The Union Budget of India is a statement of the estimated receipts and expenditure of the government for that particular year. This year, it will be presented in the Parliament on 1 February by India’s Finance Minister, Nirmala Sitharaman. Let’s take a look at the key people responsible for preparing Budget 2023-24.
1. Nirmala Sitharaman, Finance Minister:
The leader of the Budget-making pack is Finance Minister Nirmala Sitharaman. She is the one who ensures that the budget will boost growth, be anti-inflation and attract investments. This will be her fifth Union Budget and the last full-budget before the General Elections in 2024. She indicated in December that her forthcoming Budget will "follow the spirit" of earlier Budgets.
2. V Anantha Nageswaran, Chief Economic Advisor:
As the CEA, V Anantha Nageswaran is responsible for tracking and monitoring the health of the economy. His analysis is documented in the Economic Survey and the Budget is based on his report.
3. TV Somanathan, Finance Secretary:
Finance Secretary TV Somanathan looks after the expenditure department and advises the FM on where to spend money. He was also a key member in executing flagship government policies, like Atmanirbhar Bharat.
4. Ajay Seth, Economic Affairs Secretary:
As Secretary in charge for the Department of Economic Affairs (DEA), Ajay Seth oversees the Budget Division. It compiles all the inputs and finalizes the financial statement. Making the Budget is a key responsibility of this department.
5. Tuhin Kanta Pandey, DIPAM Secretary:
As the Secretary of the Department of Investment and Public Asset Management (DIPAM), Tuhin Kanta Pandey decides how and where the government will invest and where it will exit investments. In fact, he was responsible for the long-pending sale of national carrier Air India and for the listing of national insurer, LIC.
6. Sanjay Malhotra, Revenue Secretary:
Sanjay Malhotra, Secretary of the Revenue Department, looks into various tax-related proposals for the Budget. He helps the FM to set revenue targets and decides who gets a tax break. He is also the ex-officio Secretary to the GST Council.