Economic Affairs Secretary Subhash Chandra Garg was on Friday designated as the Finance Secretary, an order by the Personnel Ministry read. The Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi has approved designating Garg as the Finance Secretary, the order added.
Former Finance Secretary Ajay Narayan Jha superannuated on February 28. Jha has taken over as Member, 15th Finance Commission.
A 1983 batch IAS officer of Rajasthan cadre, 58-year-old Garg has been working as the Secretary in Department of Economic Affairs since June 2017.
Earlier in the day, Garg had exuded confidence that the fiscal deficit target of 3.4 per cent for 2018-19 would be met as a shortfall in indirect tax collection would be compensated by lower expenditure. “I am very confident (of meeting fiscal deficit target of 3.4 per cent for 2018-19),” Garg had said while addressing the IVCA conference in the national capital.
As per the interim Budget 2019-20, the government has pegged fiscal deficit target of 3.4 per cent for the current fiscal year ending March 31.
“Our assessment at this stage is, in direct taxes, we will probably do as per the revised estimate, in indirect taxes, there might be some shortfall, and on the expenditure side there might be some savings. On the whole, we should be where we are,” Garg said.