- Household savings: Arun Jaitley raises exemption limit, introduces KVP, hikes PPF cap to boost savingsGrowth, investment dominate Budget speech, literallyIncome-Tax: Arun Jaitley's Budget sops help salaried class save up to Rs 40,000Budget slashes excise duty, branded petrol price cut by over Rs 5/litre
The government today announced setting up an Expenditure Management Commission (EMC) to bring in reforms related to spending for achieving maximum output.
"To achieve this goal, time has come to review the allocated and operational efficiencies of government expenditure to achieve maximum output," Finance Minister Arun Jaitley said while presenting his first budget in Parliament today.
He said the government is committed to its principle of 'Minimum Government Maximum Governance', and the EMC will look into various aspects of expenditure reforms to be undertaken by it.
Jaitley said the government will overhaul the subsidy regime, including that on food and petroleum, while making it more targeted and providing full protection to marginalised, poor and SCs/STs.
He also said a new urea policy will be formulated.
"The Expenditure Management Commission will give its interim report within this financial year," he added.