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Economy

Former finance secretary Garg defends stance on sovereign bonds amid criticism

Updated : July 26, 2019 06:23 PM IST

The sovereign bond proposal has limited risk with immense benefit, says senior bureaucrat.

I didn’t hear any criticism of sovereign bond scheme from within the North Block, says new power secretary.

Senior bureaucrat and former finance secretary Subhash Chandra Garg, who took over as the new power secretary today, defended his stance on sovereign bonds amid criticism from the Rashtriya Swayamsevak Sangh, Swadeshi Jagran Manch, former central bankers and economists.

ALSO READ: https://www.cnbctv18.com/finance/pmeac-member-rathin-roy-says-government-should-rethink-sovereign-bond-plan-4034401.htm

The new power secretary said that during his time at the Finance Ministry he didn’t hear any criticism of the sovereign bond scheme from within the North Block. He further added that the sovereign bond proposal has limited risk with immense benefit.

ALSO READ: https://www.cnbctv18.com/finance/atanu-chakraborty-appointed-as-the-new-economic-affairs-secretary-4052421.htm

When quizzed about his decision to take voluntary retirement, Garg said the decision was taken at the Prime Minister’s Office on July 18, which was before the official rejig announcement.

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