Is Arun Jaitley an Ideal Finance Minister for India's Economic Integrity and Growth?
Arun Jaitley, a celebrated criminal lawyer, was appointed as the Finance Minister of India in 2014. While he undoubtedly has a background in legal expertise, his tenure as Finance Minister has often been scrutinized for its impact on India's economic integrity and growth.
Lawyers in Finance: A Disadvantage?
Jaitley's background in criminal law has been criticized for introducing elements of legal jargon into finance. The finance sector requires a balance between legal and economic knowledge to manage and strategize effectively. While criminals' minds can be sharp, applying their instincts to finance might not always be the best approach. An economist with a “cool head and warm heart,” as quoted in the field of economics, would be more suited for this role.
The Demise of a Failed Finance Ministry?
Some argue that Jaitley's failure to perform as a Finance Minister is a result of the misguided belief that lawyers can manage the nuanced and complex world of financial policy. As many have noted, his tenure from the 2014 elections to the implementation of unwise government measures like Demonetization (DeMo) and the poorly-executed Goods and Services Tax (GST) has been marked by controversy and challenges. His role in the defense ministry and corporate affairs further highlighted his lack of financial acumen, leading to criticism and diminished public trust.
Chamcha for Modi: Jaitley's Continued Stay
Given his failures, it is puzzling why Jaitley remains in his position. Some believe that Prime Minister Narendra Modi relies on him specifically as a person who can align with his autocratic decisions and lackadaisical approach to major economic reforms. However, his continued presence suggests a deeper issue with the Indian political and economic ecosystem.
Consequences of Arrogance and Ego
The role of the Finance Minister is not just a legal position but requires economic insight and the ability to collaborate effectively. A corporate lawyer without financial or economic knowledge has led to a significant downturn in the Indian economy over the past few years. Modi's strong ego and unwillingness to replace Jaitley with a more qualified individual have further entrenched this problem. Critics like Subramanian Swamy have openly criticized Jaitley, highlighting the need for a change in leadership.
Public Perception and the 2019 Election
The public's perception of Jaitley is increasingly negative. His impatience and lack of knowledge, as evident in Parliament debates, have further damaged his reputation. Recent discussions about the difference between provisions for bad debts and write-offs have shown a level of incompetence that should not be tolerated in such a crucial position.
The question remains: will Jaitley step down and hand over the reins to a more capable and appropriate person? If he does, it would be a positive move for both him and the country. The negative impact of his tenure on the Indian economy has been significant, and a change in leadership is desperately needed.
Conclusion
Whether Arun Jaitley is an ideal Finance Minister remains a subject of debate. His background in criminal law and his failures to perform as Finance Minister suggest that a different approach is necessary for the Indian economy to thrive. As the 2019 elections approach, the Indian public has the opportunity to decide on the future of economic policy in India.