Arvind Mayaram appointed new Finance Secretary
Appointments Committee of the Cabinet (ACC) has approved Economic Affairs Secretary Arvind Mayaram as the new Finance Secretary. Arvind Mayaram, a 1978 batch Rajasthan cadre IAS officer has been holding charge as the Economic Affairs Secretary since 2012.
A Finance Secretary is the senior-most IAS officer in the Finance Ministry. He coordinates the working of the 5 departments under the Finance Ministry.
The Ministry of Finance is composed of 5 departments, each headed by a Secretary who directly report to the Finance Minister:
- The Department of Economic Affairs
- The Department of Revenue
- The Department of Expenditure
- The Department of Financial Services
- The Department of Disinvestment
Now, “Finance Secretary” (FS) is a tag given to one of the 5 secretaries and it only denotes a first among equals. The other 4 secretaries do not report to the Finance Secretary; their files do not flow via him.
As a custom, the senior amongst of the 5 is made the Finance Secretary (FS) (where seniority is defined by the year of entry into the civil service and not age). Sometimes, none of the 5 is labelled as Finance Secretary (FS). Most finance secretaries have been IAS officers, but some of them were not IAS but Career Economists.