The Union Budget is an annual financial statement that impacts the entire Indian economy. While the Finance Minister presents the budget in Parliament, a dedicated team of civil servants from the Ministry of Finance is responsible for its formulation. These individuals are tasked with navigating the unpredictable global environment and implementing crucial reforms. Their work results in the creation of a meticulously crafted document that holds national importance.
The process of budget-making is shrouded in secrecy. During this period, team members are completely cut-off from the outside world, including their families, until the budget is introduced in Parliament.
The Union Budget 2017 was particularly challenging as it marked the first time since Independence that the Union Budget and Railway Budget were merged. This significant task was shouldered by the likes of Ashok Lavasa IAS, Hasmukh Adhia IAS, Shantikanta Das IAS, Neeraj Kumar Gupta IAS, Prashant Goyal IAS, Anjuly Chib Duggal IAS and Arvind Subramanian.
As the chief economic adviser, Arvind Subramanian’s primary responsibility was to maintain macroeconomic stability, create an environment conducive to investment, and prepare the annual Economic Survey that forms the backbone of the Budget.
Ashok Lavasa IAS
Designation: Finance Secretary
Ashok Lavasa, a 1980-batch IAS officer from the Haryana cadre, served as the Finance Secretary and spearheaded the budget-making exercise.
Role: He played a crucial role in balancing the demands of various ministries and departments seeking increased allocations, while also ensuring the government's fiscal deficit targets were met.
Hasmukh Adhia IAS
Designation: Secretary, Department of Revenue
Hasmukh Adhia, a trusted member of the Indian Administrative Service from the Gujarat cadre, was instrumental in shaping tax proposals in Budget 2016. He has been a key figure in the government's efforts to reduce grievances against tax authorities and minimize litigation.
Role: In the Union Budget 2017, his primary responsibility was to ensure substantial tax collections through the disclosure scheme announced during demonetisation.
Shantikanta Das IAS
Designation: Secretary, Department of Economic Affairs
Shantikanta Das, a 1980-batch IAS officer of the Tamil Nadu cadre, has extensive experience with budget formulation. His objective is to create a seamless budget that is flexible enough to meet various expectations.
Role: In the Union Budget 2017, his main task was to incorporate ideas that would help the economy recover post demonetization and stimulate growth in the private sector.
Neeraj Kumar Gupta IAS
Designation: Secretary, Department of Investment and Public Asset Management
Neeraj Kumar Gupta, as the Secretary of Investment and Public Asset Management, played a vital role in fulfilling the government's strategic asset sales agenda. This involved closing down loss-making companies, monetizing stakes held through the Specified Undertaking of the Unit Trust of India, and pushing for the listing of profitable subsidiaries of state-run companies.
Role: In the Union Budget 2017, his main task was to monetize assets of state-run enterprises, mobilize resources through disinvestment, and attract new investments.
Anjuly Chib Duggal IAS
Designation: Secretary, Department of Financial Services
Anjuly Chib Duggal, a 1980-batch IAS officer, has extensive experience in the Department of Industrial Policy and Promotion. This experience proved valuable as India sought to expand its banking network through payments banks and other entities.
Role: With non-performing assets plaguing the banking sector, her task was to identify additional resources to meet the capital requirements of banks, reduce their liabilities, and work towards a cashless economy.
Prashant Goyal IAS
Designation: Joint Secretary, Budget
Prashant Goyal, a 1993-batch IAS officer from the Union territory cadre, played an essential role in the budget-making exercise. His strategies helped compile and review the facts, following which the budget document was prepared.
Role: He was responsible for consolidating discussions on overall revenues, new proposals to increase revenue, ways to raise more funds, and the levels of deficits.
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