Arvind Mayaram: A Profile of India’s Former Finance Secretary

Arvind Mayaram is a retired Indian Administrative Service (IAS) officer who held prominent positions within the Indian government, most notably serving as the Finance Secretary of India from 2012 to 2014. His tenure was marked by significant economic challenges and policy initiatives aimed at bolstering growth and stability.

A Rajasthan cadre officer, Mayaram brought a wealth of experience to the Finance Ministry. Prior to becoming Finance Secretary, he served as Special Secretary and Additional Secretary in the Department of Economic Affairs, playing a key role in shaping India’s economic policies during a period of rapid globalization. He also held positions in various government departments, including power and urban development, providing him with a broad understanding of the Indian economy and its complexities.

As Finance Secretary, Mayaram was a central figure in managing India’s fiscal policy during a period of economic slowdown and global uncertainty. One of his key priorities was to reduce the fiscal deficit and restore investor confidence. He advocated for fiscal discipline and implemented measures to improve tax collection and rationalize government spending. He also played a crucial role in formulating and implementing the Union Budget, working closely with the Finance Minister to balance growth objectives with fiscal prudence.

Beyond fiscal management, Mayaram was actively involved in promoting financial sector reforms. He oversaw initiatives to strengthen banking regulations, deepen capital markets, and improve access to financial services. He also championed efforts to promote foreign investment and attract foreign capital to support India’s infrastructure development.

One notable aspect of Mayaram’s tenure was his focus on combating illicit financial flows and money laundering. He actively participated in international forums and collaborated with global organizations to enhance information sharing and strengthen measures to prevent the flow of illegal funds. This underscored India’s commitment to tackling financial crime and promoting transparency in the financial system.

After his tenure as Finance Secretary, Mayaram served as a member of the Competition Commission of India (CCI), further contributing to the regulatory landscape of the country. He has also been involved in various academic and policy forums, sharing his expertise and insights on economic policy and governance. His contributions to Indian economic policy and his commitment to public service have solidified his reputation as a respected figure in Indian finance and administration.