The extended gap has fuelled theories that the Modi government may be considering doing away with the long-standing convention of automatically appointing the senior-most Secretary within the Finance Ministry as the FS. This potential move aligns with the administration's broader policy agenda of dismantling practices inherited from the colonial era. Past actions, such as discontinuing the separate Railway Budget and moving the Union Budget presentation from the evening (a time convenient for British colonial masters) to the morning, demonstrate a clear willingness to discard imperial legacies. Discontinuing the FS convention would be a pioneering administrative decision, but its pragmatic implications are subject to debate.

While not a statutory post, the Finance Secretary is designated by convention as the "first among equals." This officer acts as the principal coordinator within the Ministry and serves as the chief administrative advisor to the Finance Minister on all policy and operational matters. The importance of the post is underscored by the fact that the FS is the only Secretary empowered to sign the one-rupee note.

In the absence of a coordinating Finance Secretary, the responsibility for maintaining cohesion across the six departments of the Ministry of Finance, particularly in the run-up to the next Union Budget cycle, falls heavily on the former Finance Secretary and incumbent Union Cabinet Secretary, Dr. T. V. Somanathan. While Dr. Somanathan's vast experience is an asset, this prolonged vacancy places an undue burden on the Cabinet Secretary to coordinate the multiple Secretaries and set the groundwork before the Budget proposals are presented for the Prime Minister's final review.