Defining a 'good' finance minister

Do you need to be an economist in order to be a good finance minister? Indeed, how do you tell a good finance minister from a bad one?

Back in the mid-1990s, when liberalisation was in its infancy, Sudhir Mulji, economist and businessman, writer, savant and saviour, would insist that only economists should be made finance ministers.  Finance minister Manmohan Singh had made way in 1996 for a lawyer called P Chidambaram. Mr Mulji was not pleased.

In the event, Mr Chidambaram brought down income taxes, cut import duties, and appointed Bimal Jalan as RBI governor who furthered the cause of liberalising the financial markets and managed the politicians with great finesse. Overall, although the first Chidambaram term lasted only for about two years, it was a good