Hasmukh Adhia

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Hasmukh Adhia
File:File:Dr. Hasmukh Adhia.jpg



Office Chancellor of Central University of Gujarat
Office Chairman of Bank of Baroda
Office Finance Secretary of India









Born 1958-11-3 (age 68)
Born Rajkot district, Gujarat[1]



Nationality Indian





Alma mater Indian Institute of Management Bangalore
Gujarat University
Swami Vivekanand Yoga University
Occupation Retired IAS officer


Hasmukh Adhia, IAS (born 3Template:NbspNovember 1958) is an Indian banker and a former civil servant. He is one of the key persons behind the architecture and roll-out of the Goods and Services Tax & Demonetization scheme announced in 2016. He is an Indian Administrative Service (IAS) officer of the 1981Template:NbspGujarat cadre batch who served as Finance Secretary and Revenue Secretary of India.[2] Adhia previously served in several capacities for the Indian and Gujarat governments, including as Financial Services Secretary. He is the present Non-Executive Chairman of Bank of Baroda.[3] A week after the government nominated him chairman of state-owned Bank of Baroda, he was appointed as the Chancellor of Central University of Gujarat.[4]

Education

Hasmukh Adhia is a Doctor of Philosophy (PhD) in yoga from the Swami Vivekanand Yoga University in Bangalore,[1][5][6] and is a gold medallist in oneTemplate:Nbspyear post graduate programme in public management and Policy for Government and Non Government Executives (PGP-PMP) from Indian Institute of Management Bangalore.[5][1][6] His thesis for PhD was on "Impact of Yoga on Management".[7] He also has Master of Commerce and Bachelor Commerce degrees from Gujarat University.[5][1][6]

Career

File:Dr. Hasmukh Adhia, IAS unveiling the plaque to inaugurate the New GST Council Office.jpg
Adhia unveiling the plaque to inaugurate the new office of GST Council

Adhia has served in various positions for both the Government of Gujarat and the Government of India, like as Additional chief secretary (Finance), Principal Secretary (Education), Principal Secretary (Transport), Principal Secretary to Chief Minister of Gujarat, executive director of the Sardar Sarovar Narmada Nigam, managing director of the Gujarat Industrial Investment Corporation, and as the district magistrate and collector of Bhavnagar and Surat districts in the Gujarat government;[5] and as Union Revenue Secretary and Union Financial Services Secretary, in the Indian government.[5][6][8]

Adhia was also a consultant to the United Nations Industrial Development Organization.[5]

Financial Services Secretary

Adhia was appointed as the Union Financial Services Secretary by the prime minister-headed Appointments Committee of the Cabinet (ACC) in November 2014,[6][9][10] he assumed office on 3Template:NbspNovember, and demitted it on 31Template:NbspAugust 2015,[5] when he was appointed the Union Revenue Secretary.[5]

Revenue Secretary

File:Dr. A. Adhia, IAS with Arun Jaitley and Shiv Pratap Shukla Corporate Affairs, Shri Arun Jaitley releasing the publication, at the Diamond Jubilee Celebrations of the Foundation Day of Directorate of Revenue Intelligence (DRI).jpg
Adhia with Minister of Finance Arun Jaitley, Minister of State Shiv Pratap Shukla on the diamond jubilee celebrations of the foundation of the Directorate of Revenue Intelligence
File:Dr. Hasmukh Adhia, IAS addressing a press conference on GST.jpg
Adhia addressing a press conference on Goods and Service Tax

Adhia was appointed as the Union Revenue Secretary by the ACC in August 2015,[11][12][13] he assumed office on 1Template:NbspSeptember 2015.[5][8]

In September 2017, after the retirement of Ashok Lavasa, Adhia was designated as the Finance Secretary, as he became the senior-most secretary in the Ministry of Finance.[14][15][16] Adhia retired from IAS and simultaneously demitted the offices of Finance Secretary and Revenue Secretary on 30Template:NbspNovember 2018;[17][18] he was succeeded as Revenue Secretary by Unique Identification Authority of India's chief executive officer Ajay Bhushan Pandey,[19][20] and as Finance Secretary by Expenditure Secretary Ajay Narayan Jha, as the senior-most secretary in the Ministry of Finance.[21][22]

Ahead of his retirement, Adhia was praised by Minister of Finance Arun Jaitley, who called him "highly competent, disciplined, no-nonsense civil servant [...] with impeccable integrity,"[17][23] and said that Adhia refused important post-retirement assignment from the government and instead intended to focus on spirituality and caring for his son.[23][24]

During his tenure as Revenue Secretary, Adhia was regarded as one of the most powerful bureaucrats in India.[25]

Controversies

Adhia is considered one of the key persons behind the architecture and roll-out of the controversial Goods and Service Tax in India.[26] He is also considered to be privy to another major controversial move of demonetisation of RsTemplate:Nbsp500 and Rs.Template:Nbsp1000 Currency notes which forced the retirement of 86Template:NbspperTemplate:Nbspcent of cash in circulation in India on 8Template:NbspNovember 2016.[7][26][27]

He was also accused of diluting graft charges against congress leader like Sonia Gandhi, P.Chidambaram.[28] Hasmukh Adhia was accused of interfering and preventing promotion of Enforcement Directorate Joint Director Rajeshwar Singh.[29] BJP Leader Subramaniam Swamy filed a petition in Supreme Court in favour of Rajeshwar Singh.

Hasmukh Adhia was considered to be one of the key persons in bringing controversial LTCG tax for Stocks without any indexation benefits. This move was considered to be illogical and became largely unpopular in Indian Stock Market. This triggered Foreign Inverstors to pull out investment from Indian Stock Market and triggered a Market Crash on 2 February 2018, a day after the announcement was made.[30]

Hasmukh Adhia along with Indian Finance minister Arun Jaitley became highly unpopular after piling up taxes and cess on Indian Salaried Class instead of raising the tax slab. There was an outrage among salaried class when he was quoted saying "Why shouldn’t we tax a class that is investing in markets".[31]

Books

  • Reinventing Government through HRM Strategies{{#if:|, {{{last}}}}. ICFAI University Press(2007). ISBN 978-8131412503
  • My Notes to Myself: Simple tips on human resource management taken from the diary of a bureaucrat{{#if:Adhia|, Adhia}. ICFAI University Press(2008). ISBN 978-8131414217

References

  1. ↑ 1.0 1.1 1.2 1.3 Officers borne on the IAS cadre of Gujarat. Department of General Administration (Personnel Division), Government of Gujarat(1 January 2016). Retrieved 29 August 2017.
  2. ↑ Hasmukh Adhia, Modi's man who knows too much. The Telegraph(18 November 2018).
  3. ↑ Government appoints Hasmukh Adhia as chairman of Bank of Baroda. livemint.
  4. ↑ Hasmukh Adhia appointed Chancellor of Central University of Gujarat. The Indian Express.
  5. ↑ 5.0 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 Dr. Hasmukh Adhia - Executive Record sheet. Department of Personnel and Training, Government of India. Retrieved 15 August 2017.
  6. ↑ 6.0 6.1 6.2 6.3 6.4 PhD in Yoga, IIM-A gold medallist: All about Hasmukh Adhia, India's new financial services secy. Firstpost(5 November 2014). Retrieved 15 August 2017.
  7. ↑ 7.0 7.1 Meet Hasmukh Adhia: Note ban point man is a mascot for Modi's brand of governance, Khanna, Rajeev. Catch News(10 December 2017).
  8. ↑ 8.0 8.1 Dr. Hasmukh Adhia takes over as Revenue Secretary. Press Information Bureau of India(1 September 2015). Retrieved 15 August 2017.
  9. ↑ Govt appoints Hasmukh Adhia as new financial services secretary. The Economic Times(3 November 2014). Retrieved 15 August 2017.
  10. ↑ Hasmukh Adhia to replace G S Sandhu as Financial Services Secretary, Sinha, Shishir(3 November 2014). Retrieved 15 August 2017.
  11. ↑ Shaktikanta Das appointed Economic Affairs Secretary; Hasmukh Adhia is new Revenue Secretary. The Economic Times(29 August 2015). Retrieved 15 January 2018.
  12. ↑ Das is new economic affairs secy, Hasmukh Adhia revenue secretary. The Indian Express(29 August 2015). Retrieved 15 January 2018.
  13. ↑ Shaktikanta Das Takes Charge as Economic Affairs Secretary. NDTV(2 September 2015). Retrieved 15 January 2018.
  14. ↑ Revenue Secretary Hasmukh Adhia designated Finance Secretary. The Economic Times(6 November 2017). Retrieved 19 January 2018.
  15. ↑ From Revenue Secretary, Hasmukh Adhia now designated as Finance Secretary by Centre. The Financial Express(2017-11-06). Retrieved 18 January 2018.
  16. ↑ Revenue secretary Hasmukh Adhia named finance secretary, Prasad, Gireesh Chandra. Livemint. HT Media Ltd(6 November 2017). Retrieved 19 January 2018.
  17. ↑ 17.0 17.1 Finance Secretary Adhia to retire on Nov 30 Jaitley praises his contribution. The Week. Jacob Mathew(17 November 2018). Retrieved 11 December 2018.
  18. ↑ Finance Secretary Hasmukh Adhia to retire on November 30; Arun Jaitley praises his contribution. The New Indian Express(18 November 2018). Retrieved 11 December 2018.
  19. ↑ Ajay Bhushan Pandey takes over as Revenue Secretary. The Economic Times(30 November 2018). Retrieved 11 December 2018.
  20. ↑ Ajay Bhushan takes over as Revenue Secretary. Business Line. The Hindu Group(30 November 2018). Retrieved 11 December 2018.
  21. ↑ Ahead of retirement, AN Jha appointed finance secretary, Mishra, Asit Ranjan. Livemint. Vivek Khanna(4 December 2018). Retrieved 11 December 2018.
  22. ↑ IAS officer A N Jha is new Finance Secretary, succeeds Hasmukh Adhia. Business Standard(3 December 2018). Retrieved 11 December 2018.
  23. ↑ 23.0 23.1 Adhia turned down offers of important positions: Finance Minister. The Times of India. Bennett, Coleman & Co. Ltd.(18 November 2018). Retrieved 11 December 2018.
  24. ↑ Not a plum post-retirement role, but a stint in spirituality for Adhia. Business Standard(2 December 2018). Retrieved 11 December 2018.
  25. ↑ Official Top 10: Hidden power, Unnithan, Sandeep. India Today. Aroon Purie(19 April 2018). Retrieved 11 December 2018.
  26. ↑ 26.0 26.1 The importance of being Hasmukh Adhia(30 June 2017).
  27. ↑ Hasmukh Adhia: Trusted aide of PM Modi, the man behind demonetisation is Finance Secretary. Money Control(7 November 2017). Retrieved 19 January 2018.
  28. ↑ Subramanian Swamy writes to Jaitley; demands prosecution of Finance Secretary Hasmukh Adhia. newsbharati.com.
  29. ↑ Enforcement Directorate Joint Director Rajeshwar Singh's Scathing Attack On Revenue Secretary Hasmukh Adhia(27 June 2018).
  30. ↑ Not worried by market crash, why encourage one asset alone: Adhia. The Economic Times(3 February 2018).
  31. ↑ Budget 2018: Why shouldn't we tax a class that is investing in markets, says Hasmukh Adhia, Nair, Remya. livemint.com(7 February 2018).

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