Subhash C Garg, Former Finance and Economic Affairs Secretary, Government of India; Author

Subhash C Garg, Former Finance and Economic Affairs Secretary, Government of India; Author

• Mr. Garg is the former Finance and Economic Affairs Secretary of the Government of India.
• He is an author, with notable works including “We Also Make Policy: An Insider’s Account of How the Finance Ministry Functions”, and “The $Ten Trillion Dream: The State of the Indian Economy and the Policy Reforms Agenda.”

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In this episode of “The Brand Called You” podcast, former Finance and Economic Affairs Secretary of the Government of India, Subhash C Garg, takes centre stage. A luminary with a storied career in finance, Mr. Garg delves into the intricacies of economic policymaking, shedding light on his book, “We Also Make Policy.” Join us as we navigate the evolution of India’s economic landscape, dissect the challenges of transparency in financial decision-making, and gain unique insights from a distinguished figure who has played a pivotal role in shaping the nation’s fiscal trajectory. 

[00:40] – About Subhash C Garg

• Mr. Garg is the former Finance and Economic Affairs Secretary of the Government of India.
• He is an author, with notable works including “We Also Make Policy: An Insider’s Account of How the Finance Ministry Functions”, and “The $Ten Trillion Dream: The State of the Indian Economy and the Policy Reforms Agenda.”
• Mr. Garg is recognized as an economic and fiscal policy strategist and advisor.

[02:49] – What inspired you to write a behind-the-scenes account of the Finance Ministry’s proceedings?

• The Finance Ministry holds a key role in policymaking across economic, fiscal, and monetary spaces.
• Recognizing a lack of transparency, especially in sharing policy-making intricacies, I felt a duty to address this gap.
• Policymakers, both ministers and civil servants, seldom share insights, leaving the public uninformed.
• In my two years at the Finance Ministry, encountering vital public interest matters, I decided to document the behind-the-scenes details.
• This book serves to provide transparency and insights into the considerations and complexities of policymaking for the nation.

[15:57] – What are some unseen challenges in putting together a Union Budget?

• During the budget process, a flood of suggestions, views, requests, and demands comes in, making it challenging to review all.
• Often, these inputs are repetitive, and time constraints force a selective focus on specific matters.
• One significant unseen factor is the unrealistic expectation that the government can solve every problem and address all needs.
• There is a lack of understanding about the private sector’s role in generating 95% of economic value, with the government redistributing resources.
• The budget speeches attempt to address every section of society, but there’s a need for demystifying the government’s role and managing realistic expectations.

RESOURCES:

Learn more about Subhash C Garg: LinkedIn

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• Mr. Garg is the former Finance and Economic Affairs Secretary of the Government of India.
• He is an author, with notable works including “We Also Make Policy: An Insider’s Account of How the Finance Ministry Functions”, and “The $Ten Trillion Dream: The State of the Indian Economy and the Policy Reforms Agenda.”
• Mr. Garg is recognized as an economic and fiscal policy strategist and advisor.