Union Budget 2020: Know the top 5 behind-the-scene officials who prepared the second budget of Modi Govt 2.0
New Delhi | Jagran Business Desk: Finance Minister Nirmala Sitharaman is all-set unveil the second budget since taking over the lead post in the finance ministry under Modi 2.0 government. The ministry has taken a keen interest in the government's upcoming budget across all sectors to help spur growth in world's seventh largest economy. Prime Minister Narendra Modi and FM Sitharaman have hold separate meetings with economists, industry leaders, farmers, among other to undertake measures to bring an end to the economic slowdown. As Sitharaman prepares to deliver her budget speech on February 1 (Saturday), a look at five key people in the government who are working behind the scenes to draw up income and expenditure plan.
Rajiv Kumar, Finance Secretary
Rajiv Kumar is a top bureaucrat in the mistry of finance. He has overseen bold banking reforms, including plan to merge state-run banks and massive recapitalisation to help lenders with one of the worst bad-loan ratios in the world.
Rajiv will provide key inputs to take the shadow baking sectors out of crisis, push credit growth and boost comsumption in the economy.
Atanu Chakraborty, Economic Affairs Secretary
A government sale expert, Chakraborty consigned the country's maiden overseas sovereign bond sale plan to the back-burner. While GDP growth slipped below 5 per cent under his watch, a panel led by him prepared over USD 1 trillion infrastructure investment program to revive growth. Atanu's inputs are vital in determining India's budget deficit goals and raise resources to bolster economy.
T.V. Somanathan, Expenditure Secretary
Latest entrant to the finance ministry, Somanathan will be responsible in rationalizing government spending in a way that it boosts demand and reduces wasteful expenditure. Somanathan has worked in the prime minister office earlier and would probably understand better the kind of buget PM Modi would like to see.
Tuhin Kanta Pandey, Disinvestment Secretary
Kanta Pandey is responsible for the strategic sale of national carrier Air India and other state-owned companies. Divestment will form a major chunk of the government’s income mobilization efforts. Although the current year’s target of 1.05 trillion rupees is likely to be missed by a huge distance, a huge target next year cannot be ruled out.
Ajay Bhushan Pandey, Revenue Secretary
Ajay Pandey will look to raise resources. He is the most under pressure bureaucrat, given lower-than-estimated revenue collection amid a slowdown. With USD 20 million worth of corporate tax cut in 2019, it is yet to yield results in terms of investments. He might influence adoption of some of the proposals in the Direct Tax Code (DTC).
Posted By: James Kuanal