New Delhi: Though Prime Minister Manmohan Singh’s qualifications as an economist are not in question, many are questioning if India needs a part-time or a 24/7 Finance Minister.
“Actually if a Finance Minister is really serious, he will be doing the job of four to five ministers,” says former finance minister Yashwant Sinha.
But N K Singh, who has worked in the finance ministry under both Manmohan Singh and P Chidambaram as finance ministers believes the Prime Minister has skills that equip him to take on additional charge of finance ministry without being a part time finance minister.
“If he delegates the revenue files which are routine, and the expenditure files a lot of them routine, then Dr Manmohan Singh is the best equipped that India has to discharge the responsibility during a transitional phase,” he says.
This Government is on its last leg and will not present a Budget, but a vote on account to obtain authorisation for expenditure till a regular budget is presented.
Which means the Prime Minister as Finance Minister will not have to be bothered about taxation proposals and finding funds to support plan expenditure for the coming year.
The Prime Minister may have the capability but does he have the time? These are turbulent times when markets have to be calmed, investors have to be reassured and the economy needs to be constantly talked up.
Also, there is such a thing as risk diversifcation and it helps to have a person to take the flak, be the fall guy.
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