Prime Minister Narendra Modi has approved the constitution of the Expenditure Management Commission, which will be headed by former Reserve Bank of India Governor Bimal Jalan. The other members of the commission are Sumit Bose, former Finance Secretary, and Subir Gokarn, former RBI Deputy Governor.

The detailed terms of reference will be notified separately, an official release said.

The commission is expected to be empowered to come out with a subsidy reform roadmap, frame a new urea policy besides bringing out other expenditure reforms.

Finance Minister Arun Jaitley had in his maiden Budget speech for 2014-15 announced that an Expenditure Management Commission would be set up. The Commission is expected to submit its interim report before the Budget of 2015-16 and the final report before the Budget of 2016-17.

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