As Finance Minister Nirmala Sitharaman moves towards the final stage of preparations for the Union Budget 2026-27, all eyes are on February 1, when she is scheduled to present the government’s most important economic policy document. This will mark her ninth Budget presentation in a row, a record in itself, and the third full Budget of the Modi 3.0 government.
The Budget is being crafted against the backdrop of a robust 7.4 per cent economic growth rate, even as India navigates an uncertain global environment shaped by geopolitical tensions, financial volatility, and shifting global economic dynamics. With expectations running high among businesses and households alike, the forthcoming Budget is expected to balance growth priorities with fiscal prudence.
Core Bureaucratic Team Behind Budget 2026-27
The Finance Minister is being assisted by a group of senior and experienced bureaucrats, each heading a crucial department within the Ministry of Finance and playing a pivotal role in shaping the Budget.
Anuradha Thakur, Secretary (Economic Affairs)
Often described as the primary architect of the Union Budget, Anuradha Thakur heads the Department of Economic Affairs and the Budget Division, which is responsible for drafting the Budget documents. She plays a central role in determining resource allocation and framing the macroeconomic strategy for the 2026-27 fiscal year.
Thakur assumed charge on July 1, 2025, making this her first Union Budget. A 1994-batch IAS officer of the Himachal Pradesh cadre, she is also the first woman IAS officer to lead the Department of Economic Affairs.
Arvind Shrivastava, Revenue Secretary
The responsibility for tax proposals lies with Revenue Secretary Arvind Shrivastava, who oversees both direct taxes—such as income tax and corporate tax—and indirect taxes, including GST and customs. He is instrumental in shaping Part B of the Budget Speech, which deals with taxation measures.
Budget 2026-27 will be his first as Revenue Secretary, and expectations are high around possible rationalisation of customs duties and TDS provisions to boost revenue mobilisation. Shrivastava previously served as Joint Secretary in the Budget Division before moving to the Prime Minister’s Office.
Vumlunmang Vualnam, Expenditure Secretary
Commonly referred to as the “guardian of the purse,” Expenditure Secretary Vumlunmang Vualnam oversees government spending, subsidy management, and the implementation of central schemes. His department is tasked with enforcing fiscal discipline and managing the fiscal deficit, while also providing guidance on expenditure priorities for the upcoming financial year.
M Nagaraju, Secretary (Financial Services)
As Secretary of the Department of Financial Services, M Nagaraju plays a key role in advancing financial inclusion and social security initiatives. His department oversees public sector banks, insurance companies, and pension systems, and is central to policy decisions related to credit growth, digital financial adoption, and the overall stability of the financial sector.
Arunish Chawla, Secretary, DIPAM
Arunish Chawla heads the Department of Investment and Public Asset Management (DIPAM), which is responsible for the government’s disinvestment and privatisation agenda. He manages non-tax revenue targets arising from the sale of government stakes in central public sector enterprises (CPSEs), a critical component of the Budget’s revenue strategy.
K Moses Chalai, Secretary, Department of Public Enterprises
K Moses Chalai leads the Department of Public Enterprises, which focuses on capital expenditure planning for select CPSEs. The department ensures effective utilisation of budgetary allocations, monitors asset monetisation initiatives, and keeps track of the financial health of state-owned enterprises.
Role of the Chief Economic Adviser
Beyond these six departments, the Office of the Chief Economic Adviser (CEA) plays a vital role in the Budget-making process.
V Anantha Nageswaran, Chief Economic Adviser, provides key macroeconomic inputs, including growth forecasts, assessment of global risks, and sector-wise analysis of agriculture, industry, and services. His office also advises the Finance Minister on broader economic reforms, fiscal strategy, and policy direction.
High Expectations Ahead of February 1
As India approaches Budget Day, expectations are mounting across industries and households. With strong domestic growth on one hand and global uncertainty on the other, Sitharaman’s forthcoming Budget is expected to outline a roadmap that sustains economic momentum while addressing fiscal risks and structural challenges.
The Union Budget 2026-27 is widely seen as a crucial statement of the government’s economic priorities at a time when India aims to consolidate its growth story amid an increasingly complex global economic landscape.
