One of the top economists of our times, ex-finance minister and the strongest and the most hardworking pillars of the Bharatiya Janata Party passed away at AIIMS hospital in New Delhi.
Mr Arun Jaitley was rushed to All India Institute of Medical Sciences (AIIMS) on 9th August 2019 after he felt slightly oppressed and out of breath. He was kept under close observation at the Cardio-Neuro-Centre of the medical institute, but his condition kept worsening day by day and he passed away on 24th August at 12:07 pm, leaving not only his family but the whole nation in a state of utter shock and despair.
Arun Jaitley was born on 28th December 1952, in New Delhi and was brought up in the same. He did his early schooling from St. Xaviers College from 1957-69 and then went on to do Bcom honours from Shri Ram College of Commerce in Delhi university in 1973, where his leadership qualities started evolving as he was the student leader. He then passed away his LLB degree from faculty of law, again from Delhi university in 1977, after which he became a senior advocate in the supreme court after he had been practising law in the supreme court and several other high courts of the country since 1987.
He had been an active member of the national executive of the Bharatiya Janta party since 1991 and went on to become a great spokesperson of BJP in the period preceding the 1999 general elections. In 2009 he was chosen as the member of the opposition in Rajya Sabha by LK Advani. he was very active in politics and was also sent to jail by the Indira Gandhi government during the period of national emergency in India between 1975-77.
Role in Demonetization
In November 2018, prime minister Narendra Modi with close input from the finance minister Arun Jaitley played his demonetization card in the Indian economy which sends the whole country reeling and in a state of utter shock. This move was taken negatively by almost the entire country at first, especially with the black money owned people.
In his speech after demonetization, Arun Jaitley said that demonetization has created a new difference in the Indian economy. He said in a few years India would be seen a corruption-free, clean and a transparent economy. He said that though it was a quiet disruptive and a sudden move but the purpose would have been killed if anyone would have had a slight idea of demonetisation before it got implemented. He also pointed out one of the major advantages of demonetisation which was that it led to digitalization of the economy on a huge scale and this would touch the rural sectors also as they would have to make online transactions, which would further lead to their modernisation, leading to an overall development of the economy.
Now the major impact of demonetisation was on the black money and the fake currency. Black money is like a cancerous cell in any economy and it weakens the foundation of any economy. It is estimated that at any given point of time there is black money worth 3 crores in the economy. Though this might seem a small amount but it doesn’t seem small at all when we get to know that there is a total of 20 crores of money in circulation in the economy at a given point of time. The other major positive impact was the reduction of fake currency. According to the Indian Statistical Institute (ISI) there is around 400 crore of fake currency in the economy and value worth rupees 70 crores of fake currency is been injected into the economy every year.
Role in GST
Goods and service tax(GST) is a tax which has replaced many direct taxes in India. It is an indirect tax so therefore the burden of the tax does not fall entirely on one person. It is basically one indirect tax for the entire country. Mr Arun Jaitley was responsible for ushering the GST regime. Any economy works with the combined forces of demand and supply and GST helps reduce the prices of manufactured goods which would help boost up the demand, thereby increasing the supply, which would ultimately lead to the overall development of the economy.
The Shah-Modi-Jaitley Trio
Arun Jaitley did not only play a crucial role in the government but also in the rise of BJP, prime minister Narendra Modi and BJP leader Amit Shah. He was someone our prime minister actively relied on for all sound decisions regarded to policymaking. When Amit Shah was in deep trouble in 2010 when he was alleged in the Sohrabuddin Sheikh fake encounter case then being a notable legal advisor, Arun Jaitley immediately came to his rescue. He shared a deep ideological and personal relationship with the prime minister and his lieutenant Amit Shah. The loss is not something which can be repaid and its a huge loss for the whole country.