Union Budget 2025: Key faces behind Finance Minister Nirmala Sitharaman's budget team

Finance Minister Nirmala Sitharaman on February 1 will present her 8th budget, with the responsibility of addressing multiple demands and stimulating India's slowing growth.

The final stage of budget preparations was marked by the traditional ‘halwa ceremony’ on Friday.

Here’s a closer look at the key officials who will shape India’s fiscal future in the coming year.

The officials responsible for managing revenue collection, public expenditure, and policies affecting various sectors of the economy play an essential role in shaping the country’s economic landscape.

Tuhin Kanta Pandey – Finance and Revenue Secretary

Tuhin Kanta Pandey, a 1987 batch Odisha cadre IAS officer, was recently appointed Finance and Revenue Secretary. Pandey's role includes mobilizing revenue through taxation and addressing demands for tax cuts and incentives.

Previously, he served as Secretary of the Department of Investment and Public Asset Management (DIPAM), where he led the government’s disinvestment strategy.

Ahead of the budget, Pandey will oversee the potential overhaul of income tax laws, with changes possibly being introduced in the upcoming session.

V Anantha Nageswaran – Chief Economic Adviser

V Anantha Nageswaran, Chief Economic Adviser, is responsible for preparing the Economic Survey, which serves as a key guide for economic policies.

Nageswaran, an IIM Ahmedabad alumnus with a doctorate from the University of Massachusetts, brings experience from academia and financial markets.

His Economic Survey is expected to focus on reforms aimed at boosting private investment, supporting entrepreneurship, and facilitating India’s growth amidst global uncertainties.

Manoj Govil – Secretary, Department of Expenditure

Manoj Govil, a 1991 batch IAS officer from Madhya Pradesh, manages government spending as the Secretary of the Department of Expenditure.

Before taking on this role, Govil served as Secretary of the Ministry of Corporate Affairs. His responsibilities include rationalizing subsidies, managing centrally sponsored schemes, and ensuring public expenditure efficiency.

With the government focusing on both welfare spending and fiscal discipline, Govil will work to ensure spending aligns with revenue targets.

Ajay Seth – Secretary, Department of Economic Affairs

Ajay Seth, a 1987 batch Karnataka cadre IAS officer, heads the Department of Economic Affairs and plays a key role in preparing budget documents and maintaining macroeconomic stability.

Seth will focus on balancing growth with fiscal consolidation, particularly as the government works towards a debt target under its fiscal framework. His department will also help craft policies to ensure economic stability amidst global financial shifts.

M Nagaraju – Secretary, Department of Financial Services

M Nagaraju, a 1993 batch Tripura cadre IAS officer, oversees the Department of Financial Services, with a focus on credit flow, fintech regulation, and the expansion of the insurance sector.

Nagaraju’s previous experience in the Ministry of Coal, where he contributed to opening the coal sector to private players, is valuable in his current role. He is responsible for strengthening India’s banking and financial services sector and driving financial inclusion through digital services.

Arunish Chawla – Secretary, DIPAM & DPE

Arunish Chawla, a 1992 batch Bihar cadre IAS officer, leads the Department of Investment and Public Asset Management (DIPAM) and the Department of Public Enterprises (DPE).

Chawla’s key responsibility is driving the government’s disinvestment program and monetizing state-owned assets. He will oversee the strategic sale of IDBI Bank and other public sector enterprises, while also working on plans to raise funds through asset monetization for public spending.

His experience in both the pharmaceuticals sector and government administration makes him a pivotal figure in managing the government’s financial assets.