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Business News/ News / India/  Ajay Seth takes charge as economic affairs secy
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Ajay Seth takes charge as economic affairs secy

A mechanical engineer by training, Seth previously held charge as Managing Director of Bangalore Metro Rail Corporation Limited (BMRCL)

Ajay Seth Premium
Ajay Seth

New Delhi: Ajay Seth, an Indian Administrative Service officer of the Karnataka Cadre’s 1987 batch, took charge as the new secretary of the department of economic affairs, finance ministry, on Friday. The crucial bureaucratic position had fallen vacant after the government named Tarun Bajaj as the new revenue secretary.

A mechanical engineer by training, Seth was Bangalore Metro Rail Corp. Ltd’s managing director for three years from July 2018, and is credited to have put the finances of the public sector unit in order.

In his previous stint in the finance ministry, Seth served as a deputy secretary and director in the department of expenditure and department of economic affairs between 2000 and 2004. He served as an adviser to the executive director of the Asian Development Bank in 2004-2008.

His experience at BMRCL may prove to be useful at the finance ministry as the government is focusing on a large capex push to revive the economy after covid-led downturn.

Managing the government’s finances will, however, be his immediate priority considering that the exponential rise in cases may delay recovery by a few quarters, said experts.

Seth also has to finalize the government’s view on the bill on cryptocurrencies, which was not tabled in the Budget session of Parliament due to lack of clarity within the government. He may also have to set up a committee for the new fiscal responsibility and budget management roadmap of the government. Seth has to convince rating agencies about the creditworthiness of India, which may face downgrade pressure if the economy fails to perform as expected.

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Published: 16 Apr 2021, 07:59 PM IST
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