In a limited reshuffle of his Cabinet, necessitated by Mr Pranab Mukherjee’s exit from the government to become President, Prime Minister Manmohan Singh on Tuesday moved home minister P. Chidambaram to finance and replaced him with power minister Sushilkumar Shinde. Corporate affairs minister M. Veerappa Moily has been given additional charge of the power portfolio.
Incidentally, Mr Chidambaram has been given the responsibility of finance at a time when the economy of the country faces one of its toughest moments, with growth showing a declining trend, and some decisions on tax issues creating a scare among foreign investors.
Mr Chidambaram faces the triple challenge of restoring confidence among foreign investors, taming inflation and ensuring India returns to high economic growth.
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