Ajay Seth Appointed as India’s New Finance Secretary

The Indian government has appointed Ajay Seth, the current Economic Affairs Secretary, as the new Finance Secretary on March 24, 2025. His appointment comes at a critical time as the government aims to balance fiscal discipline with economic growth. With over three decades of experience, Seth has played a pivotal role in shaping India’s economic policies and spearheading financial reforms.

Key Highlights of Ajay Seth’s Appointment

Professional Background & Key Contributions

• Batch & Cadre: 1987 batch IAS officer from Karnataka cadre.
• Current Role: Secretary, Department of Economic Affairs (DEA) since 2021.

Previous Achievements

• Led infrastructure financing, public-private partnerships, and external borrowings.
• Spearheaded Karnataka’s tax reforms, winning the Prime Minister’s Award for Excellence in Public Administration (2013).
• Instrumental in shaping India’s economic reform policies and financial strategies.

Educational Qualifications

• Engineering degree from IIT Roorkee.
• MBA (Master of Business Administration).

Economic Challenges & Responsibilities

India’s GDP Growth Trends

• Economic growth rose to 6.2% in December 2024 quarter (from 5.6% in the previous quarter).
• Government targets 6.5% growth for FY25, still 270 bps lower than FY24 (which was revised to 9.2%).

Fiscal Reforms & Policy Priorities

• Strengthening deregulation and private investment.
• Implementing benchmark reforms for state governments to access 50-year interest-free loans.
• Enhancing the ease of doing business.

Long-Term Vision

• Ensuring India sustains an 8% GDP growth rate over the next decade.
• Navigating global economic uncertainties to achieve India’s Vision 2047 (becoming a developed nation).