The annual budget is significant in Indian economy. Though it is the finance minister who introduces the budget in the parliament, it is the Ministry of Finance’s central team of civil servants that formulate it.
Entrusted with steering the economy in the indeterminate global environment and driving in second-era modifications, this squad works diligently to formulate well-guarded documents in the nation.
Union Budget-making process is very confidential and secret. Each member of this team is entirely out of communication with the outside world comprising family till the Budget gets introduced in the Parliament.
Recently Union has scrapped Railway budget. This has made the Union budget 2017 even more challenging. It is the first time since Independence that the Union Budget and Railway Budget have been combined into one. Ashok Lavasa IAS, Hasmukh Adhia IAS, Shantikanta Das IAS, Neeraj Kumar Gupta IAS, Prashant Goyal IAS, Anjuly Chib Duggal IAS and, Arvind Subramanian.
As the chief economic adviser, Arvind Subramanian’s chief business is to preserve macroeconomic constancy, generate favorable conditions for investment and formulate the annual Economic Survey that supports the drafting of the Budget.
Ashok Lavasa IAS
Designation: Finance Secretary
Mr. Ashok Lavasa IAS is an IAS officer of 1980-batch of the Haryana cadre. As the finance secretary, he leads the budget-making exercise.
Role: He keeps a check and balance between the prospects of ministries and departments looking for greater allocations and the fiscal deficit goals of the government.
Hasmukh Adhia IAS
Designation: Secretary, Department of Revenue
Hasmukh Adhia IAS is a 1981 batch Indian Administrative Service (IAS) officer of the Gujarat cadre. He was at the head of the tax proposals in Budget 2016 and played a significant role in describing the rationale behind the proposals. Little known outside India’s monetary circles, Hasmukh Adhia is a trusted administrator of the government of India with regard to decreasing complaints against tax authorities and taking steps to reduce litigation.
Role: In 2017 Union budget, his main undertaking was to deliver enormous tax assemblages through the disclosure scheme announced during demonetisation.
Shantikanta Das IAS
Designation: Secretary, Department of Economic Affairs
Shantikanta Das is an IAS officer of Tamil Nadu cadre, 1980 batch. Shantikanta Das is experienced with the budget formulation. His duty is to bring a problem-free budget that has sufficient alterations to cater expectations.
Role: In the Union Budget 2017, his chief assignment is to integrate thoughts that can put the economy back on track post demonetization and enhance development in the private sector.
Neeraj Kumar Gupta IAS
Designation: Secretary, Department of Investment and Public Asset Management
Neeraj Kumar Gupta as the secretary of Investment and Public Asset Management plays a crucial role in satisfying the agenda of the government of strategic asset sales. This includes winding up unprofitable companies, monetizing stakes held through the Specified Undertaking of the Unit Trust of India and asserting for a listing of profitable subsidiaries of state-run companies.
Role: In the Union Budget 2017, his key assignment is to influence assets of state-run enterprises, mobilize resources via disinvestment and attract fresh investments.
Anjuly Chib Duggal IAS
Designation: Secretary, Department of Financial Services
Anjuly Chib Duggal IAS belongs to 1980-batch. Her experience in the Department of Industrial Policy and Promotion is likely to hold good as India looks to enlarge its banking network through payments banks and other units.
Role: With bad loans troubling the banking sector, her business will be to find supplementary resources to meet the capital needs of banks and decrease their liability while working towards the cashless economy.
Prashant Goyal IAS
Designation: Joint Secretary, Budget
Prashant Goyal IAS is Union territory cadre IAS officer 1993 batch. His effort as joint secretary (Budget) is the important portion in the Budget-making exercise. It is under his strategies that the facts are composed and reviewed following which the document of the budget is written.
Role: He works to consolidates core team discussions on extensive whole revenues, fresh proposals to raise revenue, means to raise more funds, the levels of deficits etc.
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