The Prime Minister has approved the constitution of the Expenditure Management Commission. This was announced by the Finance Minister in his Budget Speech 2014-15.

The Commission will be headed by Dr. Bimal Jalan, former Governor, RBI, with Shri Sumit Bose, former Finance Secretary and Dr. Subir Gokarn, Eminent Economist as members. Additional Secretary, Department of Expenditure, Ministry of Finance, will be an ex-officio member and a senior officer with finance/expenditure experience will be Member-Secretary. The detailed Terms of Reference of the Expenditure Management Commission will be notified separately.

The Commission is expected to submit its interim report before the Budget of 2015-16 and its final report before the Budget of 2016-17.

Expenditure management commission constituted to review public spending, with specified membership and a staged reporting timetable. The government has constituted an Expenditure Management Commission chaired by a senior economist with named expert members, an ex officio Department of Expenditure representative, and a senior officer as Member Secretary; detailed Terms of Reference will be notified separately and the Commission must submit an interim report before the next budget and a final report before the following budget.