finance | IST

Former finance secretary Garg defends stance on sovereign bonds amid criticism

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.

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.
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.
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.