Sitharaman giving finishing touches as Interim Budget enters last lap

New Delhi: The preparation of the Interim Budget 2024 has entered the last lap with Union Finance Minister Nirmala Sitharaman and her team of top Finance Ministry officials giving the final touches to the document as North Block has been put in lock-down mode to ensure complete secrecy after the 'halwa ceremony'.

According to sources, there is a lot of back and forth with the team of PMO officials headed by PK Mishra, Principal Secretary to the Prime Minister, and the Finance Ministry officials.

These discussions ensure that the thrust of the schemes drawn up by the Prime Minister with his close understanding of the ground realities, are adequately presented in the fine-print of the budget.

Speaking at an event recently, Sitharaman hinted that government's policies will prioritise the welfare of youth, women, farmers, and the poor. The remarks are being viewed as a preview of the Interim Budget, which is set to be presented in Parliament on February 1. She said the focus will be on their upliftment without considering caste, community, or religion. Sitharaman also highlighted government's efforts to enhance skilling, improve agricultural tools, and provide healthcare and other benefits to citizens. She also shed light on the importance of modernizing post-harvest practices and promoting manufacturing in various. "High priority is being given to these sectors, and not just in the budget. We are also looking at improving R&D and bringing in top experts as advisors," she added.

On the budget preparation front, Finance Secretary TV Somanathan, a Tamil Nadu cadre officer who served as additional secretary in the PMO before joining the Finance Ministry, is a key link between the two teams. The top members of Finance Minister Nirmala Sitharaman's team spearheading the budget-making exercise in the ministry include Sanjay Malhotra, the Revenue Secretary, Ajay Seth, Secretary of the Department of Economic Affairs, Tuhin Kanta Pandey, Secretary of the Department of Investment and Public Asset Management, Vivek Joshi, Secretary of the Department of Financial Services and V Anantha Nageswaran, the Chief Economic Advisor.

January last week is the culmination of a 6-month budget preparation exercise in which all the ministries such as Agriculture, Rural Development, Industry, Power, Highways and Ports prepare their estimates and present them to the Finance ministry. The Finance minister assisted by her team then goes through the proposals and puts them together in close consultation with the PMO taking into account the overall fiscal deficit and the relative allocations that have to be made with the government policies aimed at pushing growth and inclusive development.