Ajay Seth, a seasoned IAS officer of the 1987 Karnataka cadre, has been appointed as the new Finance Secretary, according to an official order issued on Monday. Seth is currently serving as the Secretary of the Department of Economic Affairs in the Finance Ministry. His appointment has been approved by the Appointments Committee of the Cabinet, marking a significant shift in the Union Finance Ministry's leadership.
Seth's appointment follows the convention of designating the senior-most secretary in the Union Finance Ministry as the Finance Secretary. Earlier this month, Seth was given the additional charge of Revenue Secretary, further expanding his responsibilities within the ministry. His academic credentials include a B.Tech degree in Mechanical Engineering from IIT Roorkee and an MBA from Ateneo de Manila University.
Seth took over as Secretary, Department of Economic Affairs, in April 2021. With over three decades of expertise in public finance and social sector administration, Seth's experience spans budgeting, tax policy, foreign investments, bilateral and multilateral financial cooperation, development financing, and public-private partnerships.
His work in streamlining Karnataka's commercial tax administration has earned him national recognition. He received the Prime Minister's Award for Excellence in Public Administration in 2013, a testament to his dedication and proficiency in his field.
The Finance Secretary's post fell vacant after the appointment of Tuhin Kanta Pandey as the Chairman of the Securities and Exchange Board of India (SEBI) recently. Pandey concluded his tenure as the Finance Secretary and Secretary of the Department of Revenue, during which he played a key role in the formation of the Union Budget. His tenure saw the bold initiative of exempting all those earning up to Rs 12 lakh a year from paying income tax to boost demand and drive growth in the economy.
Seth's appointment comes at a crucial time when the central government is focused on maintaining fiscal discipline while boosting economic growth. His role will be pivotal in steering the economy, which showed signs of recovery in the December quarter, climbing to 6.2% from 5.6% in the preceding three months. However, the revised full-year growth target of 6.5% as projected by the National Statistical Office still leaves considerable ground to cover in the final quarter of this fiscal year.
