The Union Budget 2024-25, to be presented in Parliament on February 1 by Union Finance Minister Nirmala Sitharaman, marks a significant milestone as she is poised to equal the record of former Prime Minister Morarji Desai by presenting her sixth consecutive budget.
Nirmala Sitharaman, the country's first full-time woman finance minister, has already left an indelible mark by presenting five full budgets since assuming office in July 2019. With the upcoming interim budget presentation, she will surpass the records of her predecessors - Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha - who presented five budgets in a row.
Behind every significant event or initiative, there is a dedicated team working tirelessly to ensure its success. Led by Finance Minister Nirmala Sitharaman, the 'Budget Team' plays a pivotal role in crafting and executing the country's fiscal policies and financial roadmap for the upcoming year.
As the nation eagerly awaits the unveiling of the budgetary allocations and policy announcements, it is also essential to understand the core members of the Budget Team:
1. TV Somanathan: Dr. T.V. Somanathan, the Finance Secretary, holds a Ph.D. in Economics from Calcutta University and has completed the Executive Development Program of Harvard Business School. He joined the Indian Administrative Service in 1987 and currently serves as the Finance Secretary, Department of Expenditure, Ministry of Finance.
2. Ajay Seth: Secretary, Department of Economic Affairs (DEA), Ajay Seth, is a 1974 batch Indian Administrative Service (IAS) officer from Uttar Pradesh Cadre. He holds a Master's degree in Development Finance from the University of Birmingham and plays a crucial role in shaping India's economic policies.
3. Tuhin Kanta Panday: Secretary, DIPAM (Department of Investment and Public Asset Management), Tuhin Kanta Pandey, is a 1987 batch IAS Officer of Odisha cadre. He holds an MA in Economics from Punjab University, Chandigarh, and has worked in various capacities in the Government of Odisha and Government of India.
4. Sanjay Malhotra: Serving as Revenue Secretary, Sanjay Malhotra is a 1990 batch Indian Administrative Service officer of Rajasthan cadre. He holds a Bachelor of Engineering in Computer Science from IIT Kanpur and a Master's degree in Public Policy from Princeton University.
5. Vivek Joshi: Currently serving as Secretary in the Department of Financial Services, Vivek Joshi has a PhD and MA in International Economics from the Geneva Graduate Institute. He took charge as Secretary following Sanjay Malhotra's move to the Department of Revenue.
6. V Anantha Nageswaran: Chief Economic Advisor to the Government of India, V Anantha Nageswaran, holds a Post-Graduate Diploma in Management from IIM Ahmedabad and a doctoral degree from the University of Massachusetts in Amherst.
7. Nirmala Sitharaman: India’s Minister of Finance and Corporate Affairs since 2019, Nirmala Sitharaman holds M.A. (Economics) and M.Phil degrees from Seethalakshmi Ramaswamy College and Jawaharlal Nehru University, respectively.
As the Budget Team collaborates to shape India's economic future, their expertise and dedication play a crucial role in charting the nation's fiscal course and driving inclusive growth and development.