EMC to Submit Interim Report by Early January: Bimal Jalan

New Delhi: The Expenditure Management Commission (EMC), which has been asked to suggest ways to reduce subsidies, will submit its interim report by early January, the panel's chief Bimal Jalan said on Wednesday.

"We will submit interim report by early January. We are meeting secretaries of different ministries and trying to understand expenditure pattern of various ministries," Mr Jalan said after a meeting with Finance Minister Arun Jaitley.

The final report of the panel is expected to be submitted before the 2016-17 Budget.

Former finance secretary Sumit Bose and former RBI deputy governor Subir Gokarn, who are also members of the Commission, were also present in the meeting.

Prime Minister Narendra Modi had set up Expenditure Management Commission to suggest ways to reduce food, fertiliser and oil subsidies and narrow the fiscal deficit.

Mr Jaitley in his Budget speed had announced setting of the Commission that will look into various aspects of expenditure reforms to be undertaken by the Government.

Mr Jaitley in his Budget speech had said: "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."

The subsidy bill on food, petroleum and fertilisers is estimated at Rs 2,51,397.25 crore for 2014-15, up 2.47 per cent over the previous fiscal. It was Rs 2,45,451.50 crore in the revised estimates for 2013-14.