Need to define public expenditure: Mukherjee

By IANS,

New Delhi : In order to curb huge deficits, Finance Minister Pranab Mukherjee Monday said there was a need to define the nature of public expenditure.

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“The exact definition of planned and non-planned expenditure needs to be revisited,” Mukherjee said while presenting the budget for 2011-12.

He stressed the need for effective management of public expenditure for bringing it in line with the objectives of the fiscal consolidation process.

According to him, a committee under C. Rangarajan, chairman of the prime minister’s economic advisory council, had been set up to look into the issue.