From Budget Architect to Insurance Regulator: Know who IAS Ajay Seth is
The Appointments Committee of the Cabinet has approved the appointment of Ajay Seth, a retired 1987-batch IAS officer and former Finance Secretary, as the new Chairperson of the Insurance Regulatory and Development Authority of India (IRDAI). He will serve a three-year term or until he turns 65, whichever is earlier.
His appointment brings an end to a nearly four-month leadership vacuum at the helm of IRDAI, which began after the exit of Debasish Panda in March.
A Technocrat With Robust Economic Expertise
Ajay Seth is the sixth IAS officer to lead IRDAI. Known for his deep involvement in economic policymaking, Seth brings decades of administrative and financial experience to the role. He most recently served as Finance Secretary and earlier held the position of Secretary, Department of Economic Affairs. He also briefly held additional charge of the Department of Revenue, managing both direct and indirect taxation frameworks.
His career spans several high-impact roles, including international assignments such as his tenure with the Asian Development Bank, and infrastructure leadership as Managing Director of the Bangalore Metro Rail Project.
Key Architect of India’s Post-COVID Economic Revival
Seth played a pivotal role in shaping India’s macroeconomic strategy during the post-COVID recovery phase. His key contributions include:
Designing Union Budgets
Launching Sovereign Green Bonds
Spearheading Infrastructure Financing Reforms
His appointment signals the government’s push to reinvigorate the insurance sector, which has suffered from reform inertia and leadership voids in recent years. With Seth at the helm, a renewed policy focus is expected to restore investor confidence and unlock stalled regulatory initiatives.
