How did India's top economic policymakers steer the economy through 2024?

Age: 59 years

Cabinet secretary TV Somanathan

• One of the key architects behind the 2021-22 Budget that discontinued the practice of extra-budgetary borrowing from that fiscal year. This was an attempt to clean up the central
  government’s balance sheets.


• Earlier, as Finance Secretary and Secretary, Department of Expenditure (DEA), he played a crucial role in pushing the Centre's capital spending to record levels. The Centre allocated Rs 11.11 lakh crore in the Budget 2024-25, a 16.9 per cent increase from the previous year’s revised estimate.


• The 1987-batch officer is seen to have played a key role in implementing flagship schemes such as "PM Gareeb Kalyan" and "Aatmanirbhar Bharat," which were announced during the first wave of the Covid-19 pandemic in 2020.

• Somanathan holds a doctorate (Ph.d) degree in Economics from Calcutta University. He has also completed the Executive Development Programme of Harvard Business School, and is a qualified Chartered Accountant (CA), Cost Accountant and Company Secretary (CS).


• The officer is a published author and he has co-authored one of his books, "The Economics of Derivatives", with Dr V. Anantha Nageswaran, the current Chief Economic Advisor (CEA) to the Indian government. The book was released in March 2015

Designation: 25th RBI Governor

Age: 67 years

Former RBI Governor Shaktikanta Das

• An officer from the Tamil Nadu cadre of the 1980 batch, Das as the Governor has been credited for healing the relationship between the Centre and the RBI that had seen tumultuous times under his predecessor Urjit Patel, who had abruptly quit in December, 2018.


• Das was credited for his careful management of the economy while maintaining growth and inflation dynamics, especially during the pandemic years of 2020 and 2021. He prioritised timely interest rate cuts and liquidity measures to help lenders and borrowers tide over the difficult period of the pandemic.


• In his earlier roles as Secretary for Economic Affairs and Revenue departments of the finance ministry, Das was in the forefront of smoothening the aftermath of the Centre’s controversial demonetisation drive in November 2016.


• Das as the RBI chief also took the crucial decision to include non-banks for resolution under the bankruptcy code in a bid to tackle the then bankrupt Dewan Housing Finance in 2019.

• Back in 2016 during a press conference, the then-Economic Affairs Secretary Das had impressed everyone, including then Finance Minister late Arun Jaitley, by responding to a reporter’s question in Tamil. Born in Bhubaneswar, Odisha, Das picked up the language which was not native to him during his tenure as an Indian Administrative Service (IAS) officer belonging to the Tamil Nadu cadre.


• During his long tenure in the Ministry of Finance, Das was directly associated with the preparation of as many as eight Union Budgets. He has also served as India’s Alternate Governor in the World Bank, Asian Development Bank (ADB), New Development Bank (NDB) and Asian Infrastructure Investment Bank (AIIB).

Designation: 16th Finance Commission Chairman

Age: 72 years

16th Finance Commission Chairperson Arvind Panagariya

• Appointed Chairman of the 16th Finance Commission on December 31, 2023, tasked with shaping fiscal relations between the Centre and states for 2026-31 through recommendations due by October 31, 2025.


• As the first Vice-Chairman of NITI Aayog (2015-2017), he laid the foundation for modernising India’s economy, focusing on privatisation, agricultural reforms, and doubling farmers' incomes.


• Panagariya, a globally renowned economist, has been a strong advocate of second-generation reforms, scaling up manufacturing, and integrating India into global value chains, aligning with the "Aatmanirbhar Bharat" scheme.

• Panagariya is a Padma Bhushan awardee and the author of seminal books such as "India: The Emerging Giant" and "Why Growth Matters", which are considered key texts on India’s economic transformation.


• He holds a Ph.D degree in Economics from Princeton University and has held prestigious positions at the World Bank, International Monetary Fund (IMF), and ADB.

Designation: Economic Affairs secretary, Finance Ministry

Age: 59 years

Economic Affairs secretary Ajay Seth

• As Secretary of the DEA, Seth represented India at key forums like the Group of 20 (G-20) and emerging economy grouping of Brazil, Russia, India, China and South Africa (BRICS) in 2024, advocating for reforms in multilateral institutions and greater global collaboration on climate financing and sustainable development.


• Played a pivotal role in shaping India’s macroeconomic framework, addressing inflation, geopolitical tensions, and market volatility while advancing the corporate bond market to enhance capital access for businesses.


• Seth pushed for greater international collaboration on climate financing and sustainable development goals, underscoring India’s leadership in addressing global challenges.

• A 1987-batch IAS officer from the Karnataka cadre, his career reflects a commitment to both infrastructure development and economic policymaking.


• Prior to becoming the DEA Secretary, Seth led transformative urban mobility projects as the MD of Bangalore Metro Rail Corporation (BMRC).