A man of unique wisdom, knowledge & intelligence
RBI Guv Shaktikanta Das Recalls His Days At FinMin Working Closely With Jaitley
25.08.2019
For those of us who were in the Delhi University in the 1970s, Arun Jaitley was already a tall person. A tall person in all senses of the term. When he was released after spending 19 months in jail following his arrest during Emergency, large groups of students wanted to meet him, just to shake hands with him. He commanded a lot of respect even during that time.
I got to know and work with him when the government under Narendra Modi was formed in 2014 and I was posted as revenue secretary. I joined on June 16 and the Budget was to be presented within three weeks. Usually, ahead of Budget presentation, there is a lot of anxiety for a new minister in a new government. But Jaitley went about the process as if he had been doing it for years.
Jaitley was extremely knowledgeable on multiple and diverse subjects. He had a quick grasp over the most complex of issues. Once, when we were discussing a tax proposal, the CBDT chairperson was explaining things on a spreadsheet even as he was glancing through it. He agreed to an issue which I thought was quite complex. So, I suggested that he could read further down the sheet, since there were court judgments on it. He immediately told me that he had read it and went on to explain the judgments in detail.
India will remember him for several major structural reforms, the first being GST. In early December 2014, when the Constitution amendments were discussed in the empowered committee meeting, I saw on TV that several state finance ministers were highly critical of the Centre and suggested that at this rate, GST could not be introduced. In the afternoon, when the state finance ministers met Jaitley, he suggested that a small group of state FMs could meet him and discuss all issues in detail.
In the evening, the way Jaitley handled the meeting was an experience. He heard them out and suggested that he could sit with them through the night to discuss their concerns. But he insisted that the matter needed to be resolved. He showed that kind of determination.
The state FMs came back around 8-8.30 that evening and the meeting went on till late in the night. We met the next day and again a few days later. He negotiated with great skill — being very firm, where it was required, and yet being accommodating. For instance, he did not yield on petroleum being kept out of GST but agreed that the date of levy could be decided later. These meetings led to the introduction of the Constitution Amendment Bill later that month.
Similarly, on the Insolvency & Bankruptcy Code, he recognised its criticality as soon as we made the first presentation. He took it upon himself and decided it had to be done without delay. The entire process, from the introduction of the Bill to its enactment and implementation, was done within a year, a record of sorts. Be it the monetary policy framework under the RBI Act, or the foreign black money law, the Fugitive Economic Offenders Bill or FDI liberalization in several sectors, Jaitley pushed several landmark decisions.
He always maintained his composure and was totally unruffled. Even during very challenging times like demonetisation, when we were dealing with supply of notes and trying to resolve difficulties that were being reported, he always remained calm. This enabled me and my team to go about our task without any pressure. He was always very supportive and would point out if we needed to make some corrections. But he would do it in a manner where you didn’t feel it. He treated you as an equal.
There are three qualities, which are important to become great — knowledge, intelligence and wisdom. He was a unique combination of all three — As told to Sidhartha
Jaitley with Das, then economic affairs secretary
RBI Guv Shaktikanta Das Recalls His Days At FinMin Working Closely With Jaitley
25.08.2019
For those of us who were in the Delhi University in the 1970s, Arun Jaitley was already a tall person. A tall person in all senses of the term. When he was released after spending 19 months in jail following his arrest during Emergency, large groups of students wanted to meet him, just to shake hands with him. He commanded a lot of respect even during that time.
I got to know and work with him when the government under Narendra Modi was formed in 2014 and I was posted as revenue secretary. I joined on June 16 and the Budget was to be presented within three weeks. Usually, ahead of Budget presentation, there is a lot of anxiety for a new minister in a new government. But Jaitley went about the process as if he had been doing it for years.
Jaitley was extremely knowledgeable on multiple and diverse subjects. He had a quick grasp over the most complex of issues. Once, when we were discussing a tax proposal, the CBDT chairperson was explaining things on a spreadsheet even as he was glancing through it. He agreed to an issue which I thought was quite complex. So, I suggested that he could read further down the sheet, since there were court judgments on it. He immediately told me that he had read it and went on to explain the judgments in detail.
India will remember him for several major structural reforms, the first being GST. In early December 2014, when the Constitution amendments were discussed in the empowered committee meeting, I saw on TV that several state finance ministers were highly critical of the Centre and suggested that at this rate, GST could not be introduced. In the afternoon, when the state finance ministers met Jaitley, he suggested that a small group of state FMs could meet him and discuss all issues in detail.
In the evening, the way Jaitley handled the meeting was an experience. He heard them out and suggested that he could sit with them through the night to discuss their concerns. But he insisted that the matter needed to be resolved. He showed that kind of determination.
The state FMs came back around 8-8.30 that evening and the meeting went on till late in the night. We met the next day and again a few days later. He negotiated with great skill — being very firm, where it was required, and yet being accommodating. For instance, he did not yield on petroleum being kept out of GST but agreed that the date of levy could be decided later. These meetings led to the introduction of the Constitution Amendment Bill later that month.
Similarly, on the Insolvency & Bankruptcy Code, he recognised its criticality as soon as we made the first presentation. He took it upon himself and decided it had to be done without delay. The entire process, from the introduction of the Bill to its enactment and implementation, was done within a year, a record of sorts. Be it the monetary policy framework under the RBI Act, or the foreign black money law, the Fugitive Economic Offenders Bill or FDI liberalization in several sectors, Jaitley pushed several landmark decisions.
He always maintained his composure and was totally unruffled. Even during very challenging times like demonetisation, when we were dealing with supply of notes and trying to resolve difficulties that were being reported, he always remained calm. This enabled me and my team to go about our task without any pressure. He was always very supportive and would point out if we needed to make some corrections. But he would do it in a manner where you didn’t feel it. He treated you as an equal.
There are three qualities, which are important to become great — knowledge, intelligence and wisdom. He was a unique combination of all three — As told to Sidhartha
Jaitley with Das, then economic affairs secretary
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