 "Arun Jaitley")
Finance, Corporate Affairs & Defence Minister
Date & year of birth: Dec 28, 1952
Consituency: Rajya Sabha MP from Gujarat
Previous terms: 2000-2005, 2006-2011 and from 2012
Previous terms: 2000-2005, 2006-2011 and from 2012
Whether held ministerial charge earlier: MoS (Ind.) for I&B (Oct 1999-Sept 2000); Disinvestment (Dec 1999-July 2000); Law (July 2000-Nov 2000); Union minister for law (Nov 2000-July 2002); Shipping (Nov 2000-Sept 2001); Commerce (Jan 2003-May 2004).
Although Arun Jaitley lost in his Lok Sabha election debut from Amritsar this year, Prime Minister Narendra Modi’s confidence in him remained intact. Jaitley, tipped to be the finance minister in the new government, has the task cut out: To make the ailing economy turnaround. He might also be given additional charge of defence.
In the previous National Democratic Alliance (NDA) regime, he had held the portfolio of commerce and industry, stoutly putting forth developing countries’ stand at the World Trade Organization ministerial meet at Cancun in 2003.
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Jaitley, 61, was born into a Punjabi family. His father was a lawyer. Jaitley graduated from the University of Delhi, in 1977. He was also a successful lawyer. He also held the ministry of law and justice.
This background would stand him in good stead at a time when the entire new law — Direct Taxes Code — is to be worked upon, the fate of Goods and Services Tax hangs in balance, a stance is to be made clear on retrospective amendments to the Income Tax Act and hence Vodafone tax row. In the earlier NDA ministry, Jaitley also held the portfolio of minister of state for disinvestment, now a department which would come under him if he becomes the finance minister.
As the defence minister, he will have to take a call on the opposition by the previous minister, A K Antony, on an increase in the foreign direct investment (FDI) cap on defence manufacturing from 26 per cent. His experience as a former commerce minister would help him find the way. Besides, there is demand of a rise in defence expenditure from ~2.24 lakh crore, pegged in the interim Budget for 2014-15. As the finance minister, Jaitley would be in a better position to balance the demand and constraints on resources.