Senior bureaucrat Subhash Chandra Garg assumed charge as secretary of the Department of Economic Affairs (DEA) in the finance ministry.
A 1983 batch IAS officer, from the Rajasthan cadre, Garg was World Bank executive director for Bangladesh, Bhutan, India and Sri Lanka prior to this appointment. He succeeds Shaktikanta Das, who retired after an extended tenure on May 31.
Corporate Affairs Secretary Tapan Ray was given additional charge of DEA secretary after Das’ exit. Garg assumed charge as full-time secretary, an official statement said.
As the secretary in the economic affairs department, Garg will oversee capital markets, Budget preparation as well as infrastructure financing and decide on borrowing, along with RBI. He will also decide on funding by multilateral institutions.
Garg has widespread administrative experience with more than 30 years of service during which he handled key assignments, including administrative postings in his home state Rajasthan, a finance ministry statement said.
Garg has also worked with the central government in various capacities. He was posted as director, DEA, Ministry of Finance, from May 2000 to September 2003. Later, he took over as joint secretary, Department of Expenditure with the same ministry and continued to hold that position till May 2005.
Garg has also worked at the Cabinet Secretariat where he held the position of joint secretary and additional secretary from February 2012 to December 2013.