Finance Minister Nirmala Sitharaman will present the Union Budget for financial year 2023-24 on February 1. The budget assumes significance as it will lay out the roadmap for the country’s economic growth going into 2024 which is also an election year. The forthcoming budget is likely to meet the targeted 6.4 per cent fiscal deficit and pencil in for a 50 bps reduction in the same for the next fiscal, according to a Foreign Brokerage Report.
The Modi government will present its last full budget on February 1 as the budget 2024 will be a vote on account because the nation will be heading for the hustings from April next year.
Here is the team of secretaries which will help Finance Minister Nirmala Sitharaman draft Union Budget 2023-24
Finance Minister core team of budget makers includes bureaucrats from Ministry of Finance. Traditionally Finance Ministry has had five secretaries heading five departments namely Economic Affairs, Expenditure, Revenue, Department of Investment and Public Asset Management (DIPAM) and Financial Services and recently Department of Public Enterprises was also brought under Finance Ministry.
T V Somanathan: T V Somanathan is currently the heading the Expenditure Department at Finance Ministry he also happens to be Finance Secretary as he is the senior most of all the bureaucrats at the ministry. His main job will be to help Sitharaman finalise spending on infra, welfare schemes, subsidies, defence etc. and he will also guide Finance Minister allocate sum to all the ministries.
Ajay Seth: Ajay Seth heads the Department of Economic Affairs he is an IAS officer of 1987 batch from Karnataka cadre. His role is essential as the budget division comes under his department.
Sanjay Malhotra: Sanjay Malhotra heads the Department of Revenue. He is a 1990-batch IAS officer of the Rajasthan cadre, Malhotra was working as an officer on special duty (OSD) in the revenue department since October this year. As revenue secretary Malhotra will help FM in tax revenue projections and various announcements related direct and indirect taxes.
Tuhin Kanta Pandey: Pandey heads DIPAM and he will help FM set divestment target and privatisation plan for the upcoming financial year.
Vivek Joshi: Joshi heads the Department of Financial Services secretary. He along with Public Enterprises Secretary Ali Raza Rizvi will be instrumental in any announcements related to PSU banks and companies.
V Anantha Nageswaran : V Anantha Nageswaran is the Chief Economic Advisor (CEA) and he is one of the important person FM Sitharaman’s team. He will help shape Finance Minister’s perspective on global economy and will also provide data and economic projections. He will also present the Economic Survey a day ahead of the Budget announcement.
