Finance Minister Nirmala Sitharaman will present the Union Budget 2025 in Parliament on Saturday, February 1. The budget, which outlines the government’s financial plans for the year, is the result of a two-month-long process. During this time, key officials from the Finance Ministry consult with industry groups, state governments, economists, trade unions, and think tanks to shape the policies.
Here’s a look at the team behind the Union Budget 2025:
Finance Minister: Nirmala Sitharaman
Nirmala Sitharaman is set to present her eighth Union Budget, making her the first finance minister to achieve this milestone. She has been serving in this role since 2019, after holding the commerce and defence portfolios in the Modi government’s first term.
Sitharaman, who studied economics at Jawaharlal Nehru University, plays a crucial role in finalizing the budget. Her decisions are influenced by the priorities set by the prime minister. This year, she is expected to focus on increasing capital expenditure while also considering tax relief for the middle class to boost consumer spending.
Minister of State for Finance: Pankaj Chaudhary
Pankaj Chaudhary, a graduate of Gorakhpur University, serves as the Minister of State for Finance. As the second-in-command in the Finance Ministry, he assists in overseeing the budget preparation and other key financial policies.
Chief Economic Advisor: V Anantha Nageswaran
V Anantha Nageswaran, an alumnus of the Indian Institute of Management Ahmedabad, is the Chief Economic Advisor (CEA) to the Government of India. He provides critical economic insights that shape the budget and leads the preparation of the Economic Survey, which is presented a day before the budget. His three-year tenure as CEA is set to conclude this financial year.
Finance Secretary & Revenue Secretary: Tuhin Kanta Pandey
Tuhin Kanta Pandey, a 1987-batch IAS officer from the Odisha cadre, currently holds two key positions—Finance Secretary and Revenue Secretary. He took over the additional role of Revenue Secretary earlier this month.
Pandey played a major role in the government’s disinvestment initiatives, including the sale of Air India and the IPO of Life Insurance Corporation (LIC). His expertise in financial policies makes him an important figure in budget planning, especially in matters related to taxation and revenue collection.
Economic Affairs Secretary: Ajay Seth
Ajay Seth, a 1987-batch IAS officer from the Karnataka cadre, has been the Economic Affairs Secretary since April 2021. His responsibilities include fiscal planning, inter-ministerial coordination, and policy formulation.
Under his leadership, India launched its first sovereign green bond and set up the Infrastructure Finance Secretariat. His role in shaping economic policies is vital for budget preparation.
Expenditure Secretary: Manoj Govil
Manoj Govil, a 1991-batch IAS officer from the Madhya Pradesh cadre, has been the Expenditure Secretary since August 2024. He is an alumnus of IIT Kanpur and holds a PhD in Economics from Princeton University.
As Expenditure Secretary, Govil oversees government spending, approves new schemes, and manages funds allocated to different states. His role is crucial in determining budget allocations for welfare programs.
Financial Services Secretary: Vivek Nagaraju
Vivek Nagaraju, a 1993-batch IAS officer from the Tripura cadre, became the Financial Services Secretary in August 2024. His responsibilities include overseeing banking reforms, fintech regulations, and financial inclusion policies.
Nagaraju previously served as an advisor at the World Bank, where he gained expertise in international finance. His insights help shape policies related to banking, insurance, and digital financial services.
DIPAM Secretary: Arunish Chawla
Arunish Chawla, a 1992-batch IAS officer from the Bihar cadre, was recently appointed as the Secretary of the Department of Investment and Public Asset Management (DIPAM). Before this role, he briefly served as the Revenue Secretary.
Chawla is responsible for executing the government’s disinvestment plans and asset monetization initiatives. His role is crucial in managing the government’s stake in public sector enterprises and generating revenue through strategic disinvestments.
The Budget-Making Process
The Union Budget is not just a financial statement but a roadmap for India’s economic direction. It is prepared through extensive discussions with industry leaders, economists, and policymakers. The government considers factors like global economic conditions, domestic growth trends, and public demands while finalizing its financial plans.
This year’s budget is expected to focus on increasing capital expenditure to drive economic growth while also addressing the demands of the middle class through potential tax relief measures. With a team of experienced bureaucrats and financial experts, the government aims to strike a balance between growth and fiscal responsibility.
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