Budget 2023: Know key people responsible for upcoming Union Budget
Budget 2023: While we are only a day away from the major announcement, it should be noted budget preparation is not a one-person job. It involves a team of people, a lot of hard work, and seriousness to create the annual financial documents.
FollowThe Union Budget of India 2023 will be soon introduced by the Finance Minister of India, Nirmala Sitharaman. While we are only a day away from the major announcement, it should be noted budget preparation is not a one-person job. It involves a team of people, a lot of hard work, and seriousness to create the annual financial documents. Lets's know the core team in charge of the Union Budget 2023:
1) Nirmala Sitharaman, Union Finance Minister
The country's finance minister, Nirmala Sitharaman, is a key player in preparing Budget 2023. Being the Union Finance minister, Nirmala Sitharaman will read the budget document in Parliament on February 1, 2023. This will be her fifth reading of the Union Budget.Â
Sitharaman is India's first full-time female finance minister. She took over in 2019 when the economy was already slowing. In Budget 2022, Sitharaman focused more on infrastructure development and the domestic defence sector, offering a progressive blueprint for the Indian economy in the long run. She proposed no changes to personal income tax rates or slabs.
2) TV Somanathan, Secretary of Finance and Expenditure
TV Somanathan is a budget veteran and a 1987-batch IAS officer of the Tamil Nadu cadre. Currently, Somanathan is the finance secretary and is in charge of budget preparation, balancing the critical goal of fueling growth through capital expenditure push while not losing sight of fiscal consolidation.
The upcoming fiscal year will likely see continued expenditure rationalisation and capital expenditure push. He will introduce a new spending management system that will allow the Centre's resources to be used more efficiently while reducing fund float. The advantages of this system will be apparent in the coming fiscal year.
3) V Anantha Nageswaran, Chief Economic Advisor
A former Prime Minister's Economic Advisory Council (PM-EAC) member, V Anantha Nageswaran, was appointed Chief Economic Advisor in January 2022, ahead of the FY23 budget. Nageswaran will be a key player in his assessment of the economy in the Economic Survey. While preserving macroeconomic balance, his footprint will be scrutinised for measures to stimulate private investment.
4) Sanjay Malhotra, Revenue Secretary
Sanjay Malhotra is a 1990-batch Rajasthan cadre IAS officer. He began working for the Department of Revenue last year. Malhotra is expected to focus on tax rationalisation and simplifying direct tax regimes. The upcoming budget is expected to continue the push to ease compliance and provide relief to all taxpayers.
5) Ajay Seth, Secretary of Economic Affairs Department
Ajay Seth, an IAS officer from the Karnataka cadre, was appointed Economics Affairs Secretary in April 2021. Seth's role in the Union Budget will be to present the growth impulses that will support the economy while maintaining macroeconomic stability.
6) Tuhin Kanta Pandey, Secretary of Investment and Public Asset Management Department
A 1987 Odisha cadre IAS officer, Tuhin Kanta Pandey, was a key figure in the privatisation of Air India and the mega listing of Life Insurance Corporation of India (LIC) on the stock exchange last year. Pandey will be seen this year for the privatisation of IDBI Bank. However, the privatisation of other public banks may be on hold.Â
7) Vivek Joshi, Secretary of the Financial Services Department
On November 1, 2022, senior bureaucrat Vivek Joshi was appointed secretary of the Ministry of Finance's Department of Financial Services. He is expected to keep the government's reform agenda for state-run financial institutions on track. The Banking Amendment Act, which will obstruct further privatisation, is expected to be announced in the upcoming budget.
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