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Meet the key people behind the Budget

Last updated on: February 22, 2011 08:55 IST

Meet the key people behind the Budget

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Finance Minister Pranab Mukherjee is all set to present the Budget on February 28.

He is assisted by a team of high profile bureaucrats who work overtime with mind-boggling figures to make a balanced Budget that helps the common man and the industry.

Here's a look at the key members who make the country's biggest fiscal package.

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Image: Budget papers brought to the Parliament.
Photographs: Courtesy, PIB.
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Manmohan Singh

Prime Minister Manmohan Singh plays a key role is fine tuning India's biggest financial exercise.

The prime minister holds talks with the finance minister, economists, and senior officials to present a balanced Budget, beneficial to key sectors and the common people.

In 1991, the liberalisation process ushered in by Manmohan Singh opened India's gates to foreign direct investment. Industrial growth picked up, inflation was brought under control and growth rates remained high.

Manmohan Singh has also served as an economic advisor to the finance ministry in the late 1970s, and has been deputy chairman of the Planning Commission.

He has served as the Governor of the Reserve Bank of India from 1982 to 1985.

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Image: Prime Minister Manmohan Singh.

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Pranab Mukherjee

Finance Minister Pranab Mukherjee is bullish on India's growth. Mukherjee said that the economy would grow by 8.5 per cent despite rising inflation.

He faces the daunting task of containing inflation, controlling the burgeoning fiscal deficit and at the same time maintaining growth.

In the 2010 Budget, Mukherjee offered relief to tax payers by changing the tax slabs.

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Image: Finance Minister Pranab Mukherjee.

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Montek Singh Ahluwalia

India's manufacturing sector needs to grow at 12 per cent for India to sustain its economic momentum, Planning Commission Deputy Chairman Montek Singh Ahluwalia has said.

India will double its investments in infrastructure to $1 trillion during the 11th Five Year Plan that begins 2012, with half of that expected from the private sector, he said.

Ahluwalia was appointed as Deputy Chairman of the Planning Commission by the United Progressive Alliance government on 16 June 2004, and was reappointed to the post in June 2009.

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Image: Montek Singh Ahluwalia.

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Meet the key people behind the Budget

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Sushma Nath

One of the main architects of the Budget, India's first woman Finance Secretary, Sushma Nath will hold this coveted position till May 31.

Nath, who was the Expenditure Secretary, succeeded Ashok Chawla after he retired on January 31.

The senior most official in the finance ministry, Sushma Nath has been working as Secretary in the Expenditure Department since April 2008.

A 1974 batch Indian Administrative Service (IAS) officer from Madhya Pradesh cadre, she will continue as the expenditure secretary till May.


Image: Sushma Nath.

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Kaushik Basu

Chief Economic Advisor Kaushik Basu, a professor at Cornell University in the US, joined the finance ministry in December 2009. He has been involved in the budget-making process since the beginning.

Besides drafting parts of the finance minister's Budget speech, he will oversee preparation of the Economic Survey, which is presented before the Budget.

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Image: Kaushik Basu.

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C Rangarajan

C Rangarajan, the chairman of the Prime Minister's Economic Advisory Council has forecast the fiscal deficit to stand at 5.2 per cent of the gross domestic product (GDP), lower than the budgeted 5.5 percent.

Rangarajan expects the headline inflation to ease to 7 per cent by March, from 8.23 percent in January

A former Reserve Bank Governor, Rangarajan is a close confidant of Prime Minister Manmohan Singh. He was also member of the Planning Commission.

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Image: C Rangarajan.

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Sunil Mitra

As the Revenue Secretary, Sunil Mitra plays a crucial role in the formulation of the Budget.

A 1975 batch West Bengal cadre IAS officer, he was earlier secretary of the department of disinvestment. Mitra will retire on June 30.

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Image: Sunil Mitra.

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Sumit Bose

Sumit Bose took over as the Disinvestment Secretary in 2010. He charts the roadmap for divestment in many public sector undertakings.

Bose, 1976 batch IAS officer from Madhya Pradesh cadre, was with the Finance Commission for two years.

Hi suggestions are crucial while making the Budget as a portion of the government's capital expenditure on social sector programmes is met from disinvestment proceeds.

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Image: Sumit Bose.

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R Gopalan

R Gopalan, a 1976 batch IAS officer from the Tamil Nadu cadre, the banking and financial services insurance secretary also has the additional charge of Department of Economic Affairs (DoEA).

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Image: R Gopalan.

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Shubhashis Gangopadhyay

Shubhashis Gangopadhyay, took over as advisor to the Finance Minister in 2008. A renowned economist with a doctoral degree from Cornell University in the US, Gangopadhyay was working as director of India Development Foundation.

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Image: Shubhashis Gangopadhyay, Advisor to Finance Minister.

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T K A Nair

T K A Nair, Principal Secretary to the PM holds meetings with top officials and corporate heads. One of the most powerful bureaucrats, he makes important notes on several policy issues.

Nair, a retired IAS officer of the Punjab cadre, was made the Principal Secretary to the Prime Minister in 2004.

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Image: T K A Nair, Principal Secretary to the PM (inset).

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The two boards of the revenue department - Central Board of Excise and Customs (CBEC) and Central Board of Direct Taxes (CBDT) take active part in making the Budget.

CBEC Chairman S Dutt Majumder and CBDT Chairman Sudhir Chandra worked on last year's Budget as well.


Image: CBDT Chairman Sudhir Chandra (L), Sunil Mitra and Pranab Mukherjee.

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