It goes to be a historic finances for the Narendra Modi-led authorities underneath the shadow of the pandemic. The economic system additionally suffered a extreme blow due to the restrictions imposed as a result of Covid-19 outbreak. Finance Minister Nirmala Sitharaman and her staff have been implementing hearth combating financial measures to assist the nation tide over the crises since May. In the annual finances to be offered right this moment, the staff should think about calls for from numerous sectors, residents, and stakeholders to supply some aid in Covid occasions. Also Read: Budget 2021: All Eyes On Nirmala Sitharaman As FM Set To Table Budget For Next Fiscal Shortly- Here’s What To Expect
The Economic Survey, launched on Friday, projected a GDP contraction of seven.7% for the yr ending March 2021 and V-shaped restoration within the subsequent. GDP development is seen increasing by 11% within the 2021-22 fiscal (April 2021 to March 2022).
Here are the important thing architects of the Budget 2021
Ajay Bhushan Pandey, Revenue Secretary
Revenue Secretary Ajay Bhushan Pandey was appointed because the Finance Secretary final yr. Pandey is a senior IAS officer with a BTech diploma from IIT Kanpur and an MS and Ph.D. in Computer Science from the University of Minnesota. He additionally performed an important function in constructing Aadhaar. Pandey is tasked with elevating assets, and in view of the $20 billion value of company tax cuts final yr but to yield outcomes by way of investments, he may push the adoption of among the proposals within the Direct Tax Code, as per the Economic Times report. The direct and oblique tax departments have beefed up efforts to widen the tax web this yr and observe evaders and defaulters, and company tax and GST collections have proven promising indicators up to now few months. Pandey will retire in end-February and therefore targets are to be set accordingly.
T.V. Somanathan, Expenditure Secretary
Another key expertise within the staff is T.V. Somanathan, who’s the most recent entrant to the finance ministry. His major function is to rationalise the federal government spending in such a approach that it boosts demand and on the identical time minimizes wasteful expenditure. Somanathan, a 1987-batch IAS officer, served in Tamil Nadu cadre. He has expertise of working within the Prime Minister’s Office (PMO) from April 2015 to August 2017.
Tarun Bajaj, financial affairs secretary
Tarun Bajaj, an previous hand on the Finance Ministry took cost because the Economic Affairs Secretary. He comes again to North Block at a time when the economic system is dealing with headwinds as a result of outbreak of the COVID-19 pandemic. Prior to taking up this submit, he was the Additional Secretary in Prime Minister’s Office. Before becoming a member of Prime Minister’s Office in 2015, Bajaj was Joint Secretary in Economic Affairs Department, taking care of the multilateral funding companies division. Bajaj has additionally been appointed as Economic Affairs Secretary Tarun Bajaj as a director on the central board of the Reserve Bank of India (RBI). He performed a key function in serving to form the three ‘Aatmanirbhar Bharat’ units of aid measures.
Tuhin Kanta Pandey, Disinvestment Secretary
The accountability of finishing up privatization of government-owned belongings is upon Tuhin Pandey, the secretary of the Department of Investment and Public Asset Management. Some of the entities embrace privatization of Bharat Petroleum, Concor, Shipping Corp, and Air India, in addition to the anticipated preliminary public providing of LIC Ltd. Pandey, is a 1987-batch officer who took over because the DIPAM secretary at a time when the federal government is making ready a second shot at privatizing Air India and the division was about to ask bids. For 2020-21, DIPAM was given its highest goal of Rs 2.1 lakh crore.
Debashish Panda, monetary providers secretary
IAS officer Debasish Panda was appointed as the brand new monetary providers secretary in 2019. Panda, a 1987-batch IAS officer of the Uttar Pradesh cadre was particular secretary, division of economic providers previous to his new function. Most monetary sector-related bulletins anticipated within the finances are on his shoulder accountability, together with any additional plans of recapitalization. Panda works intently with the central financial institution to make sure the soundness of the monetary system.
Krishnamurthy Subramanian, chief financial advisor
The chief financial advisor has labored intently with the previous RBI governor Raghuram Rajan. An alumnus of IIT, IIM in addition to the University of Chicago Booth School of Business, his recommendations are thought of to be necessary within the budget-making course of. Before taking on his present function, he was a professor on the Indian School of Business, Hyderabad.
Although his function in drafting the Economic Survey 2020-21 was additionally crucial.