Power corridors are abuzz that there is something seriously amiss with the framework that is handling the key vertical i.e. Finance. The setup of key functionaries handling crucial Union Budget got derailed in quick succession. The current fiscal is going to get the fourth Revenue Secretary and Union Budget is destined to see a new Revenue Secretary.

After Dr T V Somanathan (IAS: 1987: TN) took over as Cabinet Secretary in August 2024, Tuhin Kanta Pandey (IAS: 1987: OD) was on September 08, 2024 designated as the new Finance Secretary. Now, on his appointment as SEBI Chief another Finance Secretary will be steering the Union Budget. Assumably, Ajay Seth (IAS: 1987: KN) may be named as the third Finance Secretary in the current fiscal. 

On December 21, 2024, Seth, Secretary, DEA, was assigned with the additional charge of Revenue Secretary after Sanjay Malhotra (IAS: 1990: RJ) was moved to RBI as Governor. Within two weeks, Arunish Chawla (IAS: 1992: BH) on December 25, 2024 was made Revenue Secretary. Swinging another surprise, the Centre on January 08, 2025 revisited its decision and placed Pandey as the new Revenue Secretary. On Pandey’s announcement as next SEBI chief, Union Finance Ministry will be given another Revenue Secretary.