A new urea policy would also be formulated," Jaitley had said. The higher subsidy bill in 2014-15 is on account of increased allocation for fertiliser sector. The government has pegged total fertiliser subsidy higher at Rs 72,970.30 crore for full fiscal than Rs 67,970 crore proposed in the interim budget. Subsidy for imported urea is pegged at Rs 12,300 crore, domestic urea is Rs 36,000 crore and sale of de-controlled fertilisers (like phosphatic & potassic fertilisers) is Rs 24,670.30 crore.
13/08/2014 16:24
Bimal Jalan, former RBI Governor, will head Expenditure Management Commission which will suggest ways to reduce food, fertiliser and oil subsidies to contain the fiscal deficit, reported PTI. The EMC is being set up following the announcement made by Finance Minister Arun Jaitley in the Budget 2014-15. "The Government will constitute an Expenditure Management Commission, which will look into various aspects of expenditure reforms to be undertaken by the Government," Jaitley had announced in the Budget. "I also propose to overhaul the subsidy regime, including food and petroleum subsidies, and make it more targeted while providing full protection to the marginalised, poor and SC/STs. A new urea policy would also be formulated," Jaitley had said. The higher subsidy bill in 2014-15 is on account of increased allocation for fertiliser sector. The government has pegged total fertiliser subsidy higher at Rs 72,970.30 crore for full fiscal than Rs 67,970 crore proposed in the interim budget. Subsidy for imported urea is pegged at Rs 12,300 crore, domestic urea is Rs 36,000 crore and sale of de-controlled fertilisers (like phosphatic & potassic fertilisers) is Rs 24,670.30 crore.
