This year’s Budget may be finalised at 10, Janpath, and not 7, Race Course Road. The FM has a new team to help him balance political and economic pressures. By PRAMOD KUMAR
Gangopadhyay, who has a doctorate from Cornell University, earlier headed India Development Foundation, an organisation that aims to “help policy makers transform emerging economies into market-based societies.” For Bhide, this would be his first Budget since he became the revenue secretary last June. He was earlier the secretary in the disinvestment department. His task this year is easier, as the government is all set to overshoot the revenue collection targets, with direct taxes showing unprecedented buoyancy. The tax proposals are being worked out by the Tax Policy and Legislation Division (TPL) and Tax Research Unit (TRU) in the Central Board of Direct Taxes and Central Board of Excise and Customs. These too have new faces, barring TPL’s joint secretary, Arbind Modi, and TRU’s joint secretary, R. Sekar.
But expenditure secretary Mishra’s job is going to be tough this year. He will need to scrutinise the populist measures through the prism of economic viability as the UPA government heads into an election mode. His job has been made tougher as government spending will also need to adhere to targets under the fiscal responsibility and budgetary management Act. A prolific reader, Mishra is experienced in dealing with FDI and disinvestment policies. His green signal will enable an expenditure of over Rs.5 lakh crore, of which 80% will be to meet interest payments, subsidies, defence expenses, salaries of government officials and transfer to the states.
The secretary in the Department of Financial Services, Arun Ramanathan, will steer proposals for sectors like banking, insurance and pensions. His role is crucial as the government plans to dole out credit packages for sectors like agriculture. The cool-headed L.M. Vas, joint secretary (Budget) in the Department of Economic Affairs, is responsible for number-crunching in the Budget documents. Her team will prepare the government’s balance sheet. The Budget division puts together the Budget documents, which is printed in an underground printing press in the North Block.
Gangopadhyay, who has a doctorate from Cornell University, earlier headed India Development Foundation, an organisation that aims to “help policy makers transform emerging economies into market-based societies.” For Bhide, this would be his first Budget since he became the revenue secretary last June. He was earlier the secretary in the disinvestment department. His task this year is easier, as the government is all set to overshoot the revenue collection targets, with direct taxes showing unprecedented buoyancy. The tax proposals are being worked out by the Tax Policy and Legislation Division (TPL) and Tax Research Unit (TRU) in the Central Board of Direct Taxes and Central Board of Excise and Customs. These too have new faces, barring TPL’s joint secretary, Arbind Modi, and TRU’s joint secretary, R. Sekar.
But expenditure secretary Mishra’s job is going to be tough this year. He will need to scrutinise the populist measures through the prism of economic viability as the UPA government heads into an election mode. His job has been made tougher as government spending will also need to adhere to targets under the fiscal responsibility and budgetary management Act. A prolific reader, Mishra is experienced in dealing with FDI and disinvestment policies. His green signal will enable an expenditure of over Rs.5 lakh crore, of which 80% will be to meet interest payments, subsidies, defence expenses, salaries of government officials and transfer to the states.
The secretary in the Department of Financial Services, Arun Ramanathan, will steer proposals for sectors like banking, insurance and pensions. His role is crucial as the government plans to dole out credit packages for sectors like agriculture. The cool-headed L.M. Vas, joint secretary (Budget) in the Department of Economic Affairs, is responsible for number-crunching in the Budget documents. Her team will prepare the government’s balance sheet. The Budget division puts together the Budget documents, which is printed in an underground printing press in the North Block.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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