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NEW DELHI: Finance secretary TV Somanathan was on Saturday named the brand new cupboard secretary, changing Rajiv Gauba, whose time period because the longest-serving prime civil servant will finish on Aug 30.
A chartered accountant, price accountant and firm secretary, with a doctoral thesis on derivatives, Somanathan is understood to talk his thoughts earlier than political bosses and encourages different colleagues to current their views candidly.
The 1987 batch IAS officer is a key individual behind ushering in transparency within the Union Budget, below finance minister Nirmala Sitharaman’s watch, and an energetic supporter of reforms, together with these associated to capital features tax and different areas.
Having taken over as expenditure secretary simply earlier than Covid-19 struck the nation, Somanathan used the upper spending in the course of the pandemic to additionally deliver “beneath the road gadgets” on to the Centre’s books — and has caught to the precept.
He additionally introduced the problem of “off-budget borrowings” in states equivalent to Andhra Pradesh and Telangana to the fore in the course of the annual assembly of state chief secretaries and ensured that fund elevating by mortgaging govt property and pledging future earnings was minimised.
Though Somanathan ended up incomes the displeasure of a number of colleagues, his push for ‘simply in time’ launch of funds has helped lowering govt cash mendacity idle in financial institution accounts. It was additionally throughout his time period in North Block that the Centre cleaned up the centrally-sponsored schemes, with the finance secretary advising states to make sure periodic critiques. Certainly one of his unfinished duties would be the assessment of the brand new pension scheme, the place consultations have been accomplished and a few type of a assure is probably going. However that’s a job that he can full as cupboard secretary. He’s identified to share a superb private rapport with PM Narendra Modi.
In 1996, he joined the World Financial institution by means of the Younger Professionals Program, as monetary economist and went to change into one of many youngest sector managers within the Funds Coverage Group. He was a part of M Karunanidhi’s CMO earlier than transferring to the World Financial institution for a second stint after which to Modi’s PMO in 2015.
Somanathan’s appointment additionally alerts govt’s intent to maneuver forward with modifications after choosing “continuity” since June, when it returned to workplace for a 3rd consecutive time period and is predicted to end in a prime deck reshuffle.
Subsequent up, govt will resolve if it intends to increase dwelling secretary Ajay Bhalla’s time period as dwelling secretary another time, particularly when he’ll now be junior to Somanathan.
In any case, the appointment initially as officer on particular obligation within the cupboard secretariat until he takes over on Aug 30, initially for 2 years. Civil servants are additionally watching how govt intends to make use of the companies of Gauba, a trusted officer of the present dispensation.
Somanthan’s elevation will pressure the govt. to nominate a brand new expenditure secretary with Arvind Srivastava, extra secretary within the PMO seen as the highest contender given his familiarity with the finance ministry, having headed the price range division.
Moreover, he’s the purpose individual on the PMO for a number of selections associated to the finance ministry, together with the Funds.
A chartered accountant, price accountant and firm secretary, with a doctoral thesis on derivatives, Somanathan is understood to talk his thoughts earlier than political bosses and encourages different colleagues to current their views candidly.
The 1987 batch IAS officer is a key individual behind ushering in transparency within the Union Budget, below finance minister Nirmala Sitharaman’s watch, and an energetic supporter of reforms, together with these associated to capital features tax and different areas.
Having taken over as expenditure secretary simply earlier than Covid-19 struck the nation, Somanathan used the upper spending in the course of the pandemic to additionally deliver “beneath the road gadgets” on to the Centre’s books — and has caught to the precept.
He additionally introduced the problem of “off-budget borrowings” in states equivalent to Andhra Pradesh and Telangana to the fore in the course of the annual assembly of state chief secretaries and ensured that fund elevating by mortgaging govt property and pledging future earnings was minimised.
Though Somanathan ended up incomes the displeasure of a number of colleagues, his push for ‘simply in time’ launch of funds has helped lowering govt cash mendacity idle in financial institution accounts. It was additionally throughout his time period in North Block that the Centre cleaned up the centrally-sponsored schemes, with the finance secretary advising states to make sure periodic critiques. Certainly one of his unfinished duties would be the assessment of the brand new pension scheme, the place consultations have been accomplished and a few type of a assure is probably going. However that’s a job that he can full as cupboard secretary. He’s identified to share a superb private rapport with PM Narendra Modi.
In 1996, he joined the World Financial institution by means of the Younger Professionals Program, as monetary economist and went to change into one of many youngest sector managers within the Funds Coverage Group. He was a part of M Karunanidhi’s CMO earlier than transferring to the World Financial institution for a second stint after which to Modi’s PMO in 2015.
Somanathan’s appointment additionally alerts govt’s intent to maneuver forward with modifications after choosing “continuity” since June, when it returned to workplace for a 3rd consecutive time period and is predicted to end in a prime deck reshuffle.
Subsequent up, govt will resolve if it intends to increase dwelling secretary Ajay Bhalla’s time period as dwelling secretary another time, particularly when he’ll now be junior to Somanathan.
In any case, the appointment initially as officer on particular obligation within the cupboard secretariat until he takes over on Aug 30, initially for 2 years. Civil servants are additionally watching how govt intends to make use of the companies of Gauba, a trusted officer of the present dispensation.
Somanthan’s elevation will pressure the govt. to nominate a brand new expenditure secretary with Arvind Srivastava, extra secretary within the PMO seen as the highest contender given his familiarity with the finance ministry, having headed the price range division.
Moreover, he’s the purpose individual on the PMO for a number of selections associated to the finance ministry, together with the Funds.
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