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| Edited By: DNA Web Team |Source: DNA web team |Updated: Feb 01, 2022, 10:59 AM IST
While Finance Minster Nirmala Sitharaman presents the Union Budget 2022 in Parliament today, most of us do not know how exactly the Budget is compiled. It actually takes several months to prepare the Budget and several government departments have to work together to formulate it.
Union Budget is made through a consultative process which involves the Finance Ministry, government planning body, NITI Aayog and several spending ministries. Here we talk about the A-team behind the camera who helped prepare the Budget for the financial year 2022-23.
Nirmala Sitharaman's high profile team comprises of five top officials - TV Somanatham, Tarun Bajaj, Debashish Panda, Ajay Seth and Tuhin Kanta Pandey. They have been the brains behind deciding how the amount during each fiscal is allocated to different sectors.
A 1987 batch IAS officer TV Somanathan, seniormost official of them all, has been a part of the PMO since 2015 when he joined as a Joint Secretary.
The Tamil Nadu cadre IAS officer, TV Somanathan is expected to transform government schemes in a way that Centre's spending is more effective.
Debashish Panda plays a key role in the revival of public sector offices, as Secretary, Department of Financial Services.
One of the most sought-after reforms in the previous Budget has been about how the government will handle bad banks.
Thanks to the 1987 batch IAS officer, banks have performed well despite the pandemic. This Budget too there is similar expectation.
Revenue secretary of the finance ministry, Tarun Bajaj is another recruit from the Prime Minister's Office.
His role in the Finance Ministry is to ensure realistic tax targets and this year, he plans to exceed tax collections.
An IAS officer from Maharashtra, Bajaj played a key role in facilitating healthcare packages during the pandemic.
In Budget 2022, he is expected to ease tax compliances and announce packages for pandemic-hit businesses and sectors.
Department of Investment and Public Asset Management Secretary pulled off one of the most complicated sales.
The IAS officer played the key role in the disinvestment of the government's stake in Air India in 2021.
In 2022, Pandey will be in focus again, spearheading the government's privatisation drive with full force.
He will lead the stake sale in some key corporations such as Life Insurance Corporation of India, Bharat Petroleum Corporation Ltd.
It also includes Shipping Corporation of India, Pawan Hans Ltd, Container Corporation of India, IDBI Bank, among others.
Ajay Seth was the managing director of Bangalore Metro before joining as the economic affairs secretary in April 2021.
The rather shy bureaucrat is in charge of drafting all the Budget speeches of Sitharaman, with Somanathan by his side.
A 1987-batch IAS officer of Karnataka cadre, Ajay Seth is also behind drafting the speech of Budget 2022.
His department is also the main department for capital market, investment, and infra-related policies.
He is expected to allocate large amounts in big projects to bring in revenues and create jobs.
