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The Appointments Committee of the Cabinet has approved designating Somanathan, Secretary, Department of Expenditure, Ministry of Finance as the Finance Secretary, the order said.
Expenditure Secretary T V Somanathan has been appointed as the finance secretary, a government order said. Appointments Committee of the Cabinet (ACC) has approved designating T V Somanathan, Secretary, Department of Expenditure, Ministry of Finance as Finance Secretary, the order said.
Somanathan, a 1987 batch IAS officer of Tamil Nadu cadre, will take charge as the finance secretary, a position earlier held by Ajay Bhushan Pandey who superannuated in February. Dear Reader,
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Confident of reducing fiscal deficit to 4.5% of GDP by FY26: Expenditure Secretary
India has exceeded its fiscal deficit target of 3.5 percent in the current fiscal by a wide margin due to higher spendings to stimulate the economy amid the pandemic. The fiscal deficit the excess of government expenditure over its revenues has been pegged at 9.5 per cent of the gross domestic product (GDP) in the current fiscal ending March 31, as per the revised estimate. PTI
Reuters
The government is confident of lowering the fiscal deficit to 4.5 percent of GDP by 2025-26 fiscal, considering a nominal GDP growth of 10 percent every year, Expenditure Secretary T V Somanathan has said.
India has exceeded its fiscal deficit target of 3.5 per cent in the current fiscal by a wide margin due to higher spendings to stimulate the economy amid the pandemic.