Click to play videoNew Delhi: It's going to be the biggest release of the year and this one has all the suspense and drama to keep you glued to your seats — yes we are talking about the biggest event in India's economic calendar, Budget 2008.
Here are the key players in this magnum opus:
- Joint Secretary Budget, L M Vas
- Revenue Secretary, P V Bhide
- Expenditure Secretary, Sanjiv Mishra
- Finance Secretary, Duvvuri Subbarao
Supporting star cast:
- Chief Economic Advisor, Arvind Virmani
- Advisor to the FM, Shubhashis Gangopadhyay
Behind The Scenes
It all begins in the month of September, when the Budget team gets together to set targets. They assess receipts and expenditure data from 28 states and defence services.
Tax research for Budget 2008 had begun almost as soon as Budget 2007 was passed. The Tax Research Units decide where to impose taxes and where to reduce them. This is what creates all the suspense for ministries and India Inc.
The Budget team continues to meet officials till the end of December. During this period, the Finance Minister is literally the guru, with industry chambers, states and union ministries frantically lobbying to get their wish lists' fulfilled.
From January onwards, officials start giving the final touches to the Budget document, which is then taken to the Prime Minister for his final nod.
Now comes the most intiguing part. Tweleve days before the Budget speech, all officials involved in printing the document go into the basement of the North Block and emerge only after the speech is delivered — a virtual house arrest.
Former finance secretary, S Narayan reveals that there are five star-like accomodations for everyone in the basement of the North Block.
The budget documents are ready by February 26 and even the Cabinet only gets a gist of what the Budget is like ten minutes before Parliament meets on Budget day.
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