Yashwant Sinha
Encyclopedia
Yashwant Sinha is an India
n politician and a former finance minister of India
(1990–1991 under Prime Minister Chandra Shekhar
and March 1998 – July 2002 under Prime Minister Atal Bihari Vajpayee
) and foreign minister
(July 2002 – May 2004) in Atal Bihari Vajpayee
's cabinet. He is a senior leader of the Bharatiya Janata Party
, currently the largest Opposition party in India.
in 1958. Subsequently, he taught the subject at the University of Patna
till 1960.He resigned from the BJP vice presidency declaring that he was dissatisfied with the party's action following the defeat in the general elections of 2009
in 1960 and spent over 24 years holding important posts during his service tenure. He served as Sub-Divisional Magistrate
and District Magistrate for 4 years. He was Under Secretary
and Deputy Secretary in the Finance Department of the Bihar
Government for 2 years after which he worked in the Ministry of Commerce
as Deputy Secretary to the Government of India
.
From 1971 to 1973, he was First Secretary (Commercial) in the Indian Embassy, Bonn
, Germany
. Subsequently, he worked as Consul General of India in Frankfurt
from 1973 to 1974. After working for over seven years in this field, he acquired experience in matters relating to foreign trade and India
's relations with the European Economic Community
. Thereafter, he worked in the Department of Industrial Infrastructure, Government
of Bihar and in the Ministry of Industry, government of India
dealing with foreign industrial collaborations, technology imports, intellectual property rights and industrial approvals. As Joint Secretary in the Ministry of Surface Transport, Government of India from 1980 to 1984, his main responsibilities were road transport, ports and shipping.
. He was appointed All-India General secretary of the party in 1986 and was elected Member of the Rajya Sabha
(Upper House of the Indian Parliament
in 1988.
When the Janata Dal
was formed in 1989, he was appointed General Secretary of the party. He worked as Minister of Finance from November, 1990 to June 1991 in Chandra Shekhar
's Cabinet.
in June, 1996. He was appointed finance minister in March, 1998. He was foreign minister from that date until May 22, 2004, when a new government took office after the parliamentary elections. He represented the Hazaribagh
Constituency in Bihar (now Jharkhand
), in the Lok Sabha
(Lower House of the Indian Parliament
. However, in an amazing development, Yashwant Sinha was defeated from Hazaribagh seat in the elections of 2004. He re-entered the Parliament in 2005. On June 13, 2009, he resigned from the post of vice president of BJP.
Yashwant Sinha was the finance minister
until July 1, 2002, when he exchanged jobs with foreign minister Jaswant Singh
. Sinha, during his tenure, was forced to roll back some of his government's major policy initiatives for which he was much criticised http://www.samachar.com/features/290402-sify.html. Still, Sinha is widely credited for pushing through several major reform measures that put the Indian economy on a firm growth trajectory. Among them are lowering of real interest rates, introducing tax deduction for mortgage interest, freeing up the telecommunications sector, helping fund the National Highways Authority, and deregulating the petroleum industry. Sinha is also known for being the first Finance Minister to break the 53 year tradition of presenting the Indian budget at 5 pm local time, a practice held over from British Rule days that sought to present the Indian budget at a time convenient to the British Parliament (1130a GMT) rather than India's Parliament.
Sinha has written a comprehensive account of his years as Finance Minister titled "'Confessions of a Swadeshi Reformer'".
.
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
n politician and a former finance minister of India
Finance Minister of India
The Minister of Finance, also known as the Finance Minister of India is a cabinet position in the Government of India and heads the Ministry of Finance. He drafts the general budget of the country, and is in charge of the national economy. Currently, Pranab Mukherjee holds the charge of finance...
(1990–1991 under Prime Minister Chandra Shekhar
Chandra Shekhar
Chandra Shekhar Singh was the eighth Prime Minister of India.-Early years:He was born on 1 July 1927 to a Rajput farming family in Ibrahimpatti - Ballia in eastern Uttar Pradesh. Chandra Shekhar Singh did his Master of Arts at Allahabad University. He was known as a firebrand in student politics...
and March 1998 – July 2002 under Prime Minister Atal Bihari Vajpayee
Atal Bihari Vajpayee
Atal Bihari Vajpayee is an Indian statesman who served as the tenth Prime Minister of India three times – first for a brief term of 13 days in 1996, and then for two terms from 1998 to 2004. After his first brief period as Prime Minister in 1996, Vajpayee headed a coalition government from...
) and foreign minister
Foreign minister
A Minister of Foreign Affairs, or foreign minister, is a cabinet minister who helps form the foreign policy of a sovereign state. The foreign minister is often regarded as the most senior ministerial position below that of the head of government . It is often granted to the deputy prime minister in...
(July 2002 – May 2004) in Atal Bihari Vajpayee
Atal Bihari Vajpayee
Atal Bihari Vajpayee is an Indian statesman who served as the tenth Prime Minister of India three times – first for a brief term of 13 days in 1996, and then for two terms from 1998 to 2004. After his first brief period as Prime Minister in 1996, Vajpayee headed a coalition government from...
's cabinet. He is a senior leader of the Bharatiya Janata Party
Bharatiya Janata Party
The Bharatiya Janata Party ,; translation: Indian People's Party) is one of the two major political parties in India, the other being the Indian National Congress. Established in 1980, it is India's second largest political party in terms of representation in the parliament...
, currently the largest Opposition party in India.
Early life
Born and educated in Patna, Bihar, Sinha received his Masters Degree in Political SciencePolitical science
Political Science is a social science discipline concerned with the study of the state, government and politics. Aristotle defined it as the study of the state. It deals extensively with the theory and practice of politics, and the analysis of political systems and political behavior...
in 1958. Subsequently, he taught the subject at the University of Patna
University of Patna
The Patna University, Hindi: पटना विश्वविद्यालय, the first university in Bihar, was established in 1917 during the British Raj, and is the seventh oldest university of the Indian subcontinent. At that time, the jurisdiction of the university extended to Bihar, Orissa, and the Kingdom of Nepal...
till 1960.He resigned from the BJP vice presidency declaring that he was dissatisfied with the party's action following the defeat in the general elections of 2009
Bureaucratic career
Yashwant Sinha joined the Indian Administrative ServiceIndian Administrative Service
The Indian Administrative Service is the administrative civil service of the Government of India. It is one of the three All India Services....
in 1960 and spent over 24 years holding important posts during his service tenure. He served as Sub-Divisional Magistrate
Sub-Divisional Magistrate
A Sub-Divisional Magistrate is a title sometimes given to the head official of a country subdivision, an administrative unit that is sometimes below the level of district, depending on a country's government structure....
and District Magistrate for 4 years. He was Under Secretary
Under Secretary
-In the United Kingdom:*Under-secretary*Parliamentary Under-Secretary of State*Under-Secretary of State for India*Under-Secretary of State for Scotland*Under-Secretary for Ireland*Under-Secretary of State for War and the Colonies*Under-Secretary of State for War...
and Deputy Secretary in the Finance Department of the Bihar
Bihar
Bihar is a state in eastern India. It is the 12th largest state in terms of geographical size at and 3rd largest by population. Almost 58% of Biharis are below the age of 25, which is the highest proportion in India....
Government for 2 years after which he worked in the Ministry of Commerce
Ministry of Commerce
Ministry of Commerce may refer to:*Ministry of Commerce *Ministry of Commerce * Ministry of Commerce and Industry *Ministry of Commerce *Ministry of Commerce of the People's Republic of China...
as Deputy Secretary to the Government of India
Government of India
The Government of India, officially known as the Union Government, and also known as the Central Government, was established by the Constitution of India, and is the governing authority of the union of 28 states and seven union territories, collectively called the Republic of India...
.
From 1971 to 1973, he was First Secretary (Commercial) in the Indian Embassy, Bonn
Bonn
Bonn is the 19th largest city in Germany. Located in the Cologne/Bonn Region, about 25 kilometres south of Cologne on the river Rhine in the State of North Rhine-Westphalia, it was the capital of West Germany from 1949 to 1990 and the official seat of government of united Germany from 1990 to 1999....
, Germany
West Germany
West Germany is the common English, but not official, name for the Federal Republic of Germany or FRG in the period between its creation in May 1949 to German reunification on 3 October 1990....
. Subsequently, he worked as Consul General of India in Frankfurt
Frankfurt
Frankfurt am Main , commonly known simply as Frankfurt, is the largest city in the German state of Hesse and the fifth-largest city in Germany, with a 2010 population of 688,249. The urban area had an estimated population of 2,300,000 in 2010...
from 1973 to 1974. After working for over seven years in this field, he acquired experience in matters relating to foreign trade and India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
's relations with the European Economic Community
European Economic Community
The European Economic Community The European Economic Community (EEC) The European Economic Community (EEC) (also known as the Common Market in the English-speaking world, renamed the European Community (EC) in 1993The information in this article primarily covers the EEC's time as an independent...
. Thereafter, he worked in the Department of Industrial Infrastructure, Government
Government
Government refers to the legislators, administrators, and arbitrators in the administrative bureaucracy who control a state at a given time, and to the system of government by which they are organized...
of Bihar and in the Ministry of Industry, government of India
Government of India
The Government of India, officially known as the Union Government, and also known as the Central Government, was established by the Constitution of India, and is the governing authority of the union of 28 states and seven union territories, collectively called the Republic of India...
dealing with foreign industrial collaborations, technology imports, intellectual property rights and industrial approvals. As Joint Secretary in the Ministry of Surface Transport, Government of India from 1980 to 1984, his main responsibilities were road transport, ports and shipping.
Janata Dal
Yashwant Sinha resigned from the Indian Administrative Service in 1984 and joined active politics as a member of the Janata PartyJanata Party
The Janata Party was an amalgam of Indian political parties opposed to the state of emergency imposed by the government of Prime Minister Indira Gandhi and her Indian National Congress...
. He was appointed All-India General secretary of the party in 1986 and was elected Member of the Rajya Sabha
Rajya Sabha
The Rajya Sabha or Council of States is the upper house of the Parliament of India. Rajya means "state," and Sabha means "assembly hall" in Sanskrit. Membership is limited to 250 members, 12 of whom are chosen by the President of India for their expertise in specific fields of art, literature,...
(Upper House of the Indian Parliament
Parliament of India
The Parliament of India is the supreme legislative body in India. Founded in 1919, the Parliament alone possesses legislative supremacy and thereby ultimate power over all political bodies in India. The Parliament of India comprises the President and the two Houses, Lok Sabha and Rajya Sabha...
in 1988.
When the Janata Dal
Janata Dal
Janata Dal is an Indian political party which was formed through the merger of Janata Party factions, the Lok Dal, Congress, and the Jan Morcha led by V. P...
was formed in 1989, he was appointed General Secretary of the party. He worked as Minister of Finance from November, 1990 to June 1991 in Chandra Shekhar
Chandra Shekhar
Chandra Shekhar Singh was the eighth Prime Minister of India.-Early years:He was born on 1 July 1927 to a Rajput farming family in Ibrahimpatti - Ballia in eastern Uttar Pradesh. Chandra Shekhar Singh did his Master of Arts at Allahabad University. He was known as a firebrand in student politics...
's Cabinet.
BJP
He became the National Spokesperson of the Bharatiya Janata PartyBharatiya Janata Party
The Bharatiya Janata Party ,; translation: Indian People's Party) is one of the two major political parties in India, the other being the Indian National Congress. Established in 1980, it is India's second largest political party in terms of representation in the parliament...
in June, 1996. He was appointed finance minister in March, 1998. He was foreign minister from that date until May 22, 2004, when a new government took office after the parliamentary elections. He represented the Hazaribagh
Hazaribagh
Hazaribagh is a city and a municipality in Hazaribagh district in the Indian state of Jharkhand. It is the divisional headquarters of North Chotanagpur division. It is famous as a health resort and for Hazaribagh National Park ....
Constituency in Bihar (now Jharkhand
Jharkhand
Jharkhand is a state in eastern India. It was carved out of the southern part of Bihar on 15 November 2000. Jharkhand shares its border with the states of Bihar to the north, Uttar Pradesh and Chhattisgarh to the west, Orissa to the south, and West Bengal to the east...
), in the Lok Sabha
Lok Sabha
The Lok Sabha or House of the People is the lower house of the Parliament of India. Members of the Lok Sabha are elected by direct election under universal adult suffrage. As of 2009, there have been fifteen Lok Sabhas elected by the people of India...
(Lower House of the Indian Parliament
Parliament of India
The Parliament of India is the supreme legislative body in India. Founded in 1919, the Parliament alone possesses legislative supremacy and thereby ultimate power over all political bodies in India. The Parliament of India comprises the President and the two Houses, Lok Sabha and Rajya Sabha...
. However, in an amazing development, Yashwant Sinha was defeated from Hazaribagh seat in the elections of 2004. He re-entered the Parliament in 2005. On June 13, 2009, he resigned from the post of vice president of BJP.
Finance minister
Finance minister
The finance minister is a cabinet position in a government.A minister of finance has many different jobs in a government. He or she helps form the government budget, stimulate the economy, and control finances...
until July 1, 2002, when he exchanged jobs with foreign minister Jaswant Singh
Jaswant Singh
- Career :He is one of the few Indian politicians to have been the Minister for Defence, Finance and External Affairs.He started the new government of Vajpayee, which lasted its full term, as the External Affairs Minister and later on switched his ministry to Finance with Yashwant Sinha...
. Sinha, during his tenure, was forced to roll back some of his government's major policy initiatives for which he was much criticised http://www.samachar.com/features/290402-sify.html. Still, Sinha is widely credited for pushing through several major reform measures that put the Indian economy on a firm growth trajectory. Among them are lowering of real interest rates, introducing tax deduction for mortgage interest, freeing up the telecommunications sector, helping fund the National Highways Authority, and deregulating the petroleum industry. Sinha is also known for being the first Finance Minister to break the 53 year tradition of presenting the Indian budget at 5 pm local time, a practice held over from British Rule days that sought to present the Indian budget at a time convenient to the British Parliament (1130a GMT) rather than India's Parliament.
Sinha has written a comprehensive account of his years as Finance Minister titled "'Confessions of a Swadeshi Reformer'".
Personal life
Yashwant Sinha has a wide range of interests including reading, gardening and meeting people. He has widely travelled and has led a number of political and social delegations. He played a leading role in many negotiations on behalf of the country. His son, Sumant Sinha is an alumnus of IIM Calcutta and was formerly the COO of Suzlon EnergySuzlon Energy
Suzlon Energy is a global wind power company based in India. In terms of market share, the company is the fifth largest wind turbine manufacturer in Asia...
.