Finance Minister Nirmala Sitharaman will present the Union Budget for the financial year 2022-2023 on February 1. Preparations for making this budget start months in advance. Obviously, there will be a team for this and in this team scholars from every sector work with the Finance Minister and the Prime Minister. So let’s know today about this team, who is involved in this team.
The budget for the financial year 2022-2023 is to be presented in the Parliament next week i.e. on February 1. These days the general public of the country is battling the third wave of the corona epidemic, due to which the public has high hopes from this budget. While the common people are expecting relief measures, the industry is expecting help from the government. The challenge before the government is to accelerate economic growth on the one hand, while on the other hand it is trying to improve problems like inflation and unemployment.
Preparations for preparing the budget start months in advance. Obviously, there will be a team for this and in this team scholars from every sector work with the Finance Minister and the Prime Minister. So let’s know today about this team, who is involved in this team.
Tarun Bajaj
Former Economic Affairs Secretary and now Revenue Secretary, Tarun Bajaj has over 31 years of experience working together in the areas of finance and industry, in administration and public policy. Bajaj has also worked in the PMO before the Finance Ministry and is interacting regularly with the industry to get further feedback. The first thing he did as economic affairs secretary was to increase India’s lending program to Rs 12 lakh crore. Their main task now will be to find priority areas where funds can be allocated to drive development.
Ajay Seth, Economic Affairs Secretary
Economic Affairs Secretary Ajay Seth will be tasked with the daunting task of reviving private capital expenditure in the economy to sustain India’s GDP growth. In the aftermath of the COVID-19 pandemic, the central government has been the driving force behind capital investment, especially in infrastructure as it aims to revive activity and generate employment. It is likely that Seth will draft Sitharaman’s budget speech.
TV Somanathan
TV Somanathan, one of the most senior secretaries, holds the position of Finance Secretary. Somanathan has also worked in the PMO before the Finance Ministry. It is said that Somanathan and Bajaj are aware of the pulse of both. Somanathan curbed spending at the beginning of the year to save money after tax collections were hit by the pandemic, but given the government’s Atmanirbhar Bharat package, many believe that FY2011’s actual Expenses may exceed budget estimates.
Debashish Panda
Debashish Panda is the Banking Secretary in the Central Government. Debasish Panda, a 1987 batch IAS of UP cadre, had the dual task of keeping the spirits high among bankers in the early stages of the pandemic by advancing loans to various stressed sectors through the Emergency Credit Line Guarantee Scheme. Panda, along with the RBI, was also tasked with finding solutions for both Yes Bank and Lakshmi Vilas Bank.
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TK Pandey
Tuhin Pandey, Secretary, Department of Investment and Public Asset Management After the success of privatization of Air India, Tuhin said that the central government will privatize five or six companies including Bharat Petroleum, Shipping Corporation of India and Pon Hans in the current financial year of 2021-22. Will do Even after launching the Centre’s ambitious privatization plan, Pandey will still have the responsibility to execute any further deals and ensure their fruits.
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