India sets up expenditure commission for reforms in state spending

NEW DELHI (Reuters) - Prime Minister Narendra Modi approved the constitution of an expenditure management panel on Wednesday, which would spell out reforms in state spending and subsidies, a government statement said.

The panel will be headed by Bimal Jalan, former governor of the Reserve Bank of India, and will submit its interim report before the 2015/16 annual budget to be presented in Feb 2015.

(Reporting by Manoj Kumar; Editing by Sanjeev Miglani)