Ajay Seth takes charge as Finance Secretary
Ajay Seth, Economic Affairs Secretary, is now India’s Finance Secretary. He replaces Tuhin Kanta Pandey, who recently became the chairperson of the Securities and Exchange Board of India (SEBI). A 1987-batch IAS officer from the Karnataka cadre, Seth has played a key role in shaping India’s economic policies since 2021. He led major initiatives in infrastructure financing, public-private partnerships, and external borrowings.
His appointment comes as the government balances fiscal discipline with efforts to boost economic growth. India’s economy grew 6.2% in the December quarter, up from 5.6% in the previous three months. This increase still falls short of the 6.5% growth target for FY25 set by the National Statistical Office. If achieved, the growth rate would still be 270 basis points lower than FY24’s revised estimate of 9.2%.
Seth brings extensive experience to his new role. An IIT Roorkee graduate with an MBA, he has over three decades of expertise in public finance, taxation, and social sector administration. In 2013, he earned the Prime Minister’s Award for Excellence in Public Administration for transforming Karnataka’s commercial tax system.
Seth advocates for bold reforms. In a recent interview with Mint, he emphasized that the government will push states to adopt deeper reforms to access 50-year interest-free capital expenditure loans. This policy aims to drive deregulation and improve the ease of doing business.
The latest economic survey urges India to focus on domestic growth through private investment and deregulation. It also stresses the need to sustain an 8% annual growth rate over the next decade for India to become a developed nation by 2047.
Seth acknowledges these challenges. “It’s no longer enough to announce policies,” he told Mint. “We need real legislative changes and measurable impact on the ground.”
His appointment signals the government’s commitment to accelerating economic reforms while navigating global uncertainties and maintaining financial stability.
