Garg, a 1983-batch IAS officer of the Rajasthan cadre, was designated finance secretary in March 2019 as he was the senior-most secretary in the finance ministry.
He had held the post of economic affairs secretary that time.
In July, he was shifted to the power ministry as secretary, but he opted for voluntary retirement. Though there was no official reason given for his reshuffle, it was speculated that the proposal of overseas sovereign bond mooted by him was the reason behind his transfer.
Garg also pressed for a transfer of the Reserve Bank of India’s reserves to the government. The Bimal Jalan committee was looking at the capital economic framework that time. It was also speculated that he might give a dissent note to the panel finding. But before the panel could finalise its report, he was transferred from the finance ministry.
In his note, Garg highlighted the point that there was little investment happening in infrastructure despite this being the biggest opportunity.
“There is enormous unmet demand in housing, roads, airports, railways, energy, and irrigation," he said.
He said no businesses would invest when there are no returns.
Garg said he saw himself as a policy analyst, policy craftsman, and strategist and an advocate for developing the right kind of economic and financial policy framework for India achieving the target of $10-trillion economy.