Should businessmen run the finance ministry?

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.