Finance minister Nirmala Sitharaman is all set to announce Union Budget 2020 on February 1. Sitharaman, India’s first full-time female finance minister, presented her maiden budget on July 5 last year amid increasing economic challenges including slowing growth, high unemployment, declining savings and a slump in consumption. The challenges — more or less — remain the same this time with India’s GDP growth expected to be at an 11-year low for FY20.

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With just two days left for the Budget 2020, here's a look at the key names that are playing a crucial role in preparing perhaps the most-awaited document even as challenges continue to rise.

Finance secretary Rajiv Kumar

Having monitored some big and bold banking decisions — from the merger of state-run banks to the massive capital infusion into PSBs, finance secretary Kumar is the senior-most official in the ministry.

A 1986 batch IAS officer of the Jharkhand cadre, Kumar had replaced Subhash Chandra Garg as finance secretary. Garg was shifted to the Ministry of Power as secretary, post which, he offered to quit. Kumar comes with more than 30 years of experience in public policy and administration across different sectors.

Kumar, who has participated in making the budget document thrice, is expected to play a key role this time in coming up with measures to get non-banking financial companies (NBFCs) out of crisis and boost consumption in the country.

Economic affairs secretary Atanu Chakraborty

Chakraborty, who replaced Subhash Chandra Garg as economic affairs secretary in July, is a 1985 batch IAS officer from the Gujarat cadre. Chakraborty, who is said to be having expertise in sale of government assets, played a key role in raising Rs 80,000 crore through disinvestment proceedings in 2018-19. He delivered the country's first overseas sovereign bond sale plan.

Chakraborty served as the secretary of the Department of Investment and Public Asset Management (DIPAM) in the finance ministry. Earlier, he was a director and joint secretary in the finance ministry. He had also served as the director-general of Hydrocarbons (DGH) in the petroleum ministry.

Economic growth, however, has taken a hit under his tenure, slipping to 4.5 percent in the second quarter of FY20. To revive the economic growth, a team headed by Chakraborty has readied an over $1 trillion infrastructure investment programme.

His suggestions will be extremely crucial in determining India’s budget deficit goal and raising of funds to boost the economy.

Disinvestment secretary Tuhin Kanta Pandey

Tuhin, a 1987 batch IAS of the Odisha cadre, is looking after the strategic sale of Air India — the second such attempt by the government, as well as the stake sale in other public companies. The government is likely to miss the current year's divestment target of Rs 1.05 trillion. Divestment contributes a significant part of income mobilisation by the government.

Revenue secretary Ajay Bhushan Pandey

Pandey will be responsible for raising resources at a time when revenue collection is seen slipping amid a massive economic slowdown in the country. Pandey is likely to influence the decision taken with regards to the Direct Tax Code, if any.

Expenditure secretary TV Somanathan

Somanathan will have to rationalise the spending in a way that it accelerates demand and reduces unnecessary expenditure. He is the latest entrant to the finance ministry and has worked in the prime minister’s office previously.

First Published:Jan 29, 2020 3:03 PM IST