Mehta is a recipient of Padma Bhushan, one of the highest Indian civilian awards, for his contribution to social causes.
He also studied at Royal Institute of Public Administration, London, UK and the MIT Sloan School of Management.
Mehta, unlike most bureaucrats,[2] orchestrated significant transformations in the India's capital markets within a brief period by introducing a slew of economic reforms; eventually making the Indian capital market one of the most modern and efficient ones in the world, attracting both local and foreign investors.
Prior to this, from 1989 to 1991, Mehta was additional secretary to the Government of India in the Ministry of Finance, dealing with banking.
He set up Bhagwan Mahaveer Viklang Sahayata Samit (BMVSS) in Jaipur in 1975 and is now its full-time honorary volunteer.
Under his leadership, BMVSS emerged as the largest organization for the handicapped in the world, providing artificial limbs/calipers and other aids and appliances for free.