New book by former Finance Secretary explains, analyses Union Budget 2026-27 for people of India, investors, media and policymakers
New Delhi, May 21
Former Finance Secretary and former Secretary, Department of Economic Affairs, Subhash Chandra Garg, is coming out next week with his latest book, Subhash Chandra Garg's Explanation and Commentary on Union Budget 2026-27, a comprehensive analytical study of India's latest Union Budget and its implications for taxation, public expenditure, fiscal deficit management, borrowing, welfare spending and economic growth.
At a time when Indian households are navigating elevated living costs and volatile fuel prices, and Indian businesses are facing tighter financial conditions and uncertain global markets, the book explains how budgetary decisions influence the lives and well-being of individuals, households and businesses. It presents the government's expenditures on development programmes and public goods, where and how it raises taxes and disinvestment incomes and how the budget influences capital gains, subsidies, savings, growth, infrastructure spending and inflation.
Spanning 36 chapters, the book, besides providing a deep examination of Budget 2026-27, also reviews the implementation of Budget 2025-26 and the outcomes of Budget 2024-25. All key areas of budget- direct and indirect taxes, capital expenditure, subsidies, transfers to states, fiscal deficit, debt, public borrowing, social welfare, infrastructure, climate spending, electronics manufacturing and digital economy initiatives are all thoroughly analysed and commented upon.
Unlike conventional budget summaries focused only on headline announcements, the book adopts a comparative and interpretive approach, situating the current budget within a broader fiscal and institutional context and evaluating not only budget allocations but also implementation performance and policy outcomes across multiple years.
Designed for a wide audience, including taxpayers, investors, economists, policy professionals, tax practitioners, civil services aspirants and informed citizens, the book seeks to bridge the gap between technical budget documents and practical public understanding.
"The book is a great resource on any aspect of budget and public finance. It will also serve as a valuable resource for civil services aspirants and students of public policy, economics and governance looking for a deeper understanding of India's fiscal system," Subhash Chandra Garg said.
Rahul Srivastava, Managing Director, Bloomsbury India, said, "This book comes at a crucial time when economic policy decisions directly impact citizens, investors and businesses. Subhash Chandra Garg brings exceptional credibility and deep experience in public finance and policymaking, making this book an authoritative guide to understanding the Union Budget. It will also be a valuable resource for civil services aspirants, students of economics and public policy, and informed readers interested in India's fiscal system."
Drawing on over three decades of experience in public administration and public finance, including direct involvement in budget formulation at both state and central levels and writing an annual budget book for the last four years, Garg offers a rare insight and decoding of the Budget 2026-27, reading between, inside and behind every line and number
Garg joined the Indian Administrative Service in 1983 and served for more than 36 years, including as Finance Secretary to the Government of India and India's Executive Director at the World Bank from 2014 to 2017. Since leaving public service, he has authored several books on economics, governance and public policy, including 'The $10 Trillion Dream' and 'We Also Make Policy'.
— ANI
Reader Comments
Good to see a former civil servant writing for the common person. But honestly, with inflation still high, I wish the budget had done more for middle-class families directly. A book is nice, but practical relief would have been better. 😕
As a UPSC aspirant, this is exactly what I need! The comparative approach across three budgets will help understand fiscal trends. Subhash Chandra Garg's experience at the World Bank adds serious credibility. Pre-ordering now! 📚
While I appreciate the effort, I wish more authors would write in regional languages. Not everyone in India is comfortable with English-only financial books. Still, Garg sir's previous books were quite insightful, so this should be good for English readers.
I've been following Garg's annual budget books - they're excellent for demystifying government spending. The chapter on climate spending and digital economy is particularly timely given current global trends. A must-read for policy professionals! 👍
As an investor, I'm always looking for deeper analysis beyond headline rates. This book covering capital gains, fiscal deficit, and borrowing in detail could help make better financial decisions. Hope it includes practical charts and tables! 📊
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