Interim Budget 2024: Meet FM Sitharaman core team involved in compiling Budget statement 

Budget news: Union Finance Minister Nirmala Sitharaman is just hours away from presenting the Interim Budget before India heads to the Lok Sabha 2024 elections. It will be the stopgap budget, which will be valid till the General elections are held and a new government takes charge. 

A vote-on-account once approved by Parliament will authorise the government to withdraw funds from the Consolidated Fund of India on a pro-rata basis. This will allow the government to make necessary expenditures until the new government presents the complete Budget, typically in July. Compiling the interim budget is very similar to the full Budget. FM Sitharaman is supported by a capable team of bureaucrats and economists who will devise the future strategy for the upcoming Budget.

The key members involved in budget making are Revenue Secretary Sanjay Malhotra, Ajay Seth, Secretary of the Department of Economic Affairs, Tuhin Kanta Pandey, Secretary of the Department of Investment and Public Asset Management, Vivek Joshi, Secretary of the Department of Financial Services, TV Somanathan, Finance Secretary, V Anantha Nageswaran, Chief Economic Advisor, and FM Nirmala Sitharaman.

Nirmala Sitharaman

FM Sitharaman will be the second finance minister in the history of India to present a sixth consecutive Budget. Sitharaman is a Rajya Sabha MP from Karnataka and also served as the defence minister. 

For the interim Budget, Sitharaman has ruled out any “spectacular announcements” before the Lok Sabha elections. Her precedent doesn’t prevent her from announcing pre-election sops, though.
Earlier, Sitharaman had said that the government policy would focus on youth, women, farmers and the poor, raising expectations of some key announcements for these priority groups.

T V Somanathan
T V Somanathan is the finance secretary. He is also the secretary in the expenditure department.  A 1987 batch Indian Administrative Service (IAS) officer of the Tamil Nadu cadre, Somanathan worked in the Prime Minister’s Office from April 2015 to August 2017 and is known to be close to Modi. 
Finance Secretary Somanathan oversees the expenditure department and provides guidance to the Finance Minister on financial allocation. He has played a crucial role in implementing significant government initiatives, such as Atmanirbhar Bharat.

V Anantha Nageswaran
V Anantha Nageswaran is the chief economic advisor to the Government of India and just compiled the mini economic survey this year. He is one of the closest advisors of Sitharaman on issues related to the economy.  Nageswaran was also at the forefront of the finance track discussions representing India during the G20 Presidency.

Ajay Seth 
Seth is a 1987 batch IAS officer from the Karnataka cadre and presently the secretary of the department of economic affairs in the ministry of finance.
Seth was at the forefront as the officer in-charge of the finance track of the Group of 20 (G20) under India’s Presidency. he also headed initiatives such as India’s first sovereign green bond issuance and creation of the infrastructure finance secretariat.

Sanjay Malhotra
A 1990 batch officer from the Rajasthan cadre, Malhotra is the revenue secretary at present.  he plays a crucial role in the Budget exercise as he oversees the tax revenue growth. He generally drafts the Part B of Sitharaman’s Budget speech. 

Tuhin Kanta Pandey

Tuhin Kanta Pandey is in charge of determining the government's investment strategies and decisions. In the past, he played a crucial role in successfully selling the national carrier, Air India, and listing the national insurer, LIC.

Vivek Joshi

Vivek Joshi looks into the government’s reform agenda for state-run financial institutions and guides with policies, schemes, and legislations that are related to the banking sector. He is a board member of the Reserve Bank of India (RBI). Before being appointed financial services secretary, Joshi was the registrar general and the census commissioner of India. He played a crucial role in setting up the the National Pension System.

Also read: Budget 2024 LIVE Updates: First glimpse of FM's bahi khata. Sitharaman's speech at 11 am

Also read: Interim Budget 2024 Live: Measures for economy, farmers, women, unemployed youth likely? All eyes on FM Sitharaman