M Nagaraju to V Anantha Nageswaran: Meet Sitharaman's team for Budget FY27

As Nirmala Sitharaman prepares to present her ninth Budget, a new team of top bureaucrats and economists will shape India's FY27 fiscal and reform roadmap

On February 1, a Sunday, Union Finance Minister Nirmala Sitharaman will present the 15th Budget of the Narendra Modi government since it took office in 2014. This will also be Sitharaman’s ninth consecutive Budget — already a record — and the second full Budget since the National Democratic Alliance came to power for a third consecutive term in 2024. 

Coming amid heightened global uncertainty, the Budget for 2026–27 (FY27) must ensure that India’s domestic strengths are harnessed to achieve the goal of Viksit Bharat by 2047. With Advance Estimates projecting higher-than-expected gross domestic product (GDP) growth of 7.4 per cent in 2025-26 despite external headwinds, the Budget is expected to focus on steps to sustain this momentum. This is also the year when the government switches from the fiscal glide path to targeting a debt ratio of 50 plus/minus 1 per cent of GDP by 2030–31. 

For the FY27 Budget, the finance minister is backed by a strong team of bureaucrats and economists, including several new entrants, to chart the future strategy. This will, however, be Sitharaman’s first Budget without a finance secretary, a post left vacant after Ajay Seth stepped down in June 2025. 

Nirmala Sitharaman

Union Finance Minister 

While Nirmala Sitharaman already holds the record for presenting the highest number of consecutive Budgets, she will come a step closer to Morarji Desai, who holds the record for presenting a total of 10 Budgets. Sitharaman’s predecessors, including Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha, had presented five Budgets in a row. 

In finalising the Budget for FY27, Sitharaman will have to ensure that the Indian economy is safeguarded against global shocks by lifting manufacturing, consumption, and public expenditure while maintaining fiscal prudence. With tax revenues seeing tepid growth, the finance minister will also have to work towards widening the tax base without hurting consumer sentiment. Attention will also be on the long-term 2047 agenda. With that in focus, she is expected to keep the pedal down on the reform agenda, including Customs reforms. 

Sitharaman, who studied economics at Jawaharlal Nehru University, held the commerce and defence portfolios during Modi’s first term. She has been elected to the Rajya Sabha from Karnataka. 

Anuradha Thakur

Economic Affairs Secretary 

A 1994-batch Indian Administrative Service (IAS) officer of the Himachal Pradesh cadre, Anuradha Thakur is the first woman to hold the post of secretary, Department of Economic Affairs. This will be her first Budget. Thakur took charge in July last year, at a time when India was facing the prospect of US tariffs and rising global uncertainty. 

Ensuring that India stays on a growth path while maintaining macroeconomic stability will be her top priority. Managing a smooth transition to the debt-to-GDP ratio as the primary fiscal anchor, replacing the fiscal deficit, will be her biggest challenge in the upcoming Budget. Deepening India’s financial markets and shielding the domestic economy from external shocks are also likely to be high on her FY27 agenda. 

V Vualnam

Expenditure Secretary 

V Vualnam took over as secretary in the Department of Expenditure in April 2025. Implementation of the recommendations of the Sixteenth Finance Commission will be a key focus this year.  

One of the major tasks for the Manipur-cadre IAS officer will be ensuring efficient public finance management and fiscal discipline in the upcoming Budget, while sustaining capital expenditure amid pressure on tax revenues.  

Arvind Shrivastava 

Revenue Secretary 

Arvind Shrivastava, a 1994-batch IAS officer of the Karnataka cadre, has been steering the Department of Revenue since May 1, 2025. With stints in the Prime Minister’s Office, the finance ministry’s Budget division and Asian Development Bank, Shrivastava brings strong policy experience to one of the government’s most critical economic portfolios. 

As India prepares for the FY27 Budget, Shrivastava faces the challenge of managing the Centre’s revenue system amid a difficult economic environment. His priorities include strengthening revenue flows, improving compliance, simplifying tax processes, and harnessing technology to improve efficiency. Balancing fiscal goals with ease of paying taxes and fairness will be central to his role. 

M Nagaraju

Financial Services Secretary 

A 1993-batch IAS officer of the Tripura cadre, M Nagaraju serves as secretary of the Department of Financial Services in the finance ministry. A veteran of the ministry, Nagaraju will be one of the key advisors to the finance minister on financial technology regulation, financial inclusion, and improving credit availability for micro, small and medium enterprises. 

A postgraduate from the University of Hyderabad, Nagaraju has previously held positions as secretary and principal secretary in key departments, including health, women and child development, finance, and industries and commerce. 

Arunish Chawla

DIPAM Secretary 

Arunish Chawla, a 1992-batch IAS officer of the Bihar cadre, is secretary of the Department of Investment and Public Asset Management.  

Reviving the government’s disinvestment agenda will be one of his major challenges in FY27. With tax revenues under pressure, the government may need to build buffers on the non-tax revenue front to maintain fiscal balance. 

A doctorate in economics from the London School of Economics, Chawla has served as managing director of the Patna Metro Rail project; senior economist at the International Monetary Fund on foreign assignment through the Department of Economic Affairs; minister (economic) at the Indian embassy in Washington DC; and joint secretary in the Department of Expenditure. 

V Anantha Nageswaran

Chief Economic Advisor 

The FY27 Budget will be the fourth Budget for Chief Economic Advisor V Anantha Nageswaran as part of the finance minister’s team. 

As one of Sitharaman’s closest advisors on macroeconomic issues, Nageswaran will release the Economic Survey for 2025-26 three days ahead of the Budget, on January 29.  

Beyond forecasting macroeconomic indicators, he will advise the government on strategy in an increasingly uncertain global environment, including the economic implications of artificial intelligence (AI). 

Nageswaran has an MBA from the Indian Institute of Management Ahmedabad and holds a doctoral degree from the University of Massachusetts Amherst.