Condolences continue to pour in, morning demise of Former Finance Minister Arun Jaitley who passed away on Saturday - 24 August 2019 at Delhi's AIIMS hospital. While Prime Minister Narendra Modi has set India a target to become a $ 5 trillion ecomy, one can remember man instrumental for setting India on ecomic progress speedway - Arun Jaitley. As India's Finance Minister in first Modi cabinet (2014-2019), Jaitley reshaped Indian ecomy with invative reforms and legislature. He heralded India's rapid rise to be crowned as  world's fastest-growing major ecomy.

Here are some of Former Finance Minister's landmark moves which changed India's ecomy

Demonetisation

Under stewardship of Arun Jaitley, Modi government took a big, bold reform - Demonetisation, on 8 vember 2016. With PM Modi's late-night anuncement, old banktes of Rs.500 and Rs.1000 were instantly me invalid. Issuance of new ₹500 and ₹2,000 banktes were anunced by Prime Minister. This move was aimed at curtailing us of black money and reduce use of illicit and counterfeit cash.

GST

As Finance minister, Jaitley was man instrumental in historic pass of Goods and Services Tax (GST) Bill in both Houses of Parliament in 2017. This moment was t just momentous in terms of tax reform but also one that encompassed robustness of India’s political consensus for country’s future. GST which was a tax reform languishing for 17 years, subsuming over a dozen different taxes and cesses necessitated passing of a Constitutional Amendment. Prior to its pass, Jaitley h to forge inter-party and inter-state consensus at a time when such a thing h appeared unlikely.

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Integration of Budget

With Arun Jaitley at helm, Indian Budget was consolidated and streamlined by merging railway budget with general Budget in 2017. Since 1924, during British colonial era, critical Railway Ministry h a different budget which was presented separately from Union Budget. But on recommendations of NITI Aayog,   previous Modi Government decided to merge both Union Budget and Railway Budget from financial year 2017-2018. A separate committee with representatives from Ministry of Finance and Ministry of Railways examined issues involved in merger. Heralding a unifying change to India's budget, n-Finance Minister Arun Jaitley anunced merger of two Budgets on 1 February 2017.

Structural Reforms

In 2015, Arun Jaitley tabled Insolvency and Bankruptcy Bill which ensured law to act against errant promoters of companies.  He also took many steps to stabilise ecomy, which ensured that India was longer a part of Fragile Five club. His major reform was setting up a Monetary Policy Committee to set inflation target of 4%. This ensured growth in India's GDP from 6.4% in FY14 to 6.8% in FY19.

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Erication of Black Money

After anuncing Demonetisation in 2016, Jaitley doubled down in his war against Black money. He was brain behind Income Declaration Scheme (IDS).  This ensured that 64,275 people came out and declared black money totalling to Rs 65,250 crore in September 2016. With IDS, government h offered a one-time chance to income and asset-holders who h illegally escaped taxes, to own up by paying 45% in tax and penalty.

Ease of Business

During his four-year tenure as Finance Minister, India climbed 65 positions in ease of Business rankings to be placed at 77th position in 2018. But with bigger ambitions, Jaitley h written in his blog, that goal was to ensure India should be among first 50 nations in ranking. With meteoric rise into top 100 rankings, Jaitley felt that his dream was plausible. Prior to Modi government, India held 142nd position in Ease of Business criteria.

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Aam Ami First

Former Union Minister Arun Jaitley h always put common man's need first. In October 2018, when turmoil gripped global oil market, fuel prices skyrocketed in India. Sensing pinch felt by Indians, he anunced a cut in per litre price of diesel and petrol.  He furr also asked state governments to anunce a matching reduction.

NPA crisis troubleshooter

In 2013, Indian ecomy was going through a major dip. Inheriting an ecomy which h resulted in n-Performing Assets (NPA) being at peak, Arun Jaitley h reversed crisis by initiating bank consolidation process in 2014. As Union Finance Minister Jaitley h merged SBI and its five associates with or state-run banks. This bold move helped improve customer base and bank's operational efficiency, tackling NPA crisis he-on.

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