The Aam Aadmi Party (AAP)-led Punjab government has appointed Arbind Modi, a retired Indian Revenue Service (IRS) officer and former senior economist at the International Monetary Fund (IMF), as the Chief Advisor to its finance department. Modi will serve in this role honourably and be granted the rank of cabinet minister.
Modi, who was previously a member of the Central Board of Direct Taxes (CBDT), is tasked with addressing the financial challenges facing Punjab, which is projected to have a debt of ₹3.74 lakh crore by the end of the 2024-25 fiscal year. His responsibilities will include advising the government on financial resource mobilisation, reviewing and rationalising capital and revenue expenditures, augmenting the state’s finances, and restructuring fiscal debt.
Additionally, the Punjab government has also named Sebastian James, a former economist at the World Bank, as an adviser for Fiscal Affairs in the finance department at the rank of secretary. This decision comes as part of efforts by the Bhagwant Mann government to stabilize the cash-strapped state.
The appointments were announced by Punjab’s Chief Secretary, KAP Sinha, who emphasised the need for expert guidance in navigating the state’s fiscal challenges. Modi’s prior experience includes serving as convener of a task force established by the central government to review the Income Tax Act of 1961 and draft new direct tax laws. He joined the IMF in 2018 and retired in 2023.
