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Finance Minister Nirmala Sitharaman announced a host of financial sector reforms in the 2025-26 Budget. M NAGARAJU, secretary in the Department of Financial Services, elaborates on the thinking behind the proposed reforms in an interview with Harsh Kumar and Asit Ranjan Mishra in New Delhi. Edited excerpts:

 

Amongst the various announcements in the Budget related to your sector, which do you consider the most significant? 

I can’t say that one initiative is more important than another, as they all hold significance, which is why they were announced by the finance minister. However, if I had to highlight one with considerable