Tv Somanathan

The IAS officer holds a doctorate in Economics and is a qualified chartered accountant (CA), cost accountant, and company secretary.

Finance Secretary TV Somanathan confident nominal GDP growth is unlikely to be below 10.5%

Finance Minister kept the nominal growth target unchanged at 10.5% for 2024-25, finance secretary, TV Somanathan in an interview to Moneycontrol said he expects real growth between 6.5-7 % for FY 25

Fin Secy Somanathan bats for change in CAG's performance audit culture

Given the current approach of the CAG around performance audits, there is great reluctance to take risks among bureaucrats and that is one of the reasons why things are slow in government, the finance secretary said.

Fiscal stimulus withdrawal a counter-cyclical necessity: Finance Secretary Somanathan

Somanathan said it is a matter of basic economic prudence to withdraw a stimulus

Finance Secy Somanathan says debt-to-GDP ratio of 40% a relic, needs re-examination

Speaking to reporters after the presentation of the interim Budget, Finance Secretary TV Somanathan also said India's debt-to-GDP ratio is one of the lowest in the G20.

Budget 2024: Meet Finance Secretary TV Somanathan, mind behind capex push to cleaner balance sheet

Considered to be popular among his colleagues, Somanathan's Department of Expenditure is responsible for pushing the government's capital expenditure to record levels in a bid to boost growth and employment.

Will not cut down on capex of Rs 10 trillion in FY24: Finance Secretary

“We are assuming that the entire capex will be spent. We have not decided to save money from capex,” TV Somanathan said.

TV Somanathan: PFMS reforms will lead to higher savings in FY23 compared to last year

The core of the PFMS reforms is the just-in-time release of funds. Initiated in 2021, the SNA dashboard enables ministries and departments to monitor the movement and disbursal of funds.

Borrowings by states or their organisations have to be within 3.5% of GSDP: Finance Secretary TV Somanathan

The Union Budget has kept 3.5 percent of gross state domestic product as states' borrowing limit for FY24 which includes a 0.5 percent conditional window linked to power sector reforms.

No proposal to issue foreign currency govt bonds, says finance secretary

The overseas sovereign bond proposal died a quick death more than three years ago but speculation continues, given the lower borrowing costs abroad

No off-Budget borrowing in FY24, says Finance Secretary TV Somanathan

The Budget for 2023-24 has estimated the Food Corporation of India’s Internal and Extra Budgetary Resources (IEBR) at Rs 1.45 lakh crore

Higher investment limit in saving schemes aimed at benefiting sr citizens, middle class: Finance Secretary

The top bureaucrat in the finance ministry said the decision to revise the ceilings will come at a cost as the government can raise funds at a cheaper rate compared to the 8 per cent interest that it gives under the Senior Citizen Savings Scheme.

We will enter global bond club with our dhotis and sarees: Finance Secretary

India’s policies are made keeping India in mind and will not be changed to suit foreign investors, says TV Somanathan

On course to achieve fiscal deficit target, says Finance Secretary Somanathan

The Union Budget has pegged the fiscal deficit at Rs 16.61 lakh crore or 6.4 per cent of the gross domestic product (GDP) for the financial year ending March 2023.

India in a relatively stronger position than many other countries: Finance secretary

Saying that the fiscal situation was less challenging last year, T V Somanathan stressed that the government will work on maintaining growth and fiscal stability, while the primary responsibility of controlling inflation lies with the Reserve Bank of India.

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Bitcoin, Ethereum or NFT will never be legal tenders, crypto doesn’t have govt authorisation: Finance Secretary

Finance Secretary TV Somanathan discouraged investment in crypto assets, saying "there is no guarantee whether your investment will be successful or not". One may suffer losses and the government is not responsible for this, he stressed.

Budget 2022 | Meet FM Niramala Sitharaman’s team

Finance Minister Nirmala Sitharaman will present her third budget and will be assisted by a team of advisers and secretaries with a mission to boost economy in these outbreak times. Sitharaman has promised that the upcoming Budget will be of a kind never seen before, one where fiscal concerns will be kept aside and there could be record public spending, with an objective of boosting demand and creating jobs.

A look at the team behind Union Budget 2022-23

Finance Minister Nirmala Sitharaman is being assisted by a team of advisers and secretaries in making Union Budget 2022-23. Take a look at FM Sitharaman and her budget-making team.

FM Nirmala Sitharaman to interact with CMs of states, UTs on Nov 15, will discuss capex, big-ticket infra projects

Finance Secretary TV Somanathan said there was a lot of positive sentiment from global investors regarding investment in infrastructure.

India committed to predictability in taxation, says Finance Secretary as Govt seeks to undo retro tax

The proposed Bill lays down the procedure for tax refunds subject to conditions, Finance Secretary TV Somanathan said, adding that it "represents the best way forward" and offers a "fair solution" to companies who have objected to the retro tax law.

New Finance Secretary TV Somanathan: An articulate economic voice trusted by the top leadership

Somanathan, Economic Affairs Secretary Ajay Seth, DFS Secretary Debashish Panda and DIPAM Secretary Tuhin Kanta Pandey are all from the 1987 batch of the Indian Administrative Service. But Somanathan had a higher rank in his batch, when he stood second in the All India exams. This is a deciding factor between officers of the same batch.

Expenditure Secretary TV Somanathan designated as finance secretary

He is the seniormost, by age, of the three 1987 batch officers in Finance Ministry.

Budget 2021: Vaccine allocation of Rs 35,000 crore to immunise 50 crore people

Expenditure Secretary TV Somanathan told Moneycontrol that the Finance Ministry had a rough cost of Rs 700 per person in mind. The budget allocation is just a part of what will be spent, as state governments and corporates will also allocate sums for the vaccination drive

INTERVIEW | Government can't sustain handouts indefinitely, says Expenditure Secretary TV Somanathan

Speaking exclusively to Moneycontrol in a post-budget interview, Expenditure Secretary TV Somanathan said it was a conscious decision by the government to invest in infrastructure projects which will create jobs rather than provide further handouts, as the former will have long-term benefits.