In India, the National Budget is developed and maintained by a team of government officials and researchers. The team behind the national budget is headed by the Finance Minister and consists of a number of officials who work on the budget and are responsible for its implementation. The Budget Team Member’s Profile is a collective overview of the roles and responsibilities of the members of the team that prepare and present the budget.
This profile includes the budget’s main policy makers and the Ministry of Finance. The budget team is led by the Finance Minister – the country’s highest executive and legislative officer responsible for finance and economic policy – and his cabinet of ministers. Along with the Finance Minister, the team includes the Secretary of the Department of Economic Affairs and the Secretary of Expenditure in the Ministry of Finance.
The core of the budget-writing team is made up of five main economic advisors to the Finance Minister – the Economic Advisory Council, comprising of the Finance Secretary, Revenue Secretary, Expenditure Secretary and Chief Economic Advisor – and the Department of Expenditure, which acts as the central coordinating authority for the budget’s presentation, its financial data and analysis. The Economic Advisory Council advises the Finance Minister on economic policy, while the Department of Expenditure is responsible for overall coordination of the budget’s processes.
In addition to the core team of policy makers, the team is further strengthened by a number of external experts, who provide advice and input on various matters related to the budget. These external experts include economists, statisticians, public finance experts, financial institutions and representatives from the opposing political party. These external experts are given access to data and other materials related to the budget and their opinions are taken into consideration during the budget’s formulation.
Another important member of the budget team is the Department of Financial Services, which is responsible for managing the day-to-day finances of the government. This includes revenues, expenditures and investments. The members of the Department of Financial Services are also responsible for the country’s banking system. They work with the Reserve Bank of India, the country’s central bank, on a regular basis to ensure the secure flow of money into the government’s coffers and to ensure the smooth functioning of the banking system.
The budget team also includes a number of technical and administrative staff who are responsible for developing and managing the nation’s budget. They include auditors and financial analysts who are responsible for ensuring that the budget is accurate and in line with the government’s policies and objectives, as well as staff who carry out the necessary administrative tasks required for budget implementation. The budget team is supervised by the Finance Secretary, who reports to the Finance Minister.
India’s budget season is underway, and while the Finance Minister takes center stage, there are many unsung warriors working tirelessly behind the scenes who are integral to the entire budget process. Meet the members of the Indian Government Budget team, the hidden warriors that help make it all happen.
1. Ajay Seth is Secretary to the Department of Economic Affairs. He is responsible for advice and guidance on the overall economic situation of the country, for the formulation of annual budgets, and for the development and monitoring of economic policies. He is also responsible for the coordination and management of the government’s resources and for overseeing its financial transactions.
2. The second most important member of the team is Shaktikant Das, 25th governor of the Reserve Bank of India (RBI). He was earlier a member of the Fifteenth Finance Commission and India’s Sherpa to the G20. He is the former Secretary of Economic Affairs at the Department of Economic Affairs in the Ministry of Finance. Das has a strong track record on economic performance, and his expertise has helped the government formulate effective policy in key areas.
3. The important member of team is V Anantha Nageswaran, the Chief Economic Advisor to the Government of India, who is widely regarded as an economist par excellence. He served as the global Chief Investment Officer at Bank Julius Baer in Switzerland after serving as its Head of Research for Asia. Prior to this, he worked for Credit Suisse in Switzerland and Singapore, and for the Union Bank of Switzerland (now UBS). He has served as the Dean of IFMR Graduate School of Business, as a professor for graduate students at the Singapore Management University, and at the Indian Institute of Management Bangalore & Indian Institute of Management Indore and he has worked on the Indian economy since his tenure with the ministry.
4. Sachin Chaturvedi is the Director General of Research and Information System for Developing Countries. In his role, he is responsible for conducting research on economic and social development in developing countries. He is also responsible for the generation of knowledge-based products and services to promote development, and the coordination of the government’s research strategy.
5. Mr Parameswaran Iyer is the Chief Executive Officer (CEO) of NITI Aayog, a government-backed think tank. This think tank was set up to replace the planning commission and to foster key economic and social reforms. As CEO, Parameswaran Iyer has been tasked with working closely with the Finance Ministry to devise and implement the government’s Vision 2030 plan.
6. Shri Suman Bery is currently Vice Chairperson, NITI Aayog, in the rank and status of a Cabinet Minister of the National Institution for Transforming India (NITI). NITI Aayog was set up to provide policy advice to the government on the economy, infrastructure, climate change, energy, industry and technology. It is tasked with working closely with the Finance Ministry to develop and implement transformative economic plans.
7. Ramesh Chand is a Member of the NITI Aayog and is responsible for overseeing the agricultural sector. He has been given the mandate to make India self-sufficient in food production and to modernize the agricultural sector. To this end, Ramesh Chand will be working closely with the Finance Ministry to ensure the efficient implementation of budget initiatives for the agricultural sector.
These are the hidden warriors of the Indian Government Budget Team. Each one plays an important role in the budget process and can be counted on to provide sound advice and guidance to the Finance Minister. Together, they are responsible for the success of the budget and for the continued economic well-being of the country. The combination of the talents and experience of the team members and their commitment to create a budget that embraces fiscal responsibility, economic growth and social welfare makes the Budget 2023-24 team a power house. The team is a reflection of the dynamic and diverse talent India has to offer and how it is possible to bring together the best minds to create a budget that will benefit the people of India.
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Disclaimer: “Neither this article nor the information contained herein shall in any way be construed as forming a contract or shall constitute professional advice required before acting upon any matter. CA Sharad Kumar Sharma has taken all due care in the preparation of this article for accuracy in its contents at the time of publication. However, no liability shall be accepted by him in the event of any direct, indirect or consequential damages arising out of or in any way connected with the use of this article or its contents. “