An Insider Perspective on India’s Economic Transition: Review of Arun Jaitley’s Book ‘A New India’

During last decade we always had a vague sense of India changing rapidly but the specifics escaped. In that transformative period after economic reforms, I was curious to learn more about the transition from the lens of a key political leader and former finance minister. That’s why I picked up Arun Jaitley’s book “A New India” – to get insights into the Government’s economic vision and decision-making during a crucial phase of India’s development.

The book walks through Jaitley’s perspective on major economic policies introduced since 1991, with a focus on the Modi government’s first term from 2014 to 2019. As someone deeply involved in shaping these policies as Finance Minister, Jaitley provides a fascinating insider view of the motivations, challenges and trade-offs considered. The level of detail he shares, straight from Cabinet meetings and discussions with PM Modi, gives the reader a unique fly-on-the-wall experience of high-level decision making.

One thing that struck me was Jaitley’s unwavering faith in the potential of India’s young demographics and entrepreneurial spirit to power economic growth. Every policy move he analyzes, from bank nationalization to GST introduction, is seen through the lens of how it would attract investment and boost job creation. He dismisses concerns around the “Hindu rate of growth” and population explosion, arguing they are outdated views that fail to recognize India’s emerging strengths. His optimism and can-do approach remind us of what’s possible when leaders leverage our strengths instead of dwelling on challenges.

I also appreciated how Jaitley walked through debates around controversial decisions in a nuanced, non-defensive manner. For instance, he acknowledges shortcomings in the Modi government’s handling of demonetization while still convinced of its long-term benefits. On GST too, he shares internal disagreements but remains appreciative of the reform’s historic significance. Such balanced reflections give readers confidence that alternatives were considered, even if the final call wasn’t perfect. It makes for a thoughtful defense of the decisions that stays true to complex realities on the ground.

My one critique is that the book could have explored domestic economic challenges and reforms in more depth beyond just policy highlights. Issues around unemployment, agricultural distress, land acquisition policy could have lent more body to the analysis. International aspects are also glossed over despite their growing role. However, this is not a comprehensive textbook but rather an engaging Front Row seat into the Modi government’s vision and delivery.

Overall, Arun Jaitley’s “A New India” offers useful historical context for the economic transition experienced after decades of controlled regimes. Policy wonks will find many nuggets of information while general readers get a convincing case for India’s growth potential. With his erudite yet conversational style, Jaitley makes complex economic issues enjoyable to explore. I’d recommend this book for anyone looking to understand the thinking behind India’s growth acceleration as a global economic force. Our nation is indeed changing rapidly and books like this help appreciate the leaders steering us towards an ambitious future.

As per my understanding, a few things that make Arun Jaitley’s book “A New India” an exemplary one in analyzing India’s economic development:

Firstly, the level of access and insight the author provides as a key political leader is unrivaled. Jaitley was directly involved in the decision making process as Finance Minister, giving him a front row view of debates, alternatives considered and PM Modi’s leadership style. We get an insider’s perspective not available anywhere else.

Secondly, the way he evaluates policies through the lens of attracting investment and job creation provides a coherent thematic framework to analyze disparate initiatives. Too often, economic policies are discussed as siloed topics rather than contributing towards an overarching vision. Jaitley contextualizes them effectively within the government’s framework for accelerating growth.

A third exemplary aspect is his ability to discuss controversial decisions like demonetization and GST in a candid yet balanced manner. While defending the rationale, he also acknowledges unintended costs – a rarity among politician-authors. This sincerity and nuance enhances credibility.

The book is also remarkably well-written for a compilation of speeches, showing Jaitley’s strengths as a communicator as well as thinker. The anecdote-filled conversational style helps complex ideas come alive for lay readers.

Most importantly, it invites readers into the thinking and decision making dynamics within South Asia’s fastest growing major economy. For anyone interested in India’s development journey, this inside view is hugely valuable. Very few books provide such a “fly on the wall” experience of governance at the highest levels.

For these reasons, Arun Jaitley’s memoir offers an authoritative as well as engaging lens to analyze the transitions reshaping India. It sets the benchmark for political leaders to reflect on their records through insightful, balanced books that enlighten rather than just endorse.

Some of the major sweeping changes that Arun Jaitley discusses in his book “A New India” include:

• Economic liberalization initiated in 1991: Jaitley provides detailed context around why license raj reforms were necessary after years of stagnation. He highlights how opening up key sectors unleashed India’s entrepreneurial potential.
• Rise of service industry exports: From IT/ITeS to other services, Jaitley analyzes how this helped mitigate historic focus on agriculture and generate millions of urban jobs. Exports fueled consumption and reinforced reforms.
• Tax reform: From rolling out GST to initiatives like MAT for preventing tax leakage, he shares the reasoning and political challenges involved in overhauling India’s complex taxation system.
• Banking reform: The book walks through the Modi government’s efforts in cleaning up bank balance sheets after the NPA crisis, as well as expanding financial inclusion through Jan Dhan, Mudra and other schemes.
• Boost to infrastructure spending: Major programs around roads, railways, clean energy, housing and digital connectivity get detailed as priorities to lower logistics costs, connect rural areas and fuel development.
• Foreign investment push: Initiatives to liberalize FDI norms, establish dedicated ministries/platforms and court overseas investors find mention as a transformational shift to leverage global capital and business networks.

So in summary, the wide range of economic reforms introduced since the early 90s featuring strong continuity as well as new initiatives by the Modi administration that Jaitley believes established the foundation for a New India is what makes this book such a fascinating read.

Arun Jaitley writes with remarkable clarity and authority stemming from his deep experience and competence. A few aspects that exemplify this:

• Plain language: He translates complex economic jargon into accessible yet precise terms, avoiding vagueness. Real-world examples enliven abstract concepts.
• Logical flow: Jaitley presents a coherent narrative, logically framing policies in India’s socio-political context and sequencing reforms in a phased manner. Interlinkages are clear.
• Command of facts: His command over macroeconomic data, legislative details and historical context is evident. Statistics are used to illustrate rather than baffle the reader.
• Rich insights: As a policy insider, Jaitley shares rich anecdotes and stories that transport the reader behind the scenes. His perspectives carry the authenticity of first-hand experience.
• Balanced analysis: Even when evaluated reforms of his own government, Jaitley maintains an impartial and bipartisan tone. Dissenting views get a respectful hearing.
• Conviction with humility: Beneath strong ideological positions lie an acknowledgement of complex ground realities and room for course correction.

Overall, these traits give Jaitley’s perspectives enormous persuasive power. The confidence comes from deep knowledge rather than rhetoric. Policy buffs and novices equally find the book an enlightening read. His authoritative yet enjoyable writing style sets it apart.

In short, Jaitley possesses a rare ability to break down complex ideas clearly, which becomes the hallmark of an exemplary thought leader and makes “A New India” valuable for policy reference.

Some of the views presented in Arun Jaitley’s book relate to sensitive political issues.

On dynastic politics, he acknowledged the Congress party’s long contributions but felt over-reliance on a single family weakens internal democracy and holds back new leaders. He saw this as one reason for disconnect with voters and inability to reinvent after loss of dominance.

Regarding regional politics, Jaitley expressed it’s natural for state-level aspirations to emerge in a large diverse nation. However, excessive infighting harms national cooperation on shared challenges like poverty. He advocated collaborative federalism over one-upmanship.

On the crisis in Congress, he analyzed that a vacuum after the Gandhis left fewer options to recalibrate strategies or policy stances, hurting relevance. But also said a vibrant opposition benefits any democracy, so hoped they find a way past current difficulties.

Overall, his undercurrent was that while regionalism and intra-party democracy are healthy, taken to an extreme they undermine needed unity and consensus to deliver social reforms. But change must come from within, through open discussion not external allegations.

The target audience for Arun Jaitley’s book “A New India” can be broadly categorized as:

-Policy Enthusiasts: For those interested in understanding India’s economic policies, reforms and governance frameworks over the past few decades, this book provides invaluable insider context.

-Students of History: By chronicling the major transitions since the early 1990s, it helps make sense of how contemporary India has taken shape. Great for academic purposes too.

-Young Professionals: As someone coming of age in that transformative phase, I found it fascinating to learn about the backstories and intent driving initiatives like Make in India that shape our working world.

-Politically Aware Citizens: Anyone wanting to follow debates around poverty reduction, jobs, investment climate etc. in an objective and bipartisan manner.

-Business Leaders & Investors: To comprehend vision and roadmap of successive Governments to leverage opportunities in sectors like infrastructure, manufacturing, services etc.

-General Readers: Despite covering complex policy, Jaitley’s conversational style ensures even casual readers remain engaged. Nice weekend or vacation read.

So in essence, from high schoolers to corporate executives, those keen to understand India’s rise as an economic force and appreciate nuanced viewpoints on strategic choices would benefit from this book. The relatable storytelling approach broadens its reach.

In closing, Arun Jaitley’s book “A New India” offers invaluable insights for all involved with, impacted by or simply interested in understanding India’s ongoing economic transition. Through the lens of his direct involvement in shapingpolicies, we get an authoritative behind-the-scenes account of what drove key decisions. More importantly, Jaitley helps decode the thinking behind the Government’s vision to leverage India’s diverse strengths and potential. While complex issues are involved with no straightforward solutions, books like this provide thoughtful perspective and historical context to inform public discourse. I’d certainly recommend it for anyone curious about how India is reshaping itself as a global force to be reckoned with. Jaitley’s elegant style also ensures it remains an engaging read despite covering substantial ground.