With the BJP getting a clear mandate, the easy part is over for Narendra Modi as he now gets ready to announce his Cabinet. The berth of Finance Minister becomes all the more crucial in the current global economic scenario and the stagnant state of the Indian economy. Mr Modi has a few choices and he must choose wisely.
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Arun Jaitley seems to be leading the race. Though a close-aide of Mr Modi, his scant background in economics, however, makes him slightly unsuitable for this highly technical and specialised job. Close on his heels is Subramanian Swamy, whose PhD in economics from Harvard University and an earlier stint with the Planning Commission makes him the most suitable candidate.
A journalist and economist with experience at the World bank also makes Arun Shourie a formidable contender for the FM post.
It would be most interesting to see who Modi puts in charge of the finance ministry and who he ropes in for the Planning Commission. But whoever gets the job, must tackle the pressing issues of slowing economic growth, high inflation and current account deficit. The FM must strengthen state-owned-banks, keep a healthy Balance of Payment situation, solve the tax disputes and reinvent India as an Investment destination. I wish Modi all the best in making the tough choice as the future of India depends on it.
Johney Maheshwari is a student of PGDM 2013-15 (Finance) at SP Jain Institute of Management & Research, Mumbai.
An earlier version of this article had the byline of a Business Today writer who sourced it from the B-school student-author.