FinMin to recruit professionals to share work burden

Invites application for senior consultant to analyse financial markets, financial sector activities and prepare a risk assessment report

The general impression may be that work in government departments will come to a standstill once elections are announced, but the finance ministry has gone on a recruitment drive. The ministry is in the process of appointing a senior consultant and 11 young professionals in the Department of Economic Affairs (DEA).

The ministry has invited applications for the post of a senior consultant to analyse financial markets, financial sector activities and prepare National Risk Assessment Report for Financial Action Task Force — an inter-governmental body for creating global policies and framework to combat money laundering and terror financing.

“We are getting these consultants for temporary work at DEA. Work in these areas will not stop due to elections,” a finance ministry official told Business Standard.

The timing of the recruitments before the elections is strange as the government has not even filled up the post of Chief Economic Advisor, which fell vacant in September 2013 when Raghuram Rajan moved to Mint Road.

The official quoted above said this was for the first time that so many professionals were being roped into the finance ministry as consultants to work with DEA officials, particularly capital markets division, on various issues dealt by them.

Another official said there were many retired bureaucrats interested in the post and that’s why instead of direct recruitment, it was advertised to bring in transparency to the entire process. He said at this point the government would not make regular appointments so this could provide much-needed assistance to officials.

For the post of senior consultant, who will report to joint secretary, financial markets, the ministry wants a person with Ph.D in economics, finance, or management with a minimum experience of 15 years in the relevant field or a retired government employee of the level of joint secretary and above.

The appointment of the senior consultant, not exceeding 64 years of age, would be for a maximum tenure of two years on full-time basis with a remuneration of Rs 70,000-1,00,000 a month, and the government would have the right to terminate the contract anytime — something which could be a cause of concern for some prospective applicants as a new regime will come at the Centre after the general elections.

The finance ministry will also appoint 11 young professionals with a master’s degree in economics or business administration. Earlier, Rajan had got some consultants when he was serving as the Chief Economic Advisor, but many of them left soon after he was appointed governor of Reserve Bank of India.

Ajay Shah, senior fellow at the National Institute for Public Finance and Policy, had worked as a consultant with the finance ministry during 2001-2005.

Besides, the finance ministers often appoint advisors to them who could be from outside the government.