Union Budget 2022: The challenges and the team behind it

Finance minister Nirmala Sitharaman’s budget for FY23 that will be presented on February 1 will be watched keenly for measures for firing up the pandemic-hit economy. ET takes a look at the team that is drafting the budget that needs to enable high growth while keeping the fiscal deficit in check and inflation contained.

Agencies

Agencies

T V SOMANATHAN, Finance Secretary and Secretary, Department of Expenditure

A 1987 batch IAS officer from the Tamil Nadu cadre, T V Somanathan served as a joint secretary in the Prime Minister’s Office in 2015 after a stint at the World Bank. Somanathan, as the finance secretary, has a tightrope walk ahead of providing funds for growth while keeping an eye on the fiscal goals.

The third wave of the pandemic has adversely impacted the economic recovery. The upcoming budget will have to address the key challenge of lifting growth, consumption and investments. Somanathan has been pushing ministries and departments to spend their capital expenditure budget and is expected to continue with this thrust in F23 as well. A granular review of schemes of various departments and ministries is likely to show up in the form of better focused and lesser central schemes.

Agencies

AJAY SETH, Secretary, department of economic affairs

Ajay Seth, a 1987 Karnataka cadre IAS officer, was appointed economic affairs secretary in April last year when the country was hit hard by the second wave of the Covid 19 pandemic. Seth, who had handled the budget and resources and the commercial taxes department in Karnataka, has a tough task cut out for him as the third wave has dented the nascent recovery. He will also be watched for measures undertaken to revive growth without losing sight of the fiscal consolidation roadmap.

Agencies

DEBASHISH PANDA, Secretary, Department of Financial Services

Debashish Panda, a 1987 batch IAS officer has been instrumental in laying the foundation for next-generation reforms in public sector financial institutions. Public sector banks have finally turned around and the upcoming budget is expected to provide further impetus. He was instrumental in setting up of the bad bank and the development finance institution. With Jandhan 3.0 in the works, the upcoming budget will be keenly watched out for building on these measures.

TARUN BAJAJ, Secretary, Department of Revenue

Tarun Bajaj, a 1988 batch Haryana cadre IAS officer, served in the Prime Minister’s Office before he joined the finance ministry as secretary economic affairs. Bajaj, who joined the ministry during the first wave of the pandemic when the country was under a partial lockdown, was one of key officials who steered the Atmanirbhar Bharat relief packages. He was later shifted to the Revenue department and was entrusted with the task of setting realistic tax

targets, which the government was missing year after year, upsetting its fiscal maths. With his mantra of “understate and overachieve”, this year the department is set to exceed tax collections. His department has sent out a strong message to foreign investors by withdrawing the retrospective tax amendment, paving the

way for settlement of the tax disputes arising out of the controversial measures. This year the budget is expected to build upon measures to ease compliances and offer some relief to the pandemic hit businesses and taxpayers.

TUHIN KANTA PANDEY, Secretary, Department of Investment & Public Asset Management

A 1987 Odisha cadre IAS officer, Tuhin Kanta Pandey, has delivered on the privatisation of Air India. With 17 more strategic sales lined up and asset monetization pipeline ready, he has an action packed year ahead. The mega listing of Life Insurance Corporation is being eagerly awaited not just by the government to meet its large spending requirements, but also the markets.

(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

ETPrime stories of the day