He held a number of important posts in Government of India including Chairman of the Planning Advisory Board and Indian Railway Enquiry Committee.

[1] Neogy was elected as a member of the Constituent Assembly of India and after independence became a member of the First Cabinet of Independent India under Jawaharlal Nehru as the Minister of Relief and Rehabilitation and later as Minister for Commerce.

[2] After the resignation of R. K. Shanmukham Chetty, Neogy took charge as the second Finance Minister of India in 1948.

He held office for just 35 days and did not get an opportunity to present a Budget [3] since he resigned along with Syama Prasad Mookerjee.

His eldest son, Prithwish Neogy (1918–91), was a professor of art history at the University of Hawaii at Manoa, USA.