List of Team Members Responsible for Preparing Interim Budget FY25

Team Members Responsible for Preparing Interim Budget FY25
Team Members Responsible for Preparing Interim Budget FY25

Hey there, curious minds! Ever wondered what goes on behind the scenes before the government unveils its budget plans? Well, we’re about to spill the beans and make the whole process sound way more interesting than you might think!

The annual Union Budget in India is a meticulous and complex exercise, spearheaded by top bureaucrats in the Prime Minister’s Office (PMO) and the Finance Ministry. As the country gears up for the fiscal year 2024-25, the process of preparing the Interim Budget is underway. This article provides insights into how this crucial financial document is crafted, from its initiation to the individuals driving the process.

Also Read: How has the Nifty/Sensex performed on Budget days?

How Does the Budget Process Initiate?

The initiation of the budget-making process is marked by a significant ceremony known as the ‘halwa’ ceremony at North Block, New Delhi. This iconic structure houses the Finance Ministry and undergoes a lockdown mode during the preparation of the Union Budget. The ‘halwa’ ceremony symbolizes the commencement of the compilation and printing of the budget and represents the final stages of its preparation. The entire process typically spans six months before the budget document is formally presented.

How Does the Team Go into Lockdown for Preparing Budget?

During the critical phase of printing the Union Budget, officials immerse themselves in the task, often isolating themselves from external communication, even with their families. The document is considered one of the most guarded in India, and officials spend nights in a dedicated space within the Finance Ministry to ensure the utmost confidentiality and security.

List of Key Team Members Responsible for Preparing Interim Budget FY25

The success of the budget-making process relies heavily on the expertise and dedication of key individuals within the Finance Ministry and the PMO. Here is a list of crucial team members playing pivotal roles in crafting the Interim Budget for the fiscal year 2024-25:

  1. TV Somanathan (Finance Secretary): As the point-person for the PMO in the Finance Ministry, Somanathan is instrumental in driving capital expenditure across ministries. He played a key role in crafting schemes to mitigate the fallout of the pandemic.
  2. Sanjay Malhotra (Revenue Secretary): With expertise in revenue matters, Malhotra is a key member involved in shaping the financial policies related to government income.
  3. Ajay Seth (Secretary, Department of Economic Affairs): Seth contributes to the budget-making process by providing insights and expertise on economic affairs, influencing key decisions related to fiscal policies.
  4. Tuhin Kanta Pandey (Secretary, Department of Investment and Public Asset Management): Pandey plays a vital role in managing public assets and investments, contributing to the overall fiscal strategy of the Interim Budget.
  5. Vivek Joshi (Secretary, Department of Financial Services): Joshi’s expertise in financial services is crucial in shaping policies related to banking, insurance, and financial institutions, influencing the financial landscape of the country.
  6. V Anantha Nageswaran (Chief Economic Advisor): Nageswaran provides valuable economic insights and advice, contributing to the overall economic strategy reflected in the Interim Budget.
  7. PK Mishra (Principal Secretary to the PM): As the Principal Secretary to the PM, Mishra plays a key role in coordinating between the PMO and the Finance Ministry, ensuring alignment with the government’s broader vision.

Additional Secretaries to the PM:

  1. Arvind Shrivastava
  2. Punya Salila Srivastava
  3. Hari Ranjan Rao
  4. Atish Chandra

These additional secretaries to the PM contribute to the collaborative effort of shaping the Interim Budget, providing diverse perspectives and expertise.

In conclusion, the preparation of the Interim Budget for FY25 is a meticulous process involving a dedicated team of experts. The collaboration between the Finance Ministry and the PMO, led by these key individuals, ensures that the budget reflects the economic priorities and goals of the government for the upcoming fiscal year.

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