India’s Finance Minister Won’t Rejoin Modi’s Government, Citing Health

(Bloomberg) -- Arun Jaitley, who was heading India’s finance ministry, has decided not to seek a position in the new government led by Prime Minister Narendra Modi, citing ill health.

Jaitley said he has had some serious health challenges in the last 18 months, according to a letter written by him to Modi. He could not present the interim budget in February as he was undergoing treatment.

“I would in future, for some time, like to keep away from any responsibility,” Jaitley wrote. “This will enable me to concentrate on my treatment and health.”

Jaitley oversaw introduction of key reforms in the last five years, including a national consumption tax and bankruptcy code, that boosted the ease of doing business in India. His departure will present a challenge for Modi to find a replacement to steer the next course of reforms, as economic growth slows.

Railways Minister Piyush Goyal, who stood in for Jaitley twice before, is seen as a possible candidate to succeed him. Amit Shah, a close aide of Modi and president of the Hindu nationalist BJP, could also be a contender, the Business Standard reported. Nirmala Sitharaman, who helmed the defense ministry in Modi’s first term, is another likely candidate, the newspaper said.

Modi and his council of ministers are due to be sworn into office on Thursday.

Jaitley was largely absent from office in the weeks before the ruling Bharatiya Janata Party’s landslide election victory and missed the party’s post-election events last week. The finance minister had a kidney transplant in 2018 and has received regular medical treatment and care since then.

To contact the reporter on this story: Vrishti Beniwal in New Delhi at vbeniwal1@bloomberg.net

To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, Karthikeyan Sundaram, Subramaniam Sharma

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