Arun Jaitley
Early Life and Education
Arun Jaitley was born on December 28, 1952, in New Delhi, India. He hailed from a family with a rich legal and political background, which significantly influenced his career trajectory. His father, Maharaj Kishen Jaitley, was a lawyer, and his mother, Ratan Prabha, was a homemaker. Jaitley completed his schooling at St. Xavier's School in New Delhi. He pursued a Bachelor of Commerce degree from Shri Ram College of Commerce, University of Delhi, where he was recognized for his academic excellence and leadership skills.
Jaitley furthered his education by obtaining a Bachelor of Laws (LL.B.) degree from the Faculty of Law, University of Delhi. During his time at university, he was actively involved in student politics and became the president of the Delhi University Students' Union in 1974. His involvement in student politics marked the beginning of his long and illustrious career in public service.
Legal Career
After completing his education, Arun Jaitley began his legal career in 1977. He was enrolled as an advocate with the Bar Council of Delhi and practiced law in the Delhi High Court and the Supreme Court of India. Jaitley quickly established himself as a prominent lawyer, specializing in constitutional law, commercial law, and arbitration. His legal acumen and eloquence in court earned him a reputation as a formidable advocate.
In 1990, Jaitley was designated as a Senior Advocate by the Delhi High Court. He also served as an Additional Solicitor General of India, a position he held from 1989 to 1990. During his tenure, he handled several high-profile cases, including those related to the Bofors Scandal, which was a major political controversy in India during the late 1980s and early 1990s.
Political Career
Entry into Politics
Arun Jaitley's political career began in earnest when he joined the BJP in 1980. His legal background and experience in student politics made him a valuable asset to the party. Jaitley quickly rose through the ranks, holding various positions within the party, including that of the party's spokesperson. His articulate communication skills and deep understanding of policy issues made him a prominent face of the BJP.
Ministerial Roles
Jaitley's first major ministerial role came in 1999 when he was appointed as the Minister of State for Information and Broadcasting in the government led by Prime Minister Atal Bihari Vajpayee. In this capacity, he played a crucial role in shaping the country's media policy and liberalizing the broadcasting sector. He was later given additional charge of the Ministry of Law, Justice, and Company Affairs.
In 2000, Jaitley was elevated to the position of Cabinet Minister and took charge of the Ministry of Law, Justice, and Company Affairs. During his tenure, he introduced several reforms aimed at improving the efficiency of the legal system and enhancing corporate governance standards in India.
Leader of the Opposition
From 2009 to 2014, Arun Jaitley served as the Leader of the Opposition in the Rajya Sabha, the upper house of India's Parliament. In this role, he was known for his incisive critiques of government policies and his ability to articulate the opposition's stance on various issues. Jaitley's leadership was instrumental in shaping the BJP's legislative strategy during this period.
Finance Minister
In 2014, following the BJP's victory in the general elections, Arun Jaitley was appointed as the Minister of Finance, Corporate Affairs, and Defence in the government led by Prime Minister Narendra Modi. As Finance Minister, Jaitley was responsible for implementing several key economic reforms, including the introduction of the GST, which was one of the most significant tax reforms in India's history.
Jaitley's tenure as Finance Minister was marked by efforts to streamline the tax system, improve fiscal discipline, and attract foreign investment. He also played a crucial role in the implementation of the Insolvency and Bankruptcy Code, which aimed to address the issue of non-performing assets in the banking sector.
Economic Reforms and Policies
Goods and Services Tax (GST)
One of Arun Jaitley's most notable achievements as Finance Minister was the introduction of the Goods and Services Tax (GST) in 2017. The GST replaced a complex web of indirect taxes with a unified tax structure, simplifying the tax regime and reducing the tax burden on businesses. The implementation of GST was a significant step towards creating a common national market and boosting economic growth.
Jaitley played a pivotal role in building consensus among various stakeholders, including state governments, to ensure the successful rollout of GST. Despite initial challenges, the reform has been credited with increasing tax compliance and broadening the tax base.
Insolvency and Bankruptcy Code
Another major reform spearheaded by Jaitley was the Insolvency and Bankruptcy Code (IBC), enacted in 2016. The IBC aimed to address the problem of non-performing assets (NPAs) in the banking sector by providing a time-bound process for resolving insolvency and bankruptcy cases. The code has been instrumental in improving the ease of doing business in India and enhancing creditor confidence.
Under Jaitley's leadership, the government took several measures to strengthen the IBC framework, including the establishment of the NCLT and the National Company Law Appellate Tribunal (NCLAT) to adjudicate insolvency cases.
Fiscal Consolidation
Jaitley was committed to maintaining fiscal discipline and achieving fiscal consolidation. During his tenure, the government adhered to a path of fiscal prudence, gradually reducing the fiscal deficit as a percentage of GDP. Jaitley emphasized the importance of balancing fiscal consolidation with the need for public investment in infrastructure and social sectors.
His approach to fiscal policy was characterized by a focus on revenue mobilization, expenditure rationalization, and targeted subsidies. Jaitley's efforts to improve tax administration and compliance contributed to an increase in tax revenues, enabling the government to allocate more resources to priority areas.
Personal Life and Legacy
Arun Jaitley was known for his intellectual acumen, eloquence, and ability to build consensus across party lines. He was widely respected for his integrity and commitment to public service. Jaitley was an avid reader and had a keen interest in cricket, often expressing his views on the sport.
Jaitley passed away on August 24, 2019, after a prolonged illness. His contributions to Indian politics and economic policy continue to be remembered and appreciated by colleagues, political adversaries, and the public alike. Jaitley's legacy is marked by his role in shaping key economic reforms and his dedication to strengthening India's democratic institutions.