Should businessmen run the finance ministry?

Group Discussion
Points to remember before you participate in this discussion:
  • Assume you are one of the members of a real group discussion.
  • Take the initiative to participate and contribute your thoughts.
  • Contribute your positive thoughts towards providing the solution.
  • Post your thoughts here.
Discussion:
47 comments Page 1 of 5.

Aditya said:   1 decade ago
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.
(7)

Krishna said:   1 decade ago
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.
(17)

Abhiram prakash said:   1 decade ago
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.
(2)

Ashish said:   1 decade ago
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.
(13)

Sumit behal said:   1 decade ago
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.
(6)

Ankita Dubey said:   1 decade ago
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. !
(8)

Aanandaprabhu said:   1 decade ago
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....
(23)

Chandra Bhan Gupta said:   1 decade ago
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.
(4)

Javed said:   1 decade ago
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.
(57)

Pearl said:   1 decade ago
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.
(6)


Post your thoughts here:

Your comments will be displayed after verification.