Former finance minister and one of the most prominent lawyers in India, Arun Jaitley was born on December 28, 1952. As finance minister, Arun Jaitley presented five full budgets. In his role as Finance Minister between 2014 and 2019, Jaitley was responsible for several major economic and financial decisions.
In August 2019, Jaitley passed away due to several health issues.
Here is a look at the major decisions that Jaitley took as finance minister.
Introduction of the Goods and Services Tax (GST)
The Goods and Service Tax (GST) regime was implemented in 2017 during the tenure of Arun Jaitley. He was credited with ensuring that each state passed the GST regime, bringing the entire country under a single taxation scheme for the first time.
Introduction of the Insolvency and Bankruptcy Code (IBC)
In 2016, Jaitley oversaw the introduction of the Insolvency and Bankruptcy Code (IBC), which significantly consolidated and simplified the country’s bankruptcy laws. The IBC allowed creditors to easily recover dues from insolvent companies.
Demonetisation
The demonetisation exercise was perhaps one of the biggest decisions taken by the government while Jaitley was at the helm as the finance minister. The demonetisation exercise saw the government rescinding nearly 86 percent of India’s cash by value in order to tackle the problem of black money.
Merging Railway and General Budget
Jaitley ended the 92-year-old tradition of presenting the country’s general budget and railway budget separately. In 2017, Jaitley presided over and presented the country’s first combined budget. The change was based on multiple recommendations from various stakeholders and allowed the government to have a more holistic approach towards the transport sector.
Income Declaration Scheme
As part of Jaitley’s campaign against black money, the Income Declaration Scheme was passed in 2016 and allowed individuals to pay past taxes with just a monetary penalty instead of criminal proceedings.
