Nirmala Sitharaman, the Union Finance Minister, will announce the country's general budget on February 1. The economy of the country fighting the Corona pandemic will take a new course as a result of this general budget, and the countrymen's optimistic eyes will be placed on it as well. The entire team, including the Finance Minister, is working on the budget with the average man in mind. Let us tell you about the budget team's unique personalities.
FM Nirmala Sitharaman is ready to unveil her fourth budget. The budget of the previous fiscal year was presented under the shadow of Corona, and the budget has now become even more crucial as a result of the new Covid-19 model. According to the information, Sitharaman has emerged as the government's major face in the fight against the epidemic and the economic slump. According to a report, the Finance Minister has vowed that this year's budget will be something different from previous ones. In generating this budget, she has enlisted the help of a large group of specialists.
Tarun Bajaj, a 1988 Haryana batch IAS officer, is the Secretary in the Department of Economic Affairs, Ministry of Finance. Before joining the Finance Ministry, Bajaj has also served in the Prime Minister's Office. While working here, he has worked on many relief packages for the country. According to a report, the role of Tarun Bajaj has been very important in shaping the three self-reliant India packages.
This time the major face of this budget team is TV Somanathan, who occupies the position of Expenditure Secretary in the Finance Ministry. It is customary for the Finance Secretary to be chosen from among the five secretaries of the Ministry of Finance. Somanathan is currently in charge of this major task. Somanathan is a Tamil Nadu cadre IAS officer from the 1987 batch. Prior to this, he worked for the World Bank. Somanathan, a PhD in Economics from the University of Calcutta, faces a significant problem in keeping the budget under check.
Despite being the newest member in the finance ministry, TV Somanathan, posted as economic affairs secretary, will be all eyes as the DEA is the nodal department for policies related to capital markets, investment and infrastructure. Ajay is a 1987 batch IAS officer from the Karnataka cadre. Seth has the difficult task of reviving private capital expenditure in the economy to sustain India's GDP growth.
Krishnamurthy Subramanian is a Financial Economist with a PhD. Professors Luggy Jingles and Raghuram Rajan of the University of Chicago Booth School of Business assisted him in this endeavour. In December 2018, Subramanian was named Chief Economic Advisor. He is regarded as an expert in the fields of banking, corporate governance, and economic policy.
Debashish Panda is the Secretary of the Ministry of Finance's Department of Financial Services. Panda is the most significant member of the team since he is in charge of all financial announcements in the budget, whether major or minor. Panda, a 1987 batch Uttar Pradesh cadre IAS officer, is also entrusted with ensuring the financial system's stability in collaboration with the Reserve Bank of India (RBI).
Tuhin Kanta Pandey's name is also on the budget team of Finance Minister Nirmala Sitharaman, whose department will be scrutinised closely. Tuhin Kanta is the secretary of the Department of Investment and Public Asset Management. He is an IAS officer from the Odisha cadre since 1987. In October of this year, he was named Secretary of DIPAM.