Budget Makers in UPA 1

Budget Makers in UPA 1

Last Updated: Saturday, February 23, 2013, 15:13
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Budget Makers in UPA 1
People who drove the budget during P. Chidambaram’s tenure as a finance minister.
    Budget Makers in UPA 1   People who drove the budget during P. Chidambaram’s tenure as a finance minister  
Name Post Finance Minister Profile
D. Swarup Expenditure Secretary P. Chidambaram D. Swarup was called as the budget man for UPA- 1.  He retired as Secretary in the Ministry of Finance in 2005. While in the finance ministry he was primarily responsible for the shaping of the budget of the Union Government.  On superannuation on March 31, 2005, he was appointed as Chairman of PFRDA. He worked with P. Chidambaram as an expenditure secretary.
Sanjiv Misra Expenditure Secretary P. Chidambaram Sanjiv Misra was the disinvestment secretary before he took charge from Adarsh Kishore, expenditure secretary. He also played a crucial role in making the budget during Chidambaram’s tenure as union finance minister in UPA -1.
Dr. Ashok Lahiri Chief Economic Advisor P. Chidambaram Ashok Lahiri is a veteran of many Budgets. Lahiri not only played a role in the formulation of tax policy, but he also did the groundwork for reforming the tax structure for petroleum products and edible oil.  He served as the Chief Economic Adviser for Department of Economic Affairs in Ministry of Finance. Dr. Lahiri served as an Executive Director at Asian Development Bank. He served as Additional Director of Electrotherm (India) Ltd. from October 26, 2010 to February 4, 2011. Dr. Lahiri also served as Director of Export-Import Bank of India. He served as Director of UCO Bank from March 25, 2004 to July 16, 2007 and Industrial Finance Corp. of India Ltd. (also called as IFCI Limited) until October 18, 2002.
K. M Chandreshekar Revenue Secretary P. Chidambaram K. M Chandrasekhar served as the revenue secretary in UPA- 1. In second term of UPA government he was appointed as the cabinet secretary. He was known as the ‘Man Friday’ for Prime Minister, Dr. Manmohan Singh.
Rakesh Mohan Secretary, Economic Affairs P. Chidambaram Rakesh Mohan is an Indian economist and former Deputy Governor of Reserve Bank of India (RBI). He is presently the Vice Chairman of Indian Institute for Human Settlements and in April 2010 he joined Nestle India, as a Non-executive Director. He became the Deputy Governor, Reserve Bank of India (RBI) in September 2002 and moved to North Block in October 2004 as Secretary, Department of Economic Affairs and Chief Economic Advisor to the Finance Minister of India till July 2005.
          Budget Makers in UPA 2(Before Chidambaram replaced Pranab Mukherjee)  
Name Post Finance Minister Profile
Kaushik Basu Chief Economic Advisor, Ministry of Finance Pranab Mukherjee Kaushik Basu is a Professor of Economics in Cornell University. He has held advisory posts with the Indian Labour Organisation, World Bank, Reserve Bank of India, steering committee of the Expert Group of Development Issues set up by the Swedish Government. He is currently a member of the Board of Directors of the Exim Bank of India. He has the right to offer policy prescriptions to contain inflation and ensure fiscal consolidation in the budget.
Sumit Bose Secretary, Department of Expenditure Pranab Mukherjee Sumit Bose is Secretary of Department of Expenditure. He was an IAS officer in 1976 batch, and coordinated the country's biggest IPO of Coal India. He has the right to negotiating fiscal consolidation with profligate minister in Budget.
R Gopalan Secretary, Departmen
of Economic Affairs
Pranab Mukherjee R. Gopalan is Secretary, Department of Economic Affairs in the Ministry of Finance, Government of India. He represents the Government on the Boards of Life Insurance Corporation of India and New India Assurance Company Limited. He has the job to stimulate the economy without burdening the fiscal deficit in budget.
R S Gujral Finance Secretary & Secretary,
Department of Revenue
Pranab Mukherjee R S Gujral is Finance Secretary in Department of Revenue and one of his key tasks is to coordinate the budget preparation and ensure that adequate funds are available to finance the government’s key social sec-tor schemes.
S K Goel Chairman, Central Board
of Excise and Customs
Pranab Mukherjee S K Goel is Chairman, Central Board of Excise and Custom. Earlier, he was working as Member (Customs) in CBEC responsible for formulation of policy concerning law, tariff and duties. His role in budget to debate over raising the indirect taxes and pushing through GST.
Laxman Das Chairman, Central Board
of Direct Taxes
Pranab Mukherjee Laxman Das is the Chairman of Central Board
of Direct Taxes, he  was earlier serving as CBDT Member (Revenue), his job to mitigate the damage to the policy caused by last month's Vodafone tax refund Judgement
          Budget makers for 2013-14
Name Post Finance Minister Profile and expectations from them
Raghuram G Rajan Chief Economic Advisor, Ministry of Finance P. Chidambaram Raghuram G Rajan is the chief economic advisor (CEA). He has the responsibility of suggesting innovative ways to the finance minister in juxtaposing fiscal requirements and political needs of a government presenting the last full budget before going to next Lok Sabha elections. From 2003 to 2006, he was the chief economist at the International Monetary Fund.
R S Gujral Finance & Expenditure Secretary P. Chidambaram R S Gujral is the senior most officer in the finance ministry. During August 2012, Gujral was asked to swap his role as revenue secretary with Sumit Bose and work as expenditure secretary. However, he continued to be the finance secretary in the government. In this budget he will certainly share his experiences and also the crux of the deliberations on tax policies during the budget-making process.
Sumit Bose Revenue Secretary P. Chidambaram Sumit Bose is Secretary of Department of Revenue. He has exchanged portfolio with Gujral last year, will present the tax aspects this year, and his inputs from the discussions on the expenditure side of the budget 2012-13, will help in learning from the mistakes of the past. He was an IAS officer in 1976 batch, and coordinated the country's biggest IPO of Coal India.
Arvind Mayaram Economic affairs Secretary P. Chidambaram Arvind Mayaram, Economic affairs secretary, has worked with Chidambaram in his earlier stint as finance minister. He has the critical job of pushing policy measures to boost infrastructure and foreign direct investment.
Rajiv Takru Secretary of financial services P. Chidambaram Rajiv Takru is the secretary of financial services. He has replaced D K Mittal. A 1979-batch Gujarat cadre IAS officer, Mr Takru was previously chief executive of Prasar Bharti.
D K Mittal Advisor to the finance minister P. Chidambaram Until January 31, 2013, D K Mittal was the financial services secretary with the additional charge of disinvestment secretary. During his tenure eight key legislations have seen passage including the banking regulation amendment bill. Recently, Mittal has joined finance minister P Chidambaram’s budget team as an advisor.
Parthsarathi Shome Advisor to finance minister P. Chidambaram Parthsarathi Shome joined finance ministry as an advisor to the minister. His inclusion will play a balancing role between the old (2012-13 budget) and the new thought process in the finance ministry, especially on the controversial tax issues such as application of retrospective amendments and General Ant-avoidance Rules (GAAR). Mr Shome is the Director and Chief Executive of the Indian Council for Research on International Economic Relations. He has also served as the chief economist in the Revenue and Customs Department of the United Kingdom. In a long stint with the International Monetary Fund, Mr Shome worked in various capacities, including as the first senior economist in the Office of the Managing Director and the chief of tax policy. After considering the recommendations made by the Shome committee, government deferred the implementation of the controversial GAAR to April 2016.

First Published: Saturday, February 23, 2013, 13:40


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