Drafting the Union Budget is an extensive and collaborative process. As Finance Minister Nirmala Sitharaman prepares to present her eighth consecutive Budget on February 1, the stakes are high. With a projected 6.4 per cent growth rate and persistent inflation concerns, the 2025-26 Budget will need to balance economic progress with fiscal stability.
Ms Sitharaman has been supported by a skilled team of experts, each playing a crucial role in shaping the economic roadmap.
Here are the key figures behind the Budget-making process:
V Anantha Nageswaran, Chief Economic Adviser
An IIM, Ahmedabad, alumnus, V Anantha Nageswaran is responsible for establishing the macroeconomic framework under which Budget targets are set. He also leads the drafting of the Economic Survey, which precedes the Budget presentation. His tenure concludes this financial year.
Manoj Govil, Expenditure Secretary
Manoj Govil, an IIT Kanpur alumnus, will oversee the approval of new schemes, spending guidelines, and resource transfers to states. A 1991-batch IAS officer from Madhya Pradesh, Mr Govil joined as expenditure secretary in August 2024, bringing with him vast experience from his previous role in the Ministry of Corporate Affairs.
Ajay Seth, Economic Affairs Secretary
Ajay Seth, a senior figure in the team, has led the Department of Economic Affairs (DEA) since April 2021. His role includes preparing the final Budget documents and ensuring macroeconomic stability. He is also credited with the creation of the Infrastructure Finance Secretariat.
Tuhin Kanta Pandey, Finance and Revenue Secretary
Tuhin Kanta Pandey, an Odisha cadre IAS officer, took charge as revenue secretary just ahead of the Budget in January 2025. With his expertise in public asset management, Pandey’s challenge lies in raising revenue and simplifying the taxation system.
Arunish Chawla, DIPAM Secretary
Arunish Chawla, a Bihar cadre IAS officer, will focus on accelerating divestment and asset monetization programs, including the strategic sale of IDBI Bank. His expertise will be key in unlocking the value of non-core assets held by state-run enterprises.
M Nagaraju, Financial Services Secretary
M Nagaraju, a 1993-batch IAS officer from Tripura, will work on ensuring adequate credit flow, fintech regulations, and expanding insurance coverage. His extensive experience in various government departments will help deepen India’s financial services sector.
