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ONGC to draw down on reserves to meet CAPEX needs Jet-Etihad Rs 2000 plus crore deal to be cleared GMR to raise US $ 250 mn thru QIP How important is Modiís German visit... Infosys not to cut prices Fox Star Studios to tie-up with Bolly-wood and Kollywood Trends point to a hung assembly Renault revving up small car launch Vodafone slapped with tax notice of Rs 3700 crore Smartphone prices may change German envoy Steiner caps a language row Canada screams over IT outsourcing to India SpiceJet in the news again LANCO opens negotiations with buyers for Karnataka power plant Vodafone to buy out minority shareholders Latin America beckons India for investments Capital Notes Wal-Mart studying FDI norms post split with Bharti Automobile sector in slump... Kolkata kisses goodbye to Ambi? Airlines hit by service tax on lease Flipkart India in the red by Rs 280 crore Plans to double trade with Latin America Excise duty may halt the war in SUV market Hyundai Grand i10 awaiting launch Aircraft lessors to get protection from defaulting airlines Carlyle invests in Trehanís Medanta Medical Centre While MoTown is on a tailspin, the telecom sector is staging a rally TCS, Indiaís biggest block buster Lanco to sell Australian acquisition Urja Sangam in Delhi Hunt for new finance secretary on... Singapore Airlines prefers Airbus TVS bullish on the two wheeler market?
 
Hunt for new finance secretary on...

The UPA-II government, now on its last legs, has begun preparing a vote on account budget for 2014-15 asking different ministries to enumerate their estimates of receipts as well as expenditure for the next financial year, and paced up its hunt for a new finance secretary.

The Budget, in all probability, will be prepared by the new finance secretary and the chief economic advisor (CEA) to the MoF.  Finance secretary R S Gujral is retiring in November, while the post of CEA is vacant after Raghuram Rajan took over as the Governor of the Reserve Bank of India.

As the hunt for the new CEA continues, four contenders are in the race. Expenditure Secretary Sumit Bose, a 1976-batch IAS officer of the Madhya Pradesh cadre, may succeed Gujral. Bose is due to retire in March 2014. He became expenditure secretary in May 2011.  His main task was to keep government expenditure controlled to contain fiscal deficit at 4.6 per cent of GDP but he was frustrated by a huge subsidy bill that ballooned government expenditure. With general elections scheduled in May 2014, there will only be an interim budget, likely in January. The final budget will be presented by the new government.

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