As the Union BudgetUnion Budget takes shape behind closed doors, a formidable team is at work in North Block. Two key players — the economic affairs and revenue secretaries — are first-timers, adding a fresh layer of perspective to an otherwise seasoned administrative exercise
Economic Affairs Secretary Anuradha Thakur
Anuradha Thakur, a 1994-batch IAS officer of the Himachal Pradesh cadre, is the first woman economic affairs secretary to lead the Union Budget process amid heightened global uncertainty and a looming US tariff overhang on India’s growth outlook. She oversees macroeconomic policy, budgeting, capital markets and financial-sector reforms. Central to her mandate is sustaining high growth while safeguarding stability—managing deficits and debt, mobilising investment, deepening financial markets and insulating the economy from external shocks. From the next fiscal year, reducing the debt-to-GDP ratio will anchor fiscal policy, with the deficit as the key operational guide. Thakur is also steering talks on the next phase of the inflation-targeting framework for the RBI. Markets will watch borrowing plans, bond-market deepening and investor-base expansion. An Odisha-born officer, she holds a postgraduate degree in psychology and a development economics certificate from the London School of Economics.
Revenue Secretary Arvind Shrivastava
Shrivastava, a 1994-batch IAS officer, brings deep familiarity with the Budget process, having coordinated with the finance ministry as joint secretary and later additional secretary in the Prime Minister’s Office. Earlier, he served as joint secretary in the Budget division of the department of economic affairs. His experience will be critical as tax revenues face pressure following income tax and GST cuts. He is expected to play a central role in reforming the customs duty regime—both tariff and non-tariff—to correct inverted duty structures, ease supply chains and promote labour-intensive manufacturing. Markets will watch how he helps preserve competitive corporate tax rates, rationalises capital gains and provides clarity on international taxation to attract long-term investment. An engineering graduate with an MSc in Finance from the University of London, Shrivastava, who helped shape recent GST reforms, will drive efforts to widen the tax base and improve compliance.
Expenditure Secretary V. Vualnam
With tax revenues under strain, V Vualnam will lead expenditure management and rationalisation to prevent idle funds and ease pressure on government borrowing. The 1992-batch Manipur cadre IAS officer earlier served as civil aviation secretary and as additional secretary in the department of economic affairs. A commerce graduate with a Master’s in Public Policy, he will guide interest-free 50-year capex loans to states and state borrowing limits. He is also overseeing subsidy targeting through DBT and the rationalisation of centrally sponsored schemes.
Financial Services Secretary M Nagaraju
The 1993-batch Tripura cadre IAS officer has emerged as a key figure amid expectations that the forthcoming Budget will outline the next phase of public sector banking reforms. Beyond consolidation, the roadmap is likely to address capital constraints at PSBs and tackle credit challenges faced by exporters and MSMEs. Nagaraju, an economics graduate with a postgraduate degree in philosophy, is the longest-serving secretary in the finance ministry now. Before this assignment, he served as coal secretary.
DIPAM Secretary Arunish Chawla
Chawla, a 1992-batch IAS officer of the Bihar cadre, heads the government’s disinvestment and privatisation programme, which may gather momentum as New Delhi seeks higher non-tax revenues to bridge tax shortfalls and contain borrowing. Once the IDBI Bank strategic sale is concluded, he is expected to refocus on further strategic divestments and the listing of unlisted public sector enterprises. An economist by training, Chawla holds an MSc and a PhD in Economics from the London School of Economics.
Chief Economic Adviser V. Anantha Nageswaran
Having participated in the last four Budgets—the most senior among the current top officials—Chief Economic Adviser V. Anantha Nageswaran will play a pivotal role in forecasting fiscal numbers as the national accounts undergo revisions. Since assuming office in January 2022, he has shaped macroeconomic assessments. Beyond presenting the Economic Survey for 2025–26, which will frame the FY27 Budget, he will also advise the government on transitioning to a new fiscal framework anchored to a debt-to-GDP reduction glide path.