Advisor to PM in race for Bengal Finance Minister's post, via Nandigram

"The Dark One, Goddess of Time, turns the Wheel of Epochs, slows but surely," popular economist Sanjeev Sanyal posted on May 4, the day the BJP scripted a historic win in the Bengal elections. The cryptic post was seen as a reference to the changing political landscape in Bengal. Some also viewed it as a harbinger of his own probable entry in the state's power circles, amid speculation that the BJP lacked a strong finance hand to steer Bengal's economy. After all, few know that Sanyal himself is a Bengali.

So far, only five ministers have taken oath along with Chief Minister Suvendu Adhikari in Bengal. The key finance ministry for now is being overseen by Suvendu along with home, education, health, industry and commerce. The dilemma for the BJP government is that it lacks an MLA with high-level economic expertise. Amid this, Sanyal, who is a member of the Prime Minister's Economic Advisory Council (EAC), has emerged as the frontrunner to become the finance minister, as per a report in The Telegraph.

BJP'S EXPERIMENT WITH BUREAUCRATS

In fact, the BJP is no stranger to bringing seasoned bureaucrats into top political roles. There is no need to look further than External Affairs Minister S Jaishankar and Union Petroleum Minister Hardeep Singh Puri.

The signs are hard to miss. At Suvendu's swearing-in ceremony, Sanyal was spotted at the venue in a traditional Bengali dhoti-kurta. His wife, Smita Barooah, who is believed to have played a key role in helping the BJP mobilise support of women voters, was also seen with him. "Witnessed history," he tweeted.

Since the election results were declared on May 4, Sanyal has given a spate of interviews and written op-eds for media houses on what he called Bengal's economic decline and how to bring it out of the present stagnation. "Kolkata didn't die, it was murdered, and I am an witness," Sanyal told Republic.

He also posted about the murder of Chandranath Rath, Suvendu's PA, and the bomb attack in Bengal that left five BJP workers injured.

WHO IS SANJEEV SANYAL?

After all, being born in Kolkata, Sanyal has witnessed the transformation in Bengal from close quarters. Born in 1970, Sanyal completed his schooling in Kolkata (St Xavier's and St James) before moving to Delhi to pursue higher studies in 1989. He also went to Oxford as a Rhodes Scholar.

His entry into Delhi's power corridors from Deutsche Bank happened in 2017 as the principal economic adviser to the finance minister. Between 2017 and 2022, Sanyal played a key role in drafting six editions of the Economic Survey. A reform-oriented economist, Sanyal was made a full-time member of the EAC-PM in 2022.

Yes, that's an impressive CV, perfectly fitting into what exactly is required to handle the fragile Bengal economy. Politics is in his blood, too.

The noted economist is the grand nephew of revolutionary freedom fighter Sachindra Nath Sanyal - the mentor to Bhagat Singh and Chandrashekhar Azad. His great-grandfather, Nalinaksha Sanyal, was the Congress chief whip in the undivided Bengal provincial assembly.

"He is a blend of Bengali roots and global exposure. He understands Bengal emotionally and intellectually, while also understanding how modern economies function globally," an economist, known to be close to the BJP, told The Telegraph.

With Suvendu vacating his Nandigram seat and retaining Bhabanipur, from where he defeated Mamata Banerjee, there are high chances that Sanyal may be fielded from the key constituency in the bypolls. Nandigram, which Suvendu also won in 2021, is believed to be a safe seat where the chief minister wields strong influence.

Another name that has been floated is that of noted economist Ashok Lahiri, who was part of the previous Bengal assembly. However, with Lahiri now being appointed as the vice chairperson of NITI Aayog, it is unlikely that he would be asked to leave the post.

SANJEEV SANYAL ON REVIVING BENGAL

What is, however, certain is the ardous task at hand for the next finance minister. While the previous TMC government was successful in building a massive network of welfare schemes, the shuttering of factories and industrial decline have hurt Bengal.

Tata Motors' decision in 2008 to pull out of the Singur Nano project remains deeply etched in Bengal's memory.

The industrial revival of Bengal was among the BJP's key election planks, which pledged to bring investment back to the state.

Present data points to a worrisome condition.

Bengal's share of the country's GDP has been shrinking year after year, falling to 5.6% in 2023-24, as per EAC-PM data. Its share was 10.5% in 1960-61, making it the third-largest economy in the country. Now, it is at the 24th spot.

Moreover, per-capita income, which was once 127.5% of the national average, the third highest, has dropped to just 80%. This, for a state that was once the nerve centre of Indian industry.

Managing the state's debt, which has surged to over Rs 7.7 lakh crore and a high fiscal deficit, will also test the new BJP government.

In a series of recent interviews, Sanyal has pointed out how the lost glory of Bengal could be restored. Speaking to reporters, Sanyal said the secret to reviving East India lies in the "revival of Kolkata".

"Despite decades of decline, Kolkata has historical advantages, existing clusters, and the potential to drive growth across eastern India," Sanyal said.

He said the decline was not merely economic, but cultural and educational institutions also weakened over time. "It resulted in large-scale migration of young talent from Bengal," Sanyal said.

Will the 'son of the soil' return to his roots in Bengal and become its next finance minister? All eyes will be on the BJP leadership.