Atanu Chakraborty appointed Economic Affairs Secretary, replaces Subhash Chandra Garg

NEW DELHI: The government of India has appointed Atanu Chakraborty as the new economic affairs secretary, a coveted position in the finance ministry, a statement late on Wednesday said.nnChakraborty will replace Subhash Chandra Garg, who will become power secretary.nnThe secretaries are the top bureaucrats and are placed next to ministers in hierarchy.nnChakraborty is now the divestment department secretary and was overseeing a series of privatisation efforts of the government, including the sale of Air India.nnOne of Chakraborty’s biggest challenges in his new post will be to launch the country’s first sovereign overseas bond this year, expected to worth about $10 billion. The move has been criticised by some prominent economists.nnSubhash Chandra Garg was on the six-member panel deciding on the transfer of “excess reserves” from the Reserve Bank of India, or central bank. Sources said Mr Garg had opposed the panel’s move to transfer a smaller amount to central government.nnSource: Reuters