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