Chakraborty is a former Union Economic Affairs Secretary and also served as Secretary in the Ministry of Finance from 2019 to 2020. He subsequently officiated as the part-time chairman of HDFC Bank but resigned in March 2026 by raising questions on the functioning of the board.

West Bengal Chief Minister Suvendu Adhikari said that his government would aim to implementing the seventh state CPC’s recommendations in the current fiscal (FY 2026-27).

Notably, the state approved the constitution of this panel in May, after the newly elected Bharatiya Janata Party-led (BJP) government assumed power that month. It was among the party's top poll promises during the assembly election campaign.

The three other members included Partha Mukhopadhyay, senior fellow at Centre for Policy Research, Partha Pratim Pal, a professor of economics at IIM Calcutta, and state Finance Secretary Devi Prasad Karanam.