Why Mr Garg wants to deflate Gogt credibility ? Here are the reasons, his ego and bossism were the root causes for his unceremoniously exit from finance ministry… naturally he spits venom on govt … Actions Taken by Subhash Chandra Garg * Pushed Overseas Sovereign Bonds: Proposed that the Indian government borrow around $10 billion in foreign currency from international markets. * Demanded RBI Surplus Reserves: Drafted notes asserting that the Reserve Bank of India (RBI) had excess capital reserves (~₹3.6 lakh crore) and drafted letters invoking Section 7 of the RBI Act to pressure the central bank. * Challenged the Jalan Panel: Placed strong dissent notes on the Bimal Jalan Committee recommendations regarding how RBI reserves should be transferred. * Pushed to Syphon SEBI Reserves: Authored a budget proposal mandating that the Securities and Exchange Board of India (SEBI) transfer 75% of its surplus operational funds to the government treasury. * Introduced Super-Rich Surcharge: Backed tax surcharges in the 2019 Budget that inadvertently hit Foreign Portfolio Investors (FPIs), triggering stock market sell-offs. Why He Was Pushed Out (Core Friction Points) * Pushback from the PMO: The Prime Minister's Office step-in occurred after economists and internal advisers warned that foreign-currency sovereign bonds posed extreme foreign-exchange risk to India's financial stability. * Open Warfare with Regulators: His aggressive approach alienated institutional leaders, contributing directly to former RBI Governor Urjit Patel’s resignation and public protests by SEBI leadership. * Market Turbulence: The fallout from the tax surcharge on foreign investors caused stock markets to slide sharply post-Budget 2019. * Isolation Within Government: His rigid stance on the Jalan Committee report and public arguments with senior officials left him with little internal support from the PMO or Finance Ministry leadership. Key Issues Created for Others * For the Government: Created serious policy embarrassment over foreign bond issuance, political backlash from Swadeshi groups, and standard public spats with central regulators. * For the RBI: Threat to operational autonomy, forced depletion of emergency reserves, and severe friction over policy oversight. * For SEBI & Financial Markets: Threat to regulatory independence and market turbulence caused by FPI tax surcharges. For a detailed breakdown of how Subhash Chandra Garg's tenure and abrupt exit impacted institutional relations, watch Subhash Garg's Transfer Analysis, which analyzes his clashes with the RBI and policy decisions.