The Modi 2.0 government is firmly involved in the preparations for its second budget, but two important posts are still vacant in the budget formulation. The budget for the financial year 2020-21 is to be presented on February 1, but the post of full-time expenditure secretary (expenditure secretary) is still vacant. Apart from this, the post of Joint Secretary (Budget) has also been vacant for the last three months. The role of the officer sitting on this post is very important in the whole process of preparing the budget. The budget for the coming financial year is waiting everywhere because it is being expressed that the government can announce something important in the upcoming budget to give a boost to the country's economy.
The measures related to structural reforms are eagerly awaited because the country's economic growth rate has come down to a six-year low of 4.5 percent. It is noteworthy that the post of full-time expenditure secretary is vacant after the appointment of GC Murmu as the first Lieutenant Governor of Jammu and Kashmir. Murmu relinquished the post of expenditure secretary on 29 October. Atanu Chakraborty was then given the additional responsibility of this post. Chakraborty, a 1985 batch IAS officer of Gujarat cadre, is the Secretary of Economic Affairs in the Ministry of Finance.
On 14 October, the finance ministry formal started the process of preparing the budget for the coming financial year. The meeting with various departments and ministries ended last month itself. The budget estimates for 2020-21 will be provisionally finalized only after the expenditure secretary has completed talks with other secretaries and financial advisors. Finance Minister Nirmala Sitharaman's second budget is considered to be very important as the country is going through a phase of lethargy. The Reserve Bank of India, in its recent monetary policy review, lowered its GDP growth forecast for FY 2019-20 from 6.1 per cent to five per cent. The Finance Minister has said that several steps should be taken to get the country's economy out of slack. In this episode, he has also pointed towards giving relief in personal income tax in the coming budget.
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