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Nw: Union Budget 2022: The challenges and the team on the back of it

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Memoir outline

  • T V Somanathan
  • Ajay Seth
  • Debashish Panda
  • Tarun Bajaj
  • Tuhin Kanta Pandey

Budget 2022: Highlights

Finance minister Nirmala Sitharaman’s funds for FY23 that will likely be equipped on February 1 will likely be watched keenly for measures for firing up the pandemic-hit economy. ET takes a watch on the team that’s drafting the funds that needs to permit high bellow while conserving the fiscal deficit in test and inflation contained.

Untitled-8Agencies

Untitled-9Agencies

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

A 1987 batch IAS officer from the Tamil Nadu cadre, T V Somanathan served as a joint secretary within the Prime Minister’s Location of work in 2015 after a stint on the World Bank. Somanathan, as the finance secretary, has a tightrope poke sooner than providing funds for bellow while conserving an assume on the fiscal targets.

The third wave of the pandemic has adversely impacted the commercial recovery. The upcoming funds will must tackle the major inform of lifting bellow, consumption and investments. Somanathan has been pushing ministries and departments to exhaust their capital expenditure funds and is anticipated to proceed with this thrust in F23 to boot. A granular review of schemes of various departments and ministries is likely to point to up within the gain of better focused and lesser central schemes.

Untitled-12Agencies

AJAY SETH, Secretary, division of enterprise affairs

Ajay Seth, a 1987 Karnataka cadre IAS officer, was as soon as appointed financial affairs secretary in April final year when the nation was as soon as hit laborious by the 2d wave of the Covid 19 pandemic. Seth, who had handled the funds and resources and the commercial taxes division in Karnataka, has a annoying job nick back out for him as the third wave has dented the nascent recovery. He can even be watched for measures undertaken to revive bellow with out shedding discover of the fiscal consolidation roadmap.

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DEBASHISH PANDA, Secretary, Division of Financial Providers

Debashish Panda, a 1987 batch IAS officer has been instrumental in laying the root for subsequent-skills reforms in public sector financial establishments. Public sector banks delight in finally modified into around and the upcoming funds is anticipated to gain further impetus. He was as soon as instrumental in establishing of the injurious financial institution and the vogue finance institution. With Jandhan 3.0 within the works, the upcoming funds will likely be keenly watched out for constructing on these measures.

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TARUN BAJAJ, Secretary, Division of Income

Tarun Bajaj, a 1988 batch Haryana cadre IAS officer, served within the Prime Minister’s Location of work earlier than he joined the finance ministry as secretary financial affairs. Bajaj, who joined the ministry at some point of the major wave of the pandemic when the nation was as soon as below a partial lockdown, was as soon as one in every of key officers who instructed the Atmanirbhar Bharat relief programs. He was as soon as later shifted to the Income division and was as soon as entrusted with the job of surroundings reasonable tax
targets, which the authorities was as soon as lacking year after year, upsetting its fiscal maths. Alongside with his mantra of “understate and overachieve”, this year the division is determined to exceed tax collections. His division has sent out a solid message to distant places investors by withdrawing the retrospective tax modification, paving the
manner for settlement of the tax disputes establishing out of the controversial measures. This year the funds is anticipated to gain upon measures to ease compliances and offer some relief to the pandemic hit agencies and taxpayers.

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

A 1987 Odisha cadre IAS officer, Tuhin Kanta Pandey, has delivered on the privatisation of Air India. With 17 extra strategic sales lined up and asset monetization pipeline ready, he has an action packed year ahead. The mega itemizing of Existence Insurance coverage Company is being eagerly awaited no longer wonderful by the authorities to meet its great spending necessities, but also the markets.

( Firstly printed on Jan 24, 2022 )

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