Budget 2025: Who Are The Key Members In FM Nirmala Sitharaman's Team? Find Out

On February 1, Finance Minister Nirmala Sitharaman will present the Union Budget 2025-26 in Parliament, marking not only her eighth consecutive budget presentation but also the first full-year budget of the Modi government's third term.

This historic milestone makes her the first finance minister in India to present eight consecutive budgets, surpassing Morarji Desai's record of six successive budgets.

The upcoming budget arrives amid economic challenges, with India's GDP growth projected to slow to a four-year low of 6.4%, alongside persistent inflation concerns. Against this backdrop, Sitharaman, along with a newly assembled budget team, faces the difficult task of balancing growth, revenue generation, and fiscal discipline.

The New Budget Team: Key Figures Behind Budget 2025-26

While economic affairs secretary Ajay Seth and chief economic adviser V Anantha Nageswaran remain crucial members of the finance ministry, several new faces have joined the team, each playing a significant role in shaping the upcoming budget.

1. Tuhin Kanta Pandey - Finance and Revenue Secretary

A 1987-batch IAS officer from the Odisha cadre, Tuhin Kanta Pandey took charge as revenue secretary just weeks before the budget, on January 9, 2025. Previously, he was appointed finance secretary in September 2024.

Pandey is best known for his five-year tenure as secretary of the Department of Investment and Public Asset Management (DIPAM), where he played a crucial role in managing government disinvestment policies. His biggest challenge in Budget 2025 will be raising revenue while simplifying the taxation system to ensure economic stability.

2. V Anantha Nageswaran - Chief Economic Adviser (CEA)

An alumnus of IIM Ahmedabad, Nageswaran has been serving as India's chief economic adviser (CEA) since 2022. His primary role involves drafting the Economic Survey, which is presented a day before the budget, and setting the macroeconomic backdrop for the government's financial policies.

With his three-year tenure nearing completion, Budget 2025 will likely be Nageswaran's last as CEA, making his input even more significant in shaping India's financial outlook.

3. Ajay Seth - Economic Affairs Secretary

A 1987-batch IAS officer from the Karnataka cadre, Ajay Seth has been heading the Department of Economic Affairs (DEA) since April 2021.

The DEA is responsible for fiscal planning, macroeconomic stability, and policy coordination. Seth, who played a key role in setting up the Infrastructure Finance Secretariat, will now oversee the final budget documents and ensure that fiscal policies align with the country's economic needs.

4. Manoj Govil - Expenditure Secretary

As Expenditure Secretary, IIT Kanpur alumnus and 1991-batch IAS officer from the Madhya Pradesh cadre, Manoj Govil has the critical responsibility of managing government spending, approving new schemes, and allocating resources to states.

Before joining as expenditure secretary in August 2024, Govil served as secretary in the Ministry of Corporate Affairs, making his experience crucial in formulating expenditure plans for Budget 2025.

5. M Nagaraju - Financial Services Secretary

A 1993-batch IAS officer from the Tripura cadre, M Nagaraju will play a key role in ensuring credit flow, fintech regulations, insurance coverage expansion, and digital banking reforms in Budget 2025.

Previously, he served as an advisor to the Executive Director at the World Bank (2008-2012) and held key positions in departments like Health, Finance, Women & Child Development, and Industries & Commerce. His expertise will be crucial in addressing financial inclusion and banking sector challenges.

6. Arunish Chawla - DIPAM Secretary

A 1992-batch IAS officer from the Bihar cadre, Arunish Chawla took charge as DIPAM Secretary on January 8, 2025, after a brief stint as revenue secretary.

His key responsibilities in Budget 2025 include overseeing the government's divestment and asset monetization plans, accelerating the strategic sale of IDBI Bank, and optimizing non-core assets held by state-run enterprises.