Secretary, Department of Economic Affairs
Shri Subhash Chandra Garg, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India belongs to the Indian Administrative Service (IAS), 1983 batch, Rajasthan cadre. Shri Garg has degrees in Commerce and Law from the University of Rajasthan, Jaipur, India and is a professionally qualified Cost and Works Accountant as well as a Company Secretary.
Shri Garg was Executive Director in the World Bank Group for Bangladesh, Bhutan, India and Sri Lanka from November, 2014 to July, 2017. Shri Garg served on the Board of Directors for the International Bank for Reconstruction & Development (IBRD), the International Development Association (IDA), collectively referred as the World Bank, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).
Shri Garg brings with him over 35 years of experience in administration, management and public policy in sectors like Finance, Agriculture, Education, Energy and Rural Development. Shri Garg has earlier served as Director in the Department of Economic Affairs (DEA), Joint Secretary in the Department of Expenditure (DoE), Joint Secretary in the Department of Agriculture & Cooperation and Additional Secretary in the Cabinet Secretariat with the Union Government.
Shri Garg has also served in various key positions in Government of Rajasthan including Principal Secretary (Finance), Commissioner (Investment and NRIs) Secretary (Budget), Secretary (Expenditure), Director(Agriculture), Special Secretary(Education/Power/Mines) and Managing Director of Rajasthan State Road Transport Corporation (RSRTC).
Shri Garg is a Member of the Central Board of Governors of Reserve Bank of India(RBI), Securities and Exchange Board of India (SEBI) and Life Insurance Corporation of India (LIC), besides being Chairman of the National Investment and Infrastructure Fund (NIIF). Shri Garg also serves as India’s Governor for
International Fund for Agricultural Development(IFAD) and as India’s Alternate Governor for the World Bank Group, Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB) and New Development Bank (NDB). Currently, Shri Garg is also heading several Committees set up by the Union Government, including financial technology (fintech), Payment and Settlement Act and Crypto-Currencies.
Shri Garg has served for some time as the faculty of National Institute of Public Finance & Policy (NIPFP) and has written some articles as well. Small Savings-risk to State Finance, Changing Paradigm of States-Borrowing, Cost of Low-Cost Loans, Reforming Messy State of Grants in India and Reforming State Expenditure are some of his published works.