>Nitesh003 Adding short description: "Administrative head of the Ministry of Finance" (Shortdesc helper) |
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{{Short description|Administrative head of the Ministry of Finance}} | {{Short description|Administrative head of the Ministry of Finance}} | ||
{{Other uses|Finance secretary (disambiguation){{!}}Finance secretary}} | |||
{{Use dmy dates|date=March 2019}} | {{Use dmy dates|date=March 2019}} | ||
{{Use Indian English|date=March 2019}} | {{Use Indian English|date=March 2019}} | ||
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| post = Finance Secretary | | post = Finance Secretary | ||
| body = India | | body = India | ||
| native_name = | | native_name = ''भारत के वित्त सचिव'' | ||
| flag = Flag of India.svg | | flag = Flag of India.svg | ||
| flagsize = 110px | | flagsize = 110px | ||
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| image_size = | | image_size = | ||
| alt = | | alt = | ||
| incumbent = | | incumbent = Vacant | ||
| incumbentsince = | | incumbentsince = | ||
| type = | | type = | ||
| status = | | status = | ||
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| style = | | style = | ||
| member_of = | | member_of = | ||
| reports_to = | | reports_to = [[Minister of Finance (India)|The Finance Minister]] | ||
| residence = [[New Moti Bagh]], [[New Delhi, India]] | | residence = [[New Moti Bagh]], [[New Delhi, India]] | ||
| seat = [[Ministry of Finance (India)|Ministry of Finance]]<br>[[Secretariat Building, New Delhi|North Block, Cabinet Secretariat]] <br>[[Raisina Hill]]<br>[[New Delhi]] | | seat = [[Ministry of Finance (India)|Ministry of Finance]]<br>[[Secretariat Building, New Delhi|North Block, Cabinet Secretariat]] <br>[[Raisina Hill]]<br>[[New Delhi]] | ||
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| appointer = [[Appointments Committee of the Cabinet]] | | appointer = [[Appointments Committee of the Cabinet]] | ||
| appointer_qualified = | | appointer_qualified = | ||
| termlength = {{raise|0.0em| | | termlength = {{raise|0.0em|co-terminus with superannuation, term can be extended.}} | ||
| termlength_qualified = | | termlength_qualified = | ||
| constituting_instrument = | | constituting_instrument = | ||
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}} | }} | ||
{{Politics of India}} | {{Politics of India}} | ||
The '''Finance Secretary''' ( | The '''Finance Secretary''' ([[ISO 15919|ISO]]: ''Vitta Saciv'') is the administrative head of the [[Ministry of Finance (India)|Ministry of Finance]]. This post is held by senior [[Indian Administrative Service|IAS officer]] of the rank of [[Secretary to Government of India]]. | ||
As a [[Secretary to Government of India]], the Finance Secretary ranks 23rd on [[Indian order of precedence|Indian Order of Precedence.]]<ref name="rajyasabha2">{{cite web|url=http://rajyasabha.nic.in/rsnew/guidline_govt_mp/chap11.pdf|title=Order of Precedence|date=July 26, 1979|work=[[Rajya Sabha]]|publisher=President's Secretariat|access-date=September 24, 2017}}</ref><ref name=":6">{{Cite web|url=http://mha.nic.in/sites/upload_files/mha/files/table_of_precedence.pdf|title=Table of Precedence|date=July 26, 1979|website=[[Ministry of Home Affairs (India)|Ministry of Home Affairs]], [[Government of India]]|publisher=President's Secretariat|url-status=dead|access-date=September 24, 2017|archive-url=https://web.archive.org/web/20140527155701/http://mha.nic.in/sites/upload_files/mha/files/table_of_precedence.pdf|archive-date=27 May 2014}}</ref><ref name=":7">{{Cite web|url=http://mha.nic.in/hindi/top|title=Table of Precedence|website=[[Ministry of Home Affairs (India)|Ministry of Home Affairs]], [[Government of India]]|publisher=President's Secretariat|url-status=dead|access-date=September 24, 2017|archive-url=https://web.archive.org/web/20140428030937/http://mha.nic.in/hindi/top|archive-date=28 April 2014}}</ref><ref name="Maheshwari 2001 6662">{{cite book|title=Indian Administration | Under Section 22, of [[Reserve Bank of India Act, 1934]], Finance Secretary signs the [[Indian 1-rupee note|1-rupee note]].<ref>{{cite news |title=Who Signs On Rupee One Note? Which Was Highest Value Note Printed In India? |url=https://www.ndtv.com/business/who-signs-on-rupee-one-note-which-was-the-highest-value-note-printed-in-india-read-on-to-know-2418690 |access-date=18 November 2023 |work=NDTV.com}}</ref> | ||
As a [[Secretary to Government of India]], the Finance Secretary ranks 23rd on [[Indian order of precedence|Indian Order of Precedence.]]<ref name="rajyasabha2">{{cite web|url=http://rajyasabha.nic.in/rsnew/guidline_govt_mp/chap11.pdf|title=Order of Precedence|date=July 26, 1979|work=[[Rajya Sabha]]|publisher=President's Secretariat|access-date=September 24, 2017}}</ref><ref name=":6">{{Cite web|url=http://mha.nic.in/sites/upload_files/mha/files/table_of_precedence.pdf|title=Table of Precedence|date=July 26, 1979|website=[[Ministry of Home Affairs (India)|Ministry of Home Affairs]], [[Government of India]]|publisher=President's Secretariat|url-status=dead|access-date=September 24, 2017|archive-url=https://web.archive.org/web/20140527155701/http://mha.nic.in/sites/upload_files/mha/files/table_of_precedence.pdf|archive-date=27 May 2014}}</ref><ref name=":7">{{Cite web|url=http://mha.nic.in/hindi/top|title=Table of Precedence|website=[[Ministry of Home Affairs (India)|Ministry of Home Affairs]], [[Government of India]]|publisher=President's Secretariat|url-status=dead|access-date=September 24, 2017|archive-url=https://web.archive.org/web/20140428030937/http://mha.nic.in/hindi/top|archive-date=28 April 2014}}</ref><ref name="Maheshwari 2001 6662">{{cite book|title=Indian Administration|last=Maheshwari|first=S.R.|publisher=Orient Blackswan Private Ltd.|year=2000|edition=6th |isbn=9788125019886|location=[[New Delhi]]}}</ref> | |||
== Powers, responsibilities and postings == | == Powers, responsibilities and postings == | ||
Finance Secretary is the administrative head of the [[Ministry of Finance (India)|Ministry of Finance]], and is the principal adviser to the [[Minister of Finance (India)|Finance Minister]] on all matters of policy and administration within the Finance Ministry.<ref name="CSMOP India">{{cite web|url=http://darpg.gov.in/sites/default/files/CSMOP_0_0.pdf|title=Central Secretariat Manual of Office Procedure - 14th Edition (2015)|publisher=[[Ministry of Personnel, Public Grievances and Pensions (India)|Ministry of Personnel, Public Grievances and Pension]]|page=6|access-date=15 November 2016}}</ref> The senior most Secretary among the five Secretaries of the five Departments of the Ministry of Finance, viz. Economic Affairs, Expenditure, Financial Services, Revenue and Investment & Public Assets Management of Ministry of Finance, is designated as Finance Secretary.<ref>{{cite web|url=http://pib.nic.in/newsite/PrintRelease.aspx?relid=188381|title=Secretary (Economic Affairs) as Finance Secretary | Finance Secretary is the administrative head of the [[Ministry of Finance (India)|Ministry of Finance]], and is the principal adviser to the [[Minister of Finance (India)|Finance Minister]] on all matters of policy and administration within the Finance Ministry.<ref name="CSMOP India">{{cite web|url=http://darpg.gov.in/sites/default/files/CSMOP_0_0.pdf|title=Central Secretariat Manual of Office Procedure - 14th Edition (2015)|publisher=[[Ministry of Personnel, Public Grievances and Pensions (India)|Ministry of Personnel, Public Grievances and Pension]]|page=6|access-date=15 November 2016}}</ref> The senior most Secretary among the five Secretaries of the five Departments of the Ministry of Finance, viz. Economic Affairs, Expenditure, Financial Services, Revenue and Investment & Public Assets Management of Ministry of Finance, is designated as Finance Secretary.<ref>{{cite web|url=http://pib.nic.in/newsite/PrintRelease.aspx?relid=188381|title=Secretary (Economic Affairs) as Finance Secretary doesn't deal with expenditure proposals from the Ministry of Defence; Rather it is Department of Expenditure, Ministry of Finance which deals with financial sanctions relating to all the Ministries of the Government of India|date=2019-02-11|access-date=2019-06-07|publisher=Press Information Bureau, Government of India}}</ref> | ||
The role of Finance Secretary is as follows: | The role of Finance Secretary is as follows: | ||
* To act as the administrative head of the [[Ministry of Finance (India)|Ministry of Finance]]. The responsibility in this regard is complete and undivided.<ref name="Governance India">{{cite book|title=Governance in India | * To act as the administrative head of the [[Ministry of Finance (India)|Ministry of Finance]]. The responsibility in this regard is complete and undivided.<ref name="Governance India">{{cite book|title=Governance in India|last=Laxmikanth|first=M.|publisher=McGraw Hill Education|year=2014|isbn=978-9339204785|location=[[Noida]]|pages=3.1–3.10 |edition=2nd }}</ref> | ||
* To act as the chief adviser to the [[Minister of Finance (India)|Finance Minister]] on all aspects of policy and administrative affairs.<ref name="Governance India" /> | * To act as the chief adviser to the [[Minister of Finance (India)|Finance Minister]] on all aspects of policy and administrative affairs.<ref name="Governance India" /> | ||
* To represent the [[Ministry of Finance (India)|Ministry of Finance]] before the [[Public Accounts Committee]] of the [[Parliament of India]].<ref name="Governance India" /> | * To represent the [[Ministry of Finance (India)|Ministry of Finance]] before the [[Public Accounts Committee]] of the [[Parliament of India]].<ref name="Governance India" /> | ||
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|{{INRConvert|225000}} | |{{INRConvert|225000}} | ||
|Pay Level 17 | |Pay Level 17 | ||
|<ref name="7 Pay Commission Report">{{cite web|url=http://7cpc.india.gov.in/pdf/sevencpcreport.pdf|title=Report of the 7th Central Pay Commission of India|publisher=Seventh Central [[Pay Commission]], [[Government of India]] | |<ref name="7 Pay Commission Report">{{cite web|url=http://7cpc.india.gov.in/pdf/sevencpcreport.pdf|title=Report of the 7th Central Pay Commission of India|publisher=Seventh Central [[Pay Commission]], [[Government of India]]|url-status=dead|access-date=August 13, 2017|archive-url=https://web.archive.org/web/20151120092637/http://7cpc.india.gov.in/pdf/sevencpcreport.pdf|archive-date=20 November 2015}}</ref> | ||
|} | |||
==List of former finance secretaries== | |||
{|class="wikitable" | |||
! # !! Name !! Period !! Notes / Ref(s) | |||
|- | |||
!1 | |||
| [[KRK Menon|K.R.K Menon]]|| 1947 – 1954 || | |||
|- | |||
| 2 || [[K. G. Ambegaonkar]]|| 1954 – 1955 || Later served as the [[Governor of the Reserve Bank of India]] in 1957. | |||
|- | |||
| 3 || [[Hirubhai M. Patel]]|| 1955 – 1958 || {{bulleted list|Served as the [[Defence Secretary (India)|Defence Secretary]] (1947-53)|Served as the [[Minister of Finance (India)|Minister of Finance]] (1977-79)|Served as the [[Minister of Home Affairs (India)|Home Minister]] (1979)}} | |||
|- | |||
| 4 || A. K. Roy || 1958 – 1960 || | |||
|- | |||
| 5 || [[S. Bhoothalingam]]|| 1960 – 1964 || | |||
|- | |||
| 6 || [[Lakshmi Kant Jha]]|| 1964 – 1966 || Later served as the [[Governor of the Reserve Bank of India]] from 1967 to 1970 | |||
|- | |||
| 7 || [[Sarukkai Jagannathan]]|| 1967 – 1968 || Later served as the [[Governor of the Reserve Bank of India]] from 1970 to 1975 | |||
|- | |||
| 8 || [[B D Pande ]]|| 1969 – 1972 || Later served as the [[Governor of the Reserve Bank of India]] from 1977 to 1982 | |||
|- | |||
| 9 || [[M.R. Yardi]]|| 1972 – 1974 || | |||
- | |||
|- | |||
|10 | |||
|[[N. C. Sen Gupta]] | |||
|1975 | |||
|Later served as the [[Governor of the Reserve Bank of India]] from May to August, 1975 | |||
|- | |||
| 11||[[Montek Singh Ahluwalia]]|| 1993 – 1998 ||A Key Figure In India’s Economic Reforms From The Early 1980s Onwards, He Has Held Several Important Positions Including Special Secretary To The Indian Prime Minister (1988–90); Commerce Secretary (1990–91); Secretary, Department of Economic Affairs, Ministry of Finance (1991–93). Later Served As The Deputy Chairman Of The Planning Commission Of The Government Of India From 2004 to 2014. | |||
|- | |||
| 12||[[Vijay Kelkar|Vijay Laxman Kelkar]]||1998 – 1999 ||Renowned Indian Economist And Academic | |||
|- | |||
| 13||[[Ashok Lavasa]]||2016 – 2017 ||Later EC, [[Election Commission of India]] and then VP, [[Asian Development Bank]] | |||
|- | |||
| 14||[[Hasmukh Adhia]]||2017 – 2018 ||Later Chairman, [[Bank of Baroda]] | |||
|- | |||
| 15||[[Ajay Narayan Jha]]|| 2018 – February 2019 ||Later Member, [[Fifteenth Finance Commission]], [[Sixteenth Finance Commission]] | |||
|- | |||
| 16||[[Subhash Chandra Garg]]||March 2019 – July 2019 ||Served as Secretary (EA) from 2017 and designated FS in March 2019. | |||
|- | |||
| 17||[[Rajiv Kumar (civil servant)|Rajiv Kumar]]|| August 2019 – 29 February 2020 ||Later served as [[Election Commissioner of India|Election Commissioner]] and then [[Chief Election Commissioner of India]] | |||
|- | |||
| 18||Dr. [[Ajay Bhushan Pandey]]||{{dts|2020|3|3}} to {{dts|2021|2|28}}||Later Chairman [[National Financial Reporting Authority]] | |||
|- | |||
| 19||Dr. [[T. V. Somanathan]] ||{{dts|2021|4|28}} to {{dts|2024|8|30}}||Later [[Cabinet Secretary of India]] | |||
|- | |||
|20 | |||
|[[Tuhin Kanta Pandey]] | |||
|{{dts|2024|9|7}} to {{dts|2025|2|28}} | |||
|Later Chairman [[Securities and Exchange Board of India]] | |||
|- | |||
|21 | |||
|[[Ajay Seth]] | |||
|March 24, 2025 - June 30, 2025 | |||
|Later Chairman [[Insurance Regulatory and Development Authority]] | |||
|} | |} | ||
==See also== | ==See also== | ||
*[[Cabinet Secretary of India]] | *[[Cabinet Secretary of India]] | ||
*[[Secretary of the Research and Analysis Wing]] | |||
*[[Home Secretary of India]] | *[[Home Secretary of India]] | ||
*[[Foreign Secretary of India]] | *[[Foreign Secretary of India]] | ||
| Line 85: | Line 146: | ||
==External links== | ==External links== | ||
* [http://www.finmin.nic.in/ Finance Ministry, Official website] | * [http://www.finmin.nic.in/ Finance Ministry, Official website] | ||
{{Union ministries of India}} | |||
[[Category:Government finances in India]] | [[Category:Government finances in India]] | ||
[[Category:Indian government officials]] | [[Category:Indian government officials]] | ||
[[Category:Ministry of Finance (India)]] | [[Category:Ministry of Finance (India)]] | ||
Latest revision as of 16:03, 18 February 2026
| Finance Secretary of India | |
|---|---|
| भारत के वित्त सचिव | |
 | |
 | |
Incumbent Vacant | |
| Ministry of Finance | |
| Reports to | The Finance Minister |
| Residence | New Moti Bagh, New Delhi, India |
| Seat | Ministry of Finance North Block, Cabinet Secretariat Raisina Hill New Delhi |
| Appointer | Appointments Committee of the Cabinet |
| Term length | co-terminus with superannuation, term can be extended. |
| Formation | 1947 |
| Salary | ₹225,000 (US$3,200) monthly |
| Website | Official Website |
|
|---|
| This article is part of a series on the politics and government of India |
|
India portal |
The Finance Secretary (ISO: Vitta Saciv) is the administrative head of the Ministry of Finance. This post is held by senior IAS officer of the rank of Secretary to Government of India.
Under Section 22, of Reserve Bank of India Act, 1934, Finance Secretary signs the 1-rupee note.[1]
As a Secretary to Government of India, the Finance Secretary ranks 23rd on Indian Order of Precedence.[2][3][4][5]
Powers, responsibilities and postings[edit | edit source]
Finance Secretary is the administrative head of the Ministry of Finance, and is the principal adviser to the Finance Minister on all matters of policy and administration within the Finance Ministry.[6] The senior most Secretary among the five Secretaries of the five Departments of the Ministry of Finance, viz. Economic Affairs, Expenditure, Financial Services, Revenue and Investment & Public Assets Management of Ministry of Finance, is designated as Finance Secretary.[7]
The role of Finance Secretary is as follows:
- To act as the administrative head of the Ministry of Finance. The responsibility in this regard is complete and undivided.[8]
- To act as the chief adviser to the Finance Minister on all aspects of policy and administrative affairs.[8]
- To represent the Ministry of Finance before the Public Accounts Committee of the Parliament of India.[8]
- To act as the first among equals among secretaries in the Ministry of Finance.
Emolument, accommodation and perquisites[edit | edit source]
The Finance Secretary is eligible for a Diplomatic passport. The official earmarked residence of the Union Finance Secretary is 5, New Moti Bagh, New Delhi, a Type-VIII bungalow.
As the Finance Secretary is of the rank of Secretary to Government of India, his/her salary is equivalent[9] to Chief Secretaries of State Governments and to Vice Chief of Army Staff/Commanders, in the rank of Lieutenant General and equivalent ranks in Indian Armed Forces.[9]
| Base Salary as per 7th Pay Commission (Per month) | Pay Matrix Level | Sources |
|---|---|---|
| ₹225,000 (US$3,200) | Pay Level 17 | [10] |
List of former finance secretaries[edit | edit source]
| # | Name | Period | Notes / Ref(s) |
|---|---|---|---|
| 1 | K.R.K Menon | 1947 – 1954 | |
| 2 | K. G. Ambegaonkar | 1954 – 1955 | Later served as the Governor of the Reserve Bank of India in 1957. |
| 3 | Hirubhai M. Patel | 1955 – 1958 |
|
| 4 | A. K. Roy | 1958 – 1960 | |
| 5 | S. Bhoothalingam | 1960 – 1964 | |
| 6 | Lakshmi Kant Jha | 1964 – 1966 | Later served as the Governor of the Reserve Bank of India from 1967 to 1970 |
| 7 | Sarukkai Jagannathan | 1967 – 1968 | Later served as the Governor of the Reserve Bank of India from 1970 to 1975 |
| 8 | B D Pande | 1969 – 1972 | Later served as the Governor of the Reserve Bank of India from 1977 to 1982 |
| 9 | M.R. Yardi | 1972 – 1974 |
- |
| 10 | N. C. Sen Gupta | 1975 | Later served as the Governor of the Reserve Bank of India from May to August, 1975 |
| 11 | Montek Singh Ahluwalia | 1993 – 1998 | A Key Figure In India’s Economic Reforms From The Early 1980s Onwards, He Has Held Several Important Positions Including Special Secretary To The Indian Prime Minister (1988–90); Commerce Secretary (1990–91); Secretary, Department of Economic Affairs, Ministry of Finance (1991–93). Later Served As The Deputy Chairman Of The Planning Commission Of The Government Of India From 2004 to 2014. |
| 12 | Vijay Laxman Kelkar | 1998 – 1999 | Renowned Indian Economist And Academic |
| 13 | Ashok Lavasa | 2016 – 2017 | Later EC, Election Commission of India and then VP, Asian Development Bank |
| 14 | Hasmukh Adhia | 2017 – 2018 | Later Chairman, Bank of Baroda |
| 15 | Ajay Narayan Jha | 2018 – February 2019 | Later Member, Fifteenth Finance Commission, Sixteenth Finance Commission |
| 16 | Subhash Chandra Garg | March 2019 – July 2019 | Served as Secretary (EA) from 2017 and designated FS in March 2019. |
| 17 | Rajiv Kumar | August 2019 – 29 February 2020 | Later served as Election Commissioner and then Chief Election Commissioner of India |
| 18 | Dr. Ajay Bhushan Pandey | March 3, 2020 to February 28, 2021 | Later Chairman National Financial Reporting Authority |
| 19 | Dr. T. V. Somanathan | April 28, 2021 to August 30, 2024 | Later Cabinet Secretary of India |
| 20 | Tuhin Kanta Pandey | September 7, 2024 to February 28, 2025 | Later Chairman Securities and Exchange Board of India |
| 21 | Ajay Seth | March 24, 2025 - June 30, 2025 | Later Chairman Insurance Regulatory and Development Authority |
See also[edit | edit source]
- Cabinet Secretary of India
- Secretary of the Research and Analysis Wing
- Home Secretary of India
- Foreign Secretary of India
- Defence Secretary of India
References[edit | edit source]
- ↑ "Who Signs On Rupee One Note? Which Was Highest Value Note Printed In India?". NDTV.com. Retrieved 18 November 2023.
- ↑ "Order of Precedence" (PDF). Rajya Sabha. President's Secretariat. 26 July 1979. Retrieved 24 September 2017.
- ↑ "Table of Precedence" (PDF). Ministry of Home Affairs, Government of India. President's Secretariat. 26 July 1979. Archived from the original (PDF) on 27 May 2014. Retrieved 24 September 2017.
- ↑ "Table of Precedence". Ministry of Home Affairs, Government of India. President's Secretariat. Archived from the original on 28 April 2014. Retrieved 24 September 2017.
- ↑ Maheshwari, S.R. (2000). Indian Administration (6th ed.). New Delhi: Orient Blackswan Private Ltd. ISBN 9788125019886.
- ↑ "Central Secretariat Manual of Office Procedure - 14th Edition (2015)" (PDF). Ministry of Personnel, Public Grievances and Pension. p. 6. Retrieved 15 November 2016.
- ↑ "Secretary (Economic Affairs) as Finance Secretary doesn't deal with expenditure proposals from the Ministry of Defence; Rather it is Department of Expenditure, Ministry of Finance which deals with financial sanctions relating to all the Ministries of the Government of India". Press Information Bureau, Government of India. 11 February 2019. Retrieved 7 June 2019.
- ↑ 8.0 8.1 8.2 Laxmikanth, M. (2014). Governance in India (2nd ed.). Noida: McGraw Hill Education. pp. 3.1–3.10. ISBN 978-9339204785.
- ↑ 9.0 9.1 "Army Pay Rules, 2017" (PDF). Ministry of Defence, Government of India. 3 May 2017. Retrieved 24 September 2017.
- ↑ "Report of the 7th Central Pay Commission of India" (PDF). Seventh Central Pay Commission, Government of India. Archived from the original (PDF) on 20 November 2015. Retrieved 13 August 2017.
