Union Finance Minister Prepares for Upcoming Budget Presentation

In what is expected to be the last budget presentation of the current Narendra Modi government’s second term, Union finance minister Nirmala Sitharaman is set to present her sixth consecutive budget on February 1. The traditional preparations culminated with the ‘Halwa’ ceremony, held on January 24, marking the final phase in readying what will be an interim budget. These news come from exclusive sources of Reader Wall.

Looking Ahead: The Financial Year in India

The financial year in India commences from April 1 and concludes on March 31 of the following year. Notably, this budget will cover the fiscal year 2024-2025. However, the full budget details will be released by the next government—either incumbent or newly-elected—in July.

Strict Confidentiality Now in Place

As customary for budget preparations, officials partaking in this process have now been placed under a ‘lock-in period’ to assure total confidentiality of the final document. This measure will be in place until after the budget has been presented.

Key Players in The Budget Preparation

1. Nirmala Sitharaman

   A senior member of the Bharatiya Janata Party (BJP) and India’s first full-time female finance minister, Nirmala Sitharaman, prepares to deliver her sixth consecutive budget, an achievement only matched by Morarji Desai.

2. TV Somanathan

   TV Somanathan, a member of the Indian Administrative Services (IAS) officer from Tamil Nadu cadre, serves as the finance secretary. Somanathan boasts an impressive publishing portfolio, including two books and more than 80 published academic papers and articles on economics.

3. Ajay Seth

   Ajay Seth, an IAS officer hailing from the Karnataka cadre, serves as the secretary in the Department of Economic Affairs (DEA). Seth’s notable recent assignments included managing finance for the G20 bloc in 2023, when India had the privilege of hosting the G20 summit for the first time.

4. Tuhin Kanta Pandey

   A Punjab cadre IAS officer currently serving as the secretary in the Department of Investment and Public Asset Management (DIPAM), Tuhin Kanta Pandey is recognized for spearheading efforts to privatise Air India and for the initial public offering (IPO) of Life Insurance Corporation (LIC).

5. Sanjay Malhotra

   Serving as the current revenue secretary, Sanjay Malhotra, a bureaucrat from the Rajasthan cadre, previously headed the Department of Financial Services.

6. Vivek Joshi

   A newcomer to the finance ministry, Vivek Joshi, an IAS officer from Haryana cadre, was appointed as the Secretary in the Department of Financial Services in November 2022.

7. V Anantha Nageswaran

   Known as one of Sitharaman’s closest advisors on economic matters, chief economic advisor (CEA) V Anantha Nageswaran is responsible for the Economic Survey, released prior to the budget. However, this year, since the budget is interim, this particular task won’t be necessary.