Sanjay Malhotra’s Appointment As Rbi Governor Leaves A Vacancy In The Union Budget Team

The assignment of Revenue Secretary Sanjay Malhotra arsenic nan caller Governor of nan Reserve Bank of India has near a immense vacancy successful Finance Minister Nirmala Sitharaman’s Budget team. With little than 2 months to spell for nan Union Budget 2025-26 to beryllium presented, an announcement connected nan caller Revenue Secretary is expected soon.

Malhotra, a 1990-batch serviceman of nan Indian Administrative cadre, who is group to return complaint arsenic RBI Governor from December 11, has been successful nan finance ministry since 2022. He first served an eight-month stint arsenic Secretary, Department of Financial Services, and past was appointed Secretary, Department of Revenue, connected December 1, 2022.

The Revenue Secretary deals pinch taxation policies and proposals arsenic good arsenic taxation postulation targets and is simply a halfway personnel of nan Budget-making team. As announced successful nan Union Budget 2024-25, this year, nan gross section has besides been moving connected reviewing nan Income Tax Act, 1961, arsenic good arsenic a broad reappraisal of nan customs work complaint structure.

The finance ministry is presently successful nan midst of pre-Budget meetings pinch various stakeholder groups to get their suggestions for nan Budget that will beryllium presented successful early February.

As Revenue Secretary, Malhotra is besides nan ex-officio Secretary of nan Goods and Services Tax Council. The Council is group to meet connected December 21 successful Jaisalmer, wherever it is expected to talk cardinal issues including complaint rationalisation, exemption of security premium from GST arsenic good arsenic alternatives to nan compensation cess.

Malhotra is known for his reasoned decisions and calm disposition and is seen arsenic a problem solver who has helped successful statement building and swift implementation of argumentation decisions.

In his past nationalist arena arsenic Revenue Secretary astatine nan 67th Foundation Day of nan Directorate of Revenue Intelligence, Malhotra acknowledged nan captious domiciled of DRI successful gross generation, but emphasised nan request for it to support a equilibrium betwixt nan enforcement actions and unhindered morganatic waste and acquisition for broader economical interests of nan country.

For now, analysts are keeping their fingers crossed astir Malhotra’s modulation to nan Mint Street but expect it will beryllium seamless and are still hopeful of a complaint trim successful February 2025.