Budget architects: The personnel in the help of this year’s Budget draft
Finance minister Nirmala Sitharaman will contemporary the authorities’s closing plump funds sooner than the 2024 frequent election on February 1. It’ll be keenly watched for measures to wait on the economy navigate the uneven world ambiance, staying interior the bounds of scal prudence, and retaining electoral considerations in mind
Finance minister Nirmala Sitharaman will contemporary the authorities’s closing plump funds sooner than the 2024 frequent election on February 1. It’ll be keenly watched for measures to wait on the economy navigate the uneven world ambiance, staying interior the bounds of fiscal prudence, and retaining electoral considerations in mind.
ET takes a see at the personnel that will steadiness these three targets as it drafts the FY24 funds:
FINANCE AND EXPENDITURE SECRETARY
Finance secretary TV Somanathan, a 1987-batch IAS officer from the Tamil Nadu cadre.
A 1987 batch IAS officer of the Tamil Nadu cadre and a funds extinct, Somanathan as finance secretary is spearheading funds preparation as he balances the major unbiased of fuelling enhance by capital expenditure push while no longer shedding glance of fiscal consolidation. Mounting world uncertainties complicate Somanathan’s project as he will would perchance quiet be distinct that the funds retains some dry powder for any contingency. Expenditure rationalisation and capital expenditure push are inclined to live the mainstay in the coming financial year as successfully. The contemporary spending management procedure instituted below his behold has allowed more ambiance friendly dispute of the Centre’s resources, decreasing the fund drift in the procedure. The advantages of that will be visible entirely in FY24.
Sanjay Malhotra, Secretary of the Division of Revenue
A Rajasthan cadre IAS officer of the 1990 batch, Malhotra joined the Division of Revenue in October closing year. He has a no longer easy project — a clamour for tax relief amid high inflation against the examine for revenues to fund extra spending sooner than the elections. Malhotra, an IIT Kanpur alumnus, is anticipated to accommodate tax rationalisation and swear tax regime simplification. The upcoming funds will be anticipated to proceed with the frenzy to ease compliances and offer relief to all categories of taxpayers. It’ll also be watched for capital beneficial properties tax regime simplification.
V ANANTHA NAGESWARAN
CHIEF ECONOMIC ADVISER
Chief Economic Adviser Anantha Nageswaran
V Anantha Nageswaran, a extinct member of High Minister’s Economic Advisory Council (PMEAC), modified into as soon as appointed chief financial adviser factual a few days sooner than the FY23 funds. Nageswaran, an tutorial and extinct govt with Credit score Suisse Community AG and Julius Baer Community, will be watched for his evaluation of the economy in the Economic Glance that precedes the funds and policy prescriptions. Because the nation aspires to reignite its manufacturing and radically change segment of world ticket chains, Nageswaran’s funds footprint will be keenly watched for measures to kickstart inner most funding while declaring macroeconomic steadiness.
TUHIN KANTA PANDEY,
SECRETARY, DEPARTMENT OF INVESTMENT & PUBLIC ASSET MANAGEMENT
Secretary, Division of Funding and Public Asset Management (DIPAM), Tuhin Kanta Pandey.
A 1987 Odisha cadre IAS officer, Pandey delivered on the privatisation of Air India and the mega checklist of Life Insurance protection Company of India (LIC). The upcoming year will be keenly watched for the strategic sale of IDBI Financial institution but the larger privatisation of public sector banks will savor taken a backseat for now with frequent elections next year.
SECRETARY, DEPARTMENT OF ECONOMIC AFFAIRS
Ajay Seth is the Secretary accountable of the Division of Economic Affairs.
Seth, a 1987 Karnataka cadre IAS officer, modified into as soon as appointed financial affairs secretary in April 2021. With India’s G20 presidency, Seth’s role in the funds will be keenly watched for enhance impulses to wait on the economy while declaring macroeconomic balance.
SECRETARY, DEPARTMENT OF FINANCIAL SERVICES
DFS Secretary Vivek Joshi
Joshi, a 1989 batch IAS officer of the Haryana cadre, is anticipated to proceed with the authorities’s reform agenda for swear-perambulate financial institutions. Public sector banks savor made a mighty restoration, with the 12 swear-perambulate lenders reporting a 50% enhance in combined fetch profit to `25,685 crore in the September quarter. The upcoming funds would perchance herald the Banking Modification Act, paving the system for extra privatisation. Financial inclusion by digitisation, a key focal level swear for the authorities, would perchance salvage a preserve in the upcoming funds.
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