Subhash Chandra Garg

Sunday, Jun 02, 2024 | Last Update : 05:14 AM IST

Coverpage of 'We Also Make Policy: An Insider’s Account of How the Finance Ministry Functions'.

How the PM, PMO Decide on Finance Ministry Affairs

As a bureaucrat, Subhash Chandra Garg adopts the view of the government

15 Oct 2023 2:29 AM

Former economic affairs secretary Subhash Chandra Garg.

On DeMo anniversary, former FinMin official Garg says Rs 2,000 notes being hoarded

India has still a long way to go with more than 85 per cent payment transactions in the country still taking place in cash.

08 Nov 2019 11:37 AM

In Garg's 36-year-long public service career, he gave as an example his recent transfer from the Department of Economic Affairs to the Power Ministry. (Photo: File)

My unconventional style got me punishment postings: Former finance secretary

Garg had applied for voluntary retirement in July after he was shifted from the Department of Economic Affairs to the Power Ministry.

01 Nov 2019 4:44 PM

Power secretary Subhash Chandra Garg. (Photo: File)

Power distribution sector needs drastic reforms: Power secy

Govt is working on bringing in the revised version of the scheme UDAY 2 which seeks to address power sector issues he added.

17 Sep 2019 10:30 PM

The surplus capital transfer would help the government meet its fiscal deficit target as it will come as a windfall to the exchequer.

RBI capital transfer: Jalan panel likely to get extension to finalise report

As per various estimates, the RBI has over Rs 9 lakh crore of surplus capital with it.

01 Aug 2019 10:11 AM

Economic Affairs Secretary Chakraborty nominated on central board of RBI

The nomination of Atanu Chakraborty is effective from July 29 and until further orders, RBI said.

30 Jul 2019 7:12 PM

Garg says none in govt questioned offshore bonds issue when he was DEA Secy

The sovereign bond issuance was basically intended to ease the pressure on the domestic availability of resources.

27 Jul 2019 11:32 AM

Senior bureaucrat and former finance secretary Subhash Chandra Garg.

Subhash Chandra Garg takes over as new Power Secretary

Garg was in charge of the Department of Economic Affairs (DEA), and was designated the Finance Secretary.

26 Jul 2019 12:42 PM

A day after being transferred to the Ministry of Power in a bureaucratic reshuffle, former Finance Secretary Subhash Chandra Garg is reported to have sought voluntary retirement from government service. (Photo: ANI)

Former Finance Secretary S C Garg seeks voluntary retirement after abrupt transfer

The rejig came less than three weeks after the Union Budget was presented in the Lok Sabha and a day after it was passed by Parliament.

25 Jul 2019 2:37 PM

Garg was replaced by Department of Investment and Public Asset Management (DIPAM) Secretary Atanu Chakraborty in a major bureaucratic reshuffle. (Photo: File)

Finance Secretary Garg seeks retirement after being shifted to Power Ministry

Subhash Chandra Garg, the senior-most bureaucrat in the Finance Ministry, was in charge of the Department of Economic Affairs.

25 Jul 2019 2:24 PM

This decision has been carefully taken. The government has assessed that (smuggling) dimension as well, said Finance Secretary Subhash Chandra Garg. (Photo: PTI | File)

Govt assessed smuggling dimension while raising import duty on gold: Finance Secy

Finance Minister Nirmala Sitharaman hiked import duty on gold and other precious metals in Budget to 12.5 pc from 10 pc.

07 Jul 2019 1:45 PM

The RBI has over Rs 9.6 lakh crore surplus capital with it.

Jalan panel on RBI's capital size again defers report submission till Budget

The ECF panel will meet again in July and will submit the report post Budget.

24 Jun 2019 7:39 PM

Economic Affairs Secretary Subhash Chandra Garg said that ADB has played a pivotal role in helping member countries change their developmental landscape all these years.

ADB should expand private sector operations: Subhash Chandra Garg

Economic Affairs Secy said there is a need for ADB to focus on strengthening human capital and develop social safety nets.

04 May 2019 4:23 PM

Innovation in financing will be the key to success of long-term growth strategy, Economic Affairs Secretary Subhash Chandra Garg said while addressing the Board of Governors of Asian Development Bank (ADB) in Fiji. (Photo: File | AFP)

India for ADB-led mechanism for channeling funds from rich to developing nations

Amidst the continued global uncertainty, Asia retains the hope of a bright future, said Subhash Chandra Garg.

04 May 2019 3:57 PM

Finance Secretary Subhash Chandra Garg said the government is close to meeting fiscal deficit target of 3.4 pc for 2018-19. (Photo: File | PTI)

Govt manages to meet revised fiscal deficit target of 3.4 pc of GDP

Revised target has been met with help of expenditure savings and other measures including rollover of fuel subsidy, said sources.

10 Apr 2019 3:07 PM

As per the Union Budget, the gross borrowing was pegged at Rs 7.1 lakh crore for 2019-20, higher than Rs 5.71 lakh crore estimated for the ongoing fiscal.

Govt to borrow Rs 4.42 lakh cr in H1 FY2019-20: Economic affairs secy

Economic Affairs Secy Subhash Chandra Garg said government will stick to fiscal deficit target of 3.4 pc of GDP for current fiscal.

29 Mar 2019 7:23 PM

Economic Affairs Secretary Subhash Chandra Garg. (Photo: PTI)

Liquidity to get further boost of Rs 35,000 cr via rupee-dollar swap: Garg

The auction of USD 5 billion for a tenure of three years will be conducted on Tuesday.

25 Mar 2019 2:46 PM

"On direct taxes, we are reasonably confident of (meeting the target). But on the indirect tax front, there may be some shortfall," Economic Affairs Secretary Subhash Chandra Garg said last week. (Photo: File)

Net direct tax collection crosses Rs 10 lakh crore mark

Tax collection during April-January of this fiscal stood at Rs 7.89 lakh crore as against Rs 12 lakh crore targeted for 2018-19.

19 Mar 2019 1:59 PM

Our assessment at this stage is, in direct taxes, we will probably do as per the revised estimate, indirect taxes, there might be some shortfall, and on the expenditure side there might be some savings, said Economic Affairs Secretary Subhash Chandra Garg.

Govt will meet fiscal deficit target of 3.4 per cent in FY'19:Garg

As per interim Budget 2019-20, the government has pegged fiscal deficit target of 3.4 pc for current fiscal year ending March 31.

08 Mar 2019 7:14 PM

Economic Affairs Secretary Subhash Chandra Garg,

Govt expects Rs 28,000 cr interim dividend from RBI: DEA Secy Garg

The decision with regard to interim dividend will be taken in the next board meeting.

01 Feb 2019 4:16 PM

Economic Affairs Secretary Subhash Chandra Garg said printing of notes is planned per projected requirement and now, over 35 pc of notes in circulation are those of Rs 2,000. (Photo: File)

'No decision on printing of Rs 2,000 notes,' says govt official

Govt said there was 'no decision' on printing more of Rs 2,000 notes as there are 'more than adequate' in system.

04 Jan 2019 1:25 PM

The comment comes a day after a media report, which stated that the government has stopped printing 2,000 rupee notes and plans to phase it out.

India has more than adequate 2,000 rupee notes in system: official

2,000 rupee notes constitutes 35 per cent by value of the total circulation, says Garg.

04 Jan 2019 12:36 PM

In a series of tweets, the former finance minister also claimed that the government and the Reserve Bank of India (RBI) was heading towards a 'confrontation' in the Monday's board meeting of the bank. (Photo: File)

Govt determined to 'capture' RBI's Rs 9 lakh crore reserves: P Chidambaram

'November 19 will be a day of reckoning for central bank independence and the Indian economy,' Chidamabram said.

18 Nov 2018 12:33 PM

Garg said that the only proposal concerning the reserves that the government is discussing is to fix the appropriate economic capital framework of the RBI.

Govt denies eyeing RBI’s Rs 3.6 lakh crore

Economic affairs secretary Subhash Chandra Garg said that the government has not asked the RBI to transfer Rs 3.6 lakh crore to it.

10 Nov 2018 1:22 AM

Govt not seeking Rs 3.6 lakh cr from RBI: DEA Secretary

Fiscal deficit target of 3.3 per cent for the current financial year ending March 31, 2019.

09 Nov 2018 2:02 PM

Govt looking for ways to stabilise FPI inflow: Garg

During April-September period, the Centre's fiscal deficit has widened to 95.3 per cent.

30 Oct 2018 2:02 PM

The government is working on restructuring national Air India's finances to ensure that the airline has "sustainable debt", Economic Affairs Secretary Subhash Chandra Garg said.

Govt working to restructure Air India's finances, says Garg

The debt burden of the national carrier is estimated to be more than Rs 50,000 crore.

26 Sep 2018 4:28 PM

In no respite to the citizens, fuel prices in the country touched new heights on Monday morning, especially in Mumbai, as the petrol price in the metropolitan city crossed Rs 90-run mark.

Fuel prices rise again, petrol crosses Rs 90-mark in Mumbai

Discussions are taking place with the United States regarding the reduction of oil imports from Iran.

24 Sep 2018 10:35 AM

The government will "very soon" implement the second set of measures including curb on imports of non-essential items to shore up rupee to 68-70 level against the US dollar, Economic Affairs Secretary Subhash Chandra Garg said, terming the about 12 per cent slide in the currency as a temporary phenomenon.

Curb on imports to bring rupee to 68-70 level: DEA Secretary

The government had earlier this month announced easing of overseas borrowing norms for manufacturing companies.

23 Sep 2018 5:35 PM

Union economic affairs secretary Subhash Chandra Garg

No rationale for such dip in rupee, says Subhash Chandra Garg

The rupee on Wednesday rebounded from the historic low of 72.92 to end higher by 51 paise at 72.19 against the dollar.

13 Sep 2018 2:38 AM

FPI rules: NRIs can invest 5 per cent in Indian securities

Sebi’s new guidelines would force out $75 billion foreign funds, managed by Indians.

05 Sep 2018 9:21 AM

Note ban served its purpose, says Subhash Chandra Garg

When asked to elaborate on the objectives achieved, he said, “I don’t want to give a lecture on that”.

30 Aug 2018 1:48 AM

Union minister Arun Jaitley (Photo: PTI)

FX reserves enough to mitigate volatility, says Arun Jaitley

However, he said India’s macro fundamentals remain resilient and strong.

16 Aug 2018 12:17 AM

IIP hits 5-month high in July

Pickup in manufacturing ahead of festive season cited as reason for jump.

11 Aug 2018 12:40 AM

‘RBI rate hike won’t affect growth much’

Consumer prices hardened to five per cent in June, from 4.87 per cent in May.

06 Aug 2018 12:09 AM

The LIC board on Monday gave approval to the insurance behemoth for acquiring of up to 51 per cent stake in IDBI Bank, Economic Affairs Secretary S C Garg said on Monday.

LIC board approves acquisition of up to 51 per cent stake in IDBI Bank

Insurance regulator Irdai has already given its approval to the insurer for the stake purchase.

16 Jul 2018 2:28 PM

Economic Affairs Secretary Subhash Chandra Garg on Saturday said that India's digital economy is expected to touch a USD 1 trillion mark by 2022. (Photo: PTI)

Indian digital economy will touch USD 1 trillion-mark by 2022: Garg

India is the sixth largest world economy and We would become fifth largest economy by 2022.

15 Jul 2018 6:31 PM

The Supreme Court in its order on Tuesday has refused to lift the ban on cryptocurrencies imposed by Reserve Bank of India, the order has effectively restricted the entry of cryptocurrencies in the World's fastest growing economy.

Supreme Court backs RBI ban on virtual currency

RBI had restricted all the banks and financial institutions from using crypto currency.

03 Jul 2018 7:01 PM

Petrol price on Sunday touched a record high of Rs 76.24 per litre and diesel climbed to its highest ever level of Rs 67.57.

Petrol, diesel touch all time highs as oil companies hike rates

In India, petrol is the costliest in Mumbai where high local taxes has led a price of Rs 84.07 per litre.

20 May 2018 11:57 AM

Rupee at 65-66 against dollar reflects 'fair valuation': Garg

Rupee has been second-worst performing Asian currency this year, dropping 2.4 per cent against dollar.

04 May 2018 2:00 PM

India wants the Asian Development Bank (ADB) to increase lending to the world's fastest growing economy. (Photo: AFP)

India to pitch for increased lending from Asian Development Bank

Subhash Chandra Garg would meet ADB president, where he would push for increasing the ADB's lending commitment to India.

03 May 2018 7:27 PM

The board of governors of the Asian Development Bank (ADB) will later this week discuss its long term strategy for 2030 to keep up with changing needs of the region.

ADB board to discuss 'Strategy 2030' to build 'prosperous' Asia

Economic Affairs Secretary Subhash Chandra Garg will represent India at the meet.

02 May 2018 1:03 PM

The government is not considering cutting excise duty on petrol and diesel yet as rates have not touched levels that could trigger such an action, said Economic Affairs Secretary Subhash Chandra Garg.

No excise duty cut on petrol, diesel for now, says DEA Secretary

State oil firms have not revised petrol and diesel price for almost a week now.

30 Apr 2018 5:54 PM

India pitches for BRICS credit rating agency

India has pressed the BRICS nations to set up an independent rating agency of the five-member group.

20 Apr 2018 4:57 PM

Centre sees cash crunch ease

Rs 200, Rs 500 notes are being printed 24x7 at all press to meet shortfall.

20 Apr 2018 1:28 AM

Fiscal deficit to be lower than revised estimates for 2017-18: Garg

India revised its fiscal deficit target to 3.5 per cent of GDP from an earlier 3.2 per cent of GDP for 2017-18 fiscal year.

03 Apr 2018 8:43 AM

Indian economy will continue to have V-shaped recovery: Garg

In first quarter of current fiscal, GDP grew at 5.7 pc, while the second quarter growth stood at 6.5 per cent.

09 Mar 2018 11:11 AM

India has recorded an average growth rate of 7.5 per cent in the first three years of the Modi government. (Photo: File)

Double-digit difficult for India, but 8 pc economic growth possible by 2021

The Economic Affairs Secretary said that a ten per cent growth rate is not a realistic estimate, but 8 per cent plus is decent.

04 Feb 2018 2:12 PM

No need for bail-in in 98 per cent cases, says Subhash Garg

The Joint Committee of Parliament has been asked to submit their report to the Parliament by the last day of the Budget Session, 2018.

04 Jan 2018 2:20 AM

The government is only seeking Rs 13,000 crore of surplus lying with the central bank, Economic Affairs Secretary Subhash Chandra Garg has said. (Photo: AFP)

Govt seeks Rs 13,000-cr surplus from RBI: Economic Affairs Secy

In August, the RBI had paid a dividend of Rs 30,659 crore for the fiscal ended June 2017.

19 Nov 2017 1:10 PM

Stick to ethics in algo trading: Economic Affairs Secy to traders, exchanges

Institutional investors use algorithms in trading leaving retail investors at a disadvantage.

28 Aug 2017 12:41 PM

The RBI, in its third bi-monthly monetary policy of the fiscal, reduced the repo rate after a gap of almost 10 months.

Rate cut is an important step for growth: Centre

The government had been pitching for a rate cut to boost economic growth amid retail inflation falling to a historic low of 1.54 per cent in June.

03 Aug 2017 3:45 AM

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