FinMin calls for Plan Budget estimates

In a formal shift of responsibility for determining the annual plan expenditure from the Planning Commission to the finance ministry, the latter has asked all ministries and departments to furnish their Plan Budget estimate for 2015-16 directly to it.

Earlier, the proposals used to be sent to the Planning Commission, which vetted these and prepared the annual plan outlay of central ministries and also of state governments. The size was finalised after negotiations between the two bodies.

The plan expenditure forms an important part of the government's annual Budgeted expenditure. Prime Minister Narendra Modi had announced the winding up of the Planning Commission to be replaced with a new body during his maiden Independence Day Speech.

Though, the new body has not been constituted it, but the government has in the meantime sought suggestions from general public on the shape of the new body and also held a meeting with eminent economists and thinkers on the same.