Should businessmen run the finance ministry?


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Abhishek Nair said: (Jun 6, 2017)  
Hello,

Why not! Businessmen should run the finance ministry. It's because they too possess the knowledge of finance and economy exists due to trades and business are done by them. When a businessman stays in a business he only thinks of his own business and his own profit in it. In fact, nobody else knows the techniques and skills better than them to earn a profit the most. So if they are given a chance and responsibility to run the finance ministry, their unique business skills can definitely help to boost the profit of our nation's economy.

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Sachi said: (Oct 26, 2016)  
Businessmen are differed from the finance ministry these are all different face in single cion. Businessmen do not run an finance ministry because businessmen can think only own profit he could not think about the country but finance ministry think about the country and normal peoples.

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Devender said: (Sep 26, 2016)  
Finance ministry & Businessman are two sides of a coin. Where a Businessman's first movie is to get more profit from his organization on another side finance ministry has to manage whole contrary people without thinking any type of profit or earnings.

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Ankit Singh said: (Jul 31, 2016)  
In my opinion, businessmen should not take on as finance minister because business is all about how to make the profit. And running a country as finance minister is sumthing diff. They are two sides of the same coin. Businessmen can only think about himself or about his own company. Business is considered as competition. But working as a minister is not what participating in a competition or winning the competition. And businessmen cannot handle the politics which is played in an election commission.

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Prem said: (Jul 25, 2016)  
Do you realize how people are negative about changes? Why businessman can't be a good finance ministry?

If he is a successful businessman he would have appropriate skills and techniques to increase profit. Yes, this is the fact that they think on their own but they have never been asked to work for the whole country that's why they think for their profit only and that's absolutely right. When you grew up as the successful man who runs his business or job that time you became eligible to family head. Do anyone says he is only capable of earning money but cannot handle family? We should ask for change. Changes in life give more options and new ideas.

Businessmen have the capability to apply their knowledge to profit whole nation as well as they are able to provide new schemes too.

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Jayaprakash said: (Jul 20, 2016)  
In my point of view, a business or running a country is completely different. A businessman can think only for their own profit. He couldn't think of the country. A finance minister thinks for a normal people. He takes decision after recognizing all fields not only economy fields. A finance minister will take the decision after taking experience from all fields like PWD, Education etc. A finance minister has a responsibility to think for the whole country. A businessman can think of profit if he will take wrong decision in their business that ruined their money only it doesn't effect others but if a finance minister takes wrong decision it effects the whole country or we can say "NO RECAP" for their wrong decision.

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Priyanka said: (Jan 20, 2015)  
Yes I think businessman should run the finance ministry but they must also ensure the knowledge of politics also. They should not partial in decision. In business we should follow our profit motive but ministry of finance no one only see for profit but legally binding restrictions should followed.

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Ravi Pareek said: (Dec 12, 2014)  
Yes, that is correct thing in my knowledge in present time because private sector is best sector than public sector for good management.

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Rohith Kumar said: (Oct 26, 2014)  
Good afternoon everyone,

Implementation of Innovative Ideas by A Business person as finance minister can definitely contribute to the GDP of our country.

1. The Business background of that person could bring professionalism to Economic ministerial Responsibilities.

2. He could grasp the Economic issues faster.

3. He would try his best to add value through judicious use of Resources.

4. He would perform his duties with commitment as he knows the importance of portfolio in creating national wealth due to his business background.

In my view A businessman can definitely run the finance ministry.

Thank you.

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Praveen Kumar Singh said: (May 2, 2014)  
No I think that business man should run the finance ministry because politician with no knowledge about the finance but then also they became the finance ministry. An educated man could led the nation very nicely don't you think?

Country like america, japan, Russia and any other developed country are having that businessman only run the government and the finance ministry so for the development of our nation we should make the businessman to run finance ministry.

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Plough said: (Mar 31, 2014)  
Actually, Finance ministry is one the most accountable ministry for the nation's economic development. This position can be substituted by a visionary person whose priority decisions for the forthcoming years could increase the GDP and in common sense, the improved living standards. It requires some of the decisions which can either heighten or deepen the stock exchange value. The ministry requires complete understanding and functioning of national economic scenario.

The implementation of certain policies have a very non-negotiable impact on the market as well as on the GDP thus the ministry requires a proper leadership, effectively posing real-time effect on the market and the overall nation's economic growth.

A businessman is a person with a quality of withdrawing money from the client. They have the short-term vision as compared to some industrialists, although irrelevant here. A businessman's sole aim is to dominate the market in order to establish the monopoly. Although their particular workings does not make reasonable sense to compare their principles of workings.

But it is practically viable and approved that practical experience can curb the intolerable monetary problems more efficiently as compared to theoretical expertise of a minister. The more stock sensitivity of the businessman put one in a position to take decisive action upon requirement and can prevail the economic pull into desirable direction.

So at one point I think businessmen can run the finance ministry more efficiently.

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Sbl said: (Jan 30, 2014)  
Finance ministry deals with finance of country. Businessman deals with business profits and how to improve the growth of business. Businessman as a finance minister thinks about how to increase the level of income in our country. Finance minister knows about how to handle different type of situations like lack of income or high income.

Businessman knows not only about profits but also how to handle critical situations. I think business man as finance minister do well only he/she think about country. Business dealt with firms only, finance ministry deals with so many firms, inflow and outflow of money as a gross amount. If businessman very careful about these things then businessman can run finance ministry very well.

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Sbl said: (Jan 29, 2014)  
I think businessman run the finance ministry is perfect in some issues. Those are every good businessman knows that how to handle financial matters. I mean how to increase growth of the income of a country. He/she can handle inflow and outflow of money. Businessman wants profits I agree, but as a finance minister businessman want to increase growth of income status. Finance ministry does not applicable to one individual or firm, it is applicable to whole country finance.

So, I think business man is perfect for finance ministry but he/she knows first what is finance ministry, what activities undergone on this, how to handle it, reaction due to small mistake under this. Once he/she knows all this then businessman run the finance ministry well.

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Sakthi said: (Dec 23, 2013)  
Business is the only set up and established by the one individual with his ability by owning his ideas. Chose the alternative objectives based on his capital budget. Everything it will be based on him. According to finance ministry which is only think about one countries GDP, inflation and all it is mainly based on that. It is better businessman should not run the finance ministry.

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Praveen Reddy said: (Aug 19, 2013)  
Finance ministry shall lead by a person with vision, who concern people welfare in society (Low, middle, upper classes) along with policies that benefits both government sector and private to improve funds flow in the nation where both are responsible for revenue generation. Its not like businessmen but a person with economics background and ability to face crisis at times to take 'right decisions' is preferable. A decision make impact on nations population whether positively or negatively as decision. So decision making is key factor and should be convincible to all sections of people.

So it is completely depends on person attitude towards nations welfare such that he/she can lead this job well.

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Geeth said: (Aug 1, 2013)  
According to me a businessman should never run the finance ministry! The basic aim of both of them may be the same i.e., profit. But in the case of businessman, he is concerned only with profit and never consider the common people and their welfare.

India always lacks the presence of educated people to head our various departments. Hence if an educated person can run the ministry, then its good. But the ultimate aim should be the economic welfare of people. The decisions taken by a minister affects the entire nation and the people relying on the government. IN business the profit or loss affects only that particular firm. So my personal opinion is that one who is experienced in various fields of a democracy should run the ministry so that economic and social inequalities do not occur.

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Nitin said: (Apr 12, 2013)  
The aim of a good businessman is to earn higher profits and increase his organization's reputation. However the finance ministry is responsible for flow of money in the country market. It does not earn for itself rather it aims for good foreign relations so that Indian sellers can earn more. I think a very educated person (whether he is businessman or not) should be a finance minister.

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Pranab said: (Apr 1, 2013)  
Hello friends. This is a good topic but my mind is think that a business man can run partly not fully run the finance minister's job. Because finance minister's job is to think about the whole country, common peoples and also their own profits. And other side a business is just think that how to make their profit high. Now if we see at the both sides then we see the common thing is coming out from both and that is the profit of their own. So in this case, minister's one part is same to the business man. But business man does not think about the country and other poor and common people. In this case, they are different.

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Harshavardhan said: (Mar 6, 2013)  
I don't think so that a businessman should run the ministry. Minister is a person who thinks can think about common men but when it comes about an individual he can only think about its profit. Minister is a person who can lead consumers to right source it all negative in case of businessman. But unfortunately India is lacking that also.

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Amit Topwal said: (Mar 3, 2013)  
Why not, Is that not correct that an expert of particular field leads that department.

That is a particular problem in India that there is no criteria or qualification for who leads a particular department. It is clear that a person lawyer in profession becomes finance minister will not be as efficient as he could be in law ministry. It is same as a mechanical engineering tries to design a chip.

India not only suffers from this but has may serious problems like bureaucrats leads major department like director of aviation in DGCA, director of fertilizer and many more examples and it directly impacts our efficiency because they drag there feet while passing an order or file because of lack of knowledge.

So we should start the trend of having expert of particular field in there own departments.

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Umesh said: (Nov 11, 2012)  
The motive of business man is towards profit than ethics and values. The minister is one elected by people through election, this means that he is the representatives to plan the Economy, making the policy which helps all categories of people in the society. Moreover the minister and BM can share ideas to build the nation economy. But the control should be with FM.

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Poonam said: (Sep 27, 2012)  
Hi Friends,According to my view Running a business or running a country is completely different.A businessman can think only for their own profit.He couldn't think for country.A finance minister think for a normal people.He take decision after recognize all fields not only economy fields.A finance minister will take decision after taking experience from all fields like PWD,Education etc.A finance minister has a responsibility to think for whole country.A businessman can think for profit if he will take wrong decision in their business that ruined their money only it doesn't effect others but if a finance minister take wrong decision it effects whole country or we can say "NO RECAP" for their wrong decision.

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Shruti said: (Sep 19, 2012)  
I don't think its a good idea that a bussinessman can run a finance ministry as he would only consider about making money for his comfort only. However exception also exist so it would not be justified for all.

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Manish said: (Sep 1, 2012)  
Sorry, I am not agree with this idea. A businessman won't be able to understand whole.

Idea of finance ministry. He just know that how to make profit from the things. He won't concern about the poor people. Government has a very important role to make every person equal in financial manner, but a businessman finance minister will lead to inequality.

I think we should think about a person who is good in economics as a finance minister.

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Sivashanmugamv said: (Aug 11, 2012)  
Good topic,

Businessman can work as a finance minister because if he is in business he should has good knowledge about economics. Profit should important for government sectors like banks, oil, power, telecom. If profit increases these sectors government automatically can rise subsidies on agricultural, power, education, health&oil so profit indirectly help to down the inflation.

It will lead to India GDP growth.

If the businessman man who become rich from poor should be finance minister.

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Sumit said: (Aug 7, 2012)  
Hi, everyone finance minister is a very responsible person in our country, he has to think about the problem of general public. A businessman can't understand the problem of people, always they want to make the money at any cost.

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Naveen said: (Jul 13, 2012)  
Good Topic!

To start off, Lets just not generalize this to particular business man/business house. If at all, a business man was to sit in finance "ministry", we would expect the person to not only have a strong foundation in Macro and Micro economics, but also has on a broad level, understanding of the political implications of the decisions. Since the ministry deals the fiscal measures, a person with business back ground would have a strong understanding of financial elements like Balance Sheet, Deficits, accruals and consolidations.

Given the candidature, we could decide upon who is good in taking up.

In my opinion though, I would rather go for a person who has some grounding in Economics, like an efficient businessman, than go for a a person who acts just as a rubber stamp for any postulations made by the advisory council in the ministry.

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Ramesh said: (Jun 28, 2012)  
If we give the chance to become the business man as a finance minister, it will not work as many people expect. One finance minister has to forecast those rules and regulation to increase overall country economy. Every business man always expect for profit or return from the investment but finance minister should not expect for profit when he\she make investment decision. He\she has to invest to increase status of all people's of the country and it may be in education, health sector or other. And to ensure the people demand and expectation he\she should equally invest in all the sector whether it is less profitable or high profitable sector.

So, only to develop country economy he \she should be not the business man it may be any one who have good idea or all the sector equally and that is political leader who become a leader after struggling to develop all the sector. Political leader is the person who come to lead from small place of the country and know all the impact of the rules and regulation made by past government's minister.

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Navin said: (Apr 4, 2012)  
In my view business man must be finance minister because he know the business well so that he can make policy like that only. It will not help the individual only it will help the whole country.

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Pearl said: (Mar 3, 2012)  
A business always minds his own business.

A businessman always thinks about his own benefits and ways of increasing his own profits. So if a businessman got to be the finance minister he will make the policies for the business growth his main motive will be maximizing the profit. But this is not the only responsiblity of the finance minister he has to think about every one in the country.

There different sections of society from low class to middle class to high class. As a minister of country his purpose is to take each section of society for growth. He has to invest on policies like NREGA and various other employment policis which may not provide much profit but are necessary for the development of lower sections.

So finance minister should have a thinking of Businessman but should also focus on the development of lower section of society.

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Javed said: (Jan 31, 2012)  
Hmm! Now thats a thinker. In a way the goal of both the Businessmen and the Finance ministry is common i.e., Profits. But, the way both these earn profits is totally different. A Businessman can earn profits by whichever means he finds suitable, whereas in case of Finance ministry the profits are earned putting welfare of a common man as a top priority.

Talking about India, the economic reforms over the past 15 to 20 years have been characterized by crony capitalism. There have been many missions and omissions due to all the scandals that we have witnessed. And putting a Businessman in finance ministry in such a scenario would aggravate the problem. The first thing that a businessman would do is try and get his opponent out of the market by manipulating all the policies.

Plus there is a basic difference between a Businessman and a Politician. A politician has a varied experience in all the fields. In general a politician has worked in more than one department like Zilla Parishad, PWD, Department of Telecom, etc. He understands every aspect or every sector that is affected by the Finance Ministry, whereas a Businessman has expertise in only one field. He may or may not understand the effects of his decisions on other sectors.

On the other hand, there is a very little room for error or mistakes when one takes financial decisions for a country. When a businessman takes any decisions it is his company or organization that incurs the losses or benefits the profits. But when the Finance minister takes a decision its effect can be seen directly on people or the nation as a whole.

So to sum up then I personally think that Businessmen should not be allowed in Finance Ministry.

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Chandra Bhan Gupta said: (Nov 9, 2011)  
Finance Ministry is run by Hon. Finance Minister who is a politician. There are many businessmen as politician. Many businessmen are Directors in Reserve Bank of India, financial, banking and insurance sector as Government appointees. Moreover, Businessmen have wide corporate, financial, market, governance, international and social responsibility experience of value / expertize, as such, could be a useful finance minister. One basic qualification for Finance Minister position is the support and trust of the ruling party in parliament. If businessmen can garness this qualification, day is not far when a businessman will be the Finance Minister of India.

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Aanandaprabhu said: (Aug 26, 2011)  
According to me the bussiness man cannot run or manage the finance ministry. Since BM can have vision of earning money only. If BM become a FM their motive is "How to earn the profit?". So they dont have time to do the good things to public.

Since BM couldn't run the finance ministry....

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Ankita Dubey said: (Jul 30, 2011)  
Talking about India, the economic reforms over past 15-20 years, have been characterized by a crony mechanism. We have witnessed many scandals and putting a businessman in such scenario would no doubt aggravate the problem.

Finance ministry is interlinked with other departments. Its main motive is the generalization of resources for social upliftment of people and thus we can conclude that its first priority is 'Common Man' whereas, Businessman works on Profit mechanism only without considering the ethics and values.

Thus, BUSINESSMEN SHOULD NOT RUN FINANCE MINISTRY. !

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Sumit Behal said: (Jun 18, 2011)  
Running a finance ministry is totally different from running business because one has to be diplomatic and smart at the same time. Also he should have persuading power to convince others. Incase of finance businessmen are profit motive but in case of finance minister one has to allocate the resources for the benefit of the people.

As every leader cannot be a good manager. Every businessman cannot be a good finance minister.

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Ashish said: (May 25, 2011)  
Running a Finance Ministry is totally different than running a Business. Finance Ministry in India has always a larger perspectives and objectives, where businessman has narrow perspective - earning money or fame.

Businessman normally invest with an objective of return - Take decision based on ROE, NPV or Payback. Finance ministry can not take decision based on this value.

Government is spending few % of budget only for education, health, employment, welfare of women, etc, where no return is expected accept betterment of society. I don't know any businessman will invest even Rs 1 for this cause without any personal interest or purpose. FM is also taking care of weaker section of society, where business person always take care stronger section of society.

By all above, I am opine that BM should do business and FM should run ministry.

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Abhiram Prakash said: (Apr 7, 2011)  
I think that businessmen can run the finance ministry as they have the same objective as that of finance ministry and that is make profit. They can also bring name and fame like businessmen like TATA's, reliance etc. So they can help to make our country financially strong in the front of whole world.

It cannot be said that a businessmen will not make good minister as we do not know his personal background so it cannot be generalized whether a business man can make a good minister. But it appears less likely for businessmen to fit in the chair of finance minister, taking into consideration various perspectives which a minister has to work on simultaneously.

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Krishna said: (Jan 31, 2011)  
Businessmen running a finance department of a company has to look at keeping the balance sheet inclined towards profits all the time but the government does not work only on earning profits it has to fund the disasters, the people below poverty, to fight terrorism and protect environment and so on. Which are not yielding profits in jiffy but are unavoidable for smooth running of a country.

A finance minister has to keep in check the inflation and businessmen has to check for cost cutting methods.

Flow of money in to the market to check the deficit along with RBI is an imporatnt job of a finance minister. Businessmen has to work on various sources to raise capital.

So there is a huge difference in running a ministry and a business.

It cannot be said that a businessmen will not make good minister as we do not know his personal background so it cannot be generalized whether a business man can make a good minister. But it appears less likely for businessmen to fit in the chair of finance minister, taking into consideration various perspectives which a minister has to work on simultaneously.

As the businessmen has the Company centric behaviour to make profits but a minister has to think on different lines of public welfare and have policies which benefit all the classes of a society and a particular company.

The impact of finance ministry is very bigger than a single company. As the latter effects only few group of people but the former effects the whole nation.

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Aditya said: (Sep 17, 2010)  
Yes. I think that businessmen can run the finance ministry as they have the same objective as that of finance ministry and that is make profit. They can also bring name and fame like businessmen like TATA's, reliance etc. So they can help to make our country financially strong in the front of whole world.

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Should businessmen run the finance ministry?

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