The brains behind the Union Budget

Led by Finance Minister Nirmala Sitharaman, a team of experts is working round the clock to prepare the budget that runs one of the largest economies in the world

Jan 28, 2026, 15:36 IST3 min

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Nirmala Sitharaman–Finance Minister | Nirmala Sitharaman will present her ninth budget on February 1. She has been serving as finance as well as the corporate affairs minister since 2019. Sitharaman, who entered national politics in 2008, also served as the defence minister between 2017 and 2019, becoming the first woman to hold that post full time. She holds a BA in Economics from Seethalakshmi Ramaswami College and an MA & MPhil in Economics from Jawaharlal Nehru University. Photo by Sanjeev Verma/Hindustan Times via Getty Images

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Arvind Shrivastava–Revenue Secretary | Arvind Shrivastava, a 1994 batch IAS officer (Karnataka cadre), is currently the revenue secretary and this will be his first budget. His department handles direct taxes, including income and corporate tax, as well as indirect taxes like GST and custom duties. He previously served as additional secretary and joint secretary in the PMO, joint secretary in the Department of Economic Affairs, and worked with the Asian Development Bank. He holds a BTech in Civil Engineering (IIT-Delhi), an MA in Economics (Mysuru), and an MSc in Finance (University of London). Photo courtesy PIB India

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Anuradha Thakur–Economic Affairs Secretary | Anuradha Thakur, a 1994 batch IAS officer (Himachal Pradesh cadre), has served as economic affairs secretary since July 1, becoming the first woman to head the department. Previously, she was additional secretary in the corporate affairs ministry, and played key roles in SFIO, DIPAM, and the Air India disinvestment process. Thakur brings decades of experience in economic administration, and is the principal architect of the Budget. It’ll also be her first Budget. Photo courtesy PIB India

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M Nagaraju—Financial Services Secretary | M Nagaraju, a 1993 batch IAS officer (Tripura cadre), is the financial services secretary (since August 2024). Nagaraju’s department looks after public sector banks, insurance companies, and pension institutions. It is also central to the government’s broader economic agenda, including credit growth, digital adoption, and expansion of social security initiatives. His past assignments include leading major reforms in the coal ministry, serving as advisor to the executive director at the World Bank, and senior roles in state finance, health, tribal welfare, and industry. Photo by Francis Mascarenhas / Reuters

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Vumlunmang Vualnam—Expenditure Secretary | Vumlunmang Vualnam, a 1992 batch IAS officer (Manipur cadre), serves as the expenditure secretary, overseeing government spending, subsidy rationalisation, and fiscal discipline. Considered the “guardian of the purse”, Vualnam's department steers expenditure planning for the upcoming financial year. He earlier served as the civil aviation Secretary, and held senior roles in the World Bank and the finance and home affairs ministries. Photo courtesy PIB India

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K Moses Chalai—Public Enterprises Secretary | A 1990 batch IAS officer (Manipur cadre), K Moses Chalai has been secretary, Department of Public Enterprises since April. Chalai leads the department that oversees capital expenditure plans and ensures budgetary allocations are utilised efficiently. His team also tracks asset monetisation initiatives and monitors the overall financial performance of state owned enterprises. He has earlier served as secretary, Inter State Council Secretariat, and secretary, North Eastern Council, while also previously holding roles in the Manipur state administration. He holds a BA and MA in Political Science from Kirori Mal College, Delhi University. Photo courtesy DoPE

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Arunish Chawla—DIPAM Secretary | Arunish Chawla, a 1992 batch IAS officer (Bihar cadre), is the secretary of the Department of Investment & Public Asset Management (DIPAM). He drives the government’s disinvestment and privatisation agenda, overseeing the non tax revenue generated through stake sales in central public sector enterprises. He previously served as revenue secretary, as well as secretary, pharmaceuticals, and held international roles including that of the senior economist at the IMF. He holds a master’s degree and a doctorate in Economics from the London School of Economics. Photo courtesy DPMC&F of India

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V Anantha Nageswaran—Chief Economic Adviser | V Anantha Nageswaran has been the chief economic adviser to the Government of India since January 2022. In his role, Nageswaran and his team help define the macroeconomic context, including growth forecasts, sectoral analysis across agriculture, industry, and services, and assessments of global risks. He previously served as the global chief investment officer at Bank Julius Baer, held senior positions at Credit Suisse and UBS, and taught at leading business schools. He holds a BCom degree, an MBA, and a PhD in finance. Photo by Mexy Xavier

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The brains behind the Union Budget

Led by Finance Minister Nirmala Sitharaman, a team of experts is working round the clock to prepare the budget that runs one of the largest economies in the world

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