The Division of Personnel & Coaching (DoPT) notified, “The Appointments Committee of the Cupboard has accredited the proposal for designating Shri Ajay Seth, IAS (KN:87), Secretary, Division of Financial Affairs, Ministry of Finance as Finance Secretary.”
Seth, a 1987 batch Indian Administrative Service (IAS) officer of Karnataka cadre, is presently holding the put up of Secretary of the Division of Financial Affairs and can be holding extra cost of Income Secretary.
The emptiness for the put up of Finance Secretary arose after senior IAS officer of 1987-batch from Odisha cadre, Tuhin Ok Pandey, was shifted from the Ministry and was appointed the chairman of the Securities and Alternate Board of India (SEBI) final month.
Whereas designating Seth because the Finance Secretary the federal government adopted the rule of choosing the senior-most Secretary within the Ministry of Finance, officers stated. He took over because the Secretary, DEA (Division of Financial Affairs), in April 2021.
Seth was given the extra cost of the Secretary of the Division of Income on December 10 final 12 months as a part of the inner reallocation of tasks. There was an urgency to discover a alternative for Sanjay Malhotra, a 1990-batch IAS officer of the Rajasthan cadre, who was appointed the Governor of the Reserve Financial institution of India (RBI).
Seth holds a BTech diploma in mechanical engineering and an MBA.
Seth’s function will likely be scrutinised with a fantastic tooth-comb, particularly at a time when challenges each in home in addition to international financial dynamics have multiplied in the previous few months.
The Donald Trump administration’s menace of reciprocal tariffs resulting in an all-out commerce struggle amid international recessionary tendencies has added to the concerns of Indian policymakers. For India, which recorded a 6.2 per cent GDP development within the third quarter of the present monetary 12 months, sagging exports and falling personal investments amongst different have began to severely damage the economic system.
In February, exports fell by 10.9 per cent. That aside, personal investments have been slowing. In keeping with a report by ICRA, in 2024, the share of personal capital expenditure within the Gross Mounted Capital Formation (GFCF) dropped to 33 per cent – the bottom in a decade.
