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The finance ministry on Sunday said it would continue to reform the subsidies regime to enable more efficient targeting, so that resources could be freed for investment and development.
After inaugurating the first Indian Cost Accounts Service Day, Finance Minister Arun Jaitley highlighted the importance of efficient expenditure management, failing which any country could face the situation Greece had got trapped in. He said the government has not only to augment its resources through better revenue collection but also to manage its spending well for a good governance. Expenditure secretary Ratan Watal said public finance on the revenue side required attention, particularly in view of the targets set under the fiscal responsibility and budget management law.
He said this needed structural changes in plan spending and containing of non-plan spending within sustainable limits. And, to progressively reduce the expenditure on subsidies through improved targeting of beneficiaries.
