Finance Minister Nirmala Sitharaman will deliver her third budget, aided by a team of advisers and secretaries tasked with boosting the economy during these difficult times.
As the Indian economy continues to recover from the worldwide COVID-19 pandemic, the Modi-led government will soon propose the Union Budget for 2022-23. Finance Minister Nirmala Sitharaman will deliver her third budget, aided by a team of advisers and secretaries tasked with boosting the economy during these difficult times. According to a report by the money control, The Finance Minister has been the public face of the government’s economic reaction to the pandemic and slowing economy, introducing the ‘Gareeb Kalyan’ and ‘Aatmanirbhar Bharat’ programmes. Sitharaman has stated that the forthcoming Budget will be unlike any other, with fiscal worries set aside and perhaps record public spending with the goal of increasing demand and creating jobs.
The budget team of Finance Minister is shown below:
Somanathan is one of the most senior secretaries The job of Finance Secretary is held by TV Somanathan. From April 2015 until August 2017, he worked in the Prime Minister’s Office and is reputed to have Modi’s ear. The majority of the budget recommendations from the PMO are anticipated to go through Somanathan and Economic Affairs Secretary Tarun Bajaj.
Tarun Bajaj is a writer who lives in New Delhi. Tarun Bajaj, the former economic affairs secretary and currently the revenue secretary, is another bureaucrat who previously worked for the PMO. He was a key figure in the development of the three ‘Aatmanirbhar Bharat’ relief packages. As the economy begins to recover to pre-pandemic levels in 2019-20, Bajaj’s major responsibility will be to set realistic tax targets.
Tuhin Kanta Pandey
The Secretary of the Department of Investment and Public Asset Management is Tuhin Kanta Pandey. Tuhin stated that the central government will privatise five or six enterprises in the current financial year of 2021-22, including Bharat Petroleum, Shipping Corporation of India, and Pawn Hans, following the success of privatising Air India. Pandey will still be in charge of executing out any future transactions and guaranteeing their completion after kicking off the Centre’s massive privatisation strategy.
Ajay Seth, the Economic Affairs Secretary, will be faced with the difficult challenge of restarting private capital expenditure in the economy in order to keep India’s GDP growing. Following the COVID-19 epidemic, the federal government has been a leading force behind capital expenditure, particularly in infrastructure, in order to stimulate activity and create jobs. Seth is most likely to write Sitharaman’s speech.
He is the Secretary of the Department of Financial Services, and he is in charge of all financial sector announcements expected in the Budget. Banks have fared better than many other industries in the wake of the pandemic. Panda would have to work closely with the RBI to keep the financial system stable.
The Chief Economic Advisor’s most important job will be in crafting the Economic Survey 2020-21, which can be considered as a prelude to the Budget. The current top economic advisor, Krishnamurthy Subramanian, is slated to retire in a week, and the government is considering Finance Ministry Principal Economic Adviser Sanjeev Sanyal and former member of the Monetary Policy Committee Pami Dua as candidates for the position.