The NDA government is set to appoint former RBI governor Bimal Jalan as the head of the new expenditure management commission (EMC), top sources told HT on Tuesday.
An announcement is likely to be made shortly.
The EMC is empowered to draw up a subsidy reform roadmap, a new urea policy and other expenditure reforms in line with the government’s motto of “Minimum Government, Maximum Governance.” It will give its interim report within this financial year and the final report within 18 months.
HT had reported on Monday that Jalan, as well as Shankar Acharya, honorary professor at the Indian Council for Research on International Economic Relations (ICRIER) and former CEA; Vijay Kelkar, former finance secretary and chairman of the 13th finance commission were among the names that were considered for the post of EMC head.
Subir Gokarn, former RBI deputy governor and now Brookings India director of research, is likely to be one of the EMC members.
Finance minister Arun Jaitley had announced the decision to set up of the EMC in his maiden budget speech on July 10. “Time has come to review the allocative and operational efficiencies of government expenditure to achieve maximum output,” Jaitley had said in his budget speech.