He Understood The Big Picture

Apart from the economy, Jaitley’s knowledge and understanding of Indian history and culture was prodigious

- Chandrajit Banerjee

Innovative, courageous, and never one to shy away from difficult decisions, Arun Jaitley made the move from being an outstanding legal professional to evolve as a master craftsman for the economy. He was a unique combination of a people’s statesman and intellect of the highest caliber. There are many fond memories of his close interactions with us, whether as a leader of the opposition, a finance minister or as a mentor and guide.

Positioned as a reformer with a liberal mindset from the start of his public life in Prime Minister Vajpayee’s government, Jaitley distinguished himself by steering multiple disinvestment decisions through the complex maze of political, legal, and administrative processes. He understood the big picture of India’s economic destiny, persuaded and cajoled all stakeholders towards it, and seized opportunities for decisions that would turn out to be the best for the nation.

Industry friendly attitude

Jaitley presented his first budget when the macroeconomic environment, domestically and globally, was challenging — GDP had slumped below 5 percent by the then estimates, fiscal deficit stood at 4.6 percent and inflationary pressures were persisting. He outlined his commitment to the fiscal deficit by announcing a roadmap and went on to reassure industry about a stable and predictable tax regime. This industry-friendly attitude remained a hallmark of all his budgets and he sincerely attempted to meet the needs of entrepreneurs, small businesses, infrastructure, and other sectors.