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India gets new Finance Minister, Chidambaram gets Home Affairs |
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After the resignation of Union Home Minister Shivraj Patil, former Indian Finance Minister Palaniappan Chidambaram has been given the charge of Home Ministry. Now, Prime Minister Manmohan Singh has taken over the finance portfolio for now, the government informed on Sunday.
The government statement said, "As advised by the prime minister, the president has accepted the resignation of Shivraj Patil from the Ministry of Home Affairs. Further as advised by the prime minister the MHA has been allocated to P. Chidambaram. The PM will himself look after ministry of finance for the time."
Finance Minister P Chidambaram was appointed as the country`s new Home Minister on Sunday after Shivraj Patil resigned taking moral responsibility for the Mumbai terror attack.
After this change in the Finance Ministry of India, industry has reacted in various ways.
Kris Gopalakrishnan, CEO, Infosys said, "I believe Chidambaram is a person of action. He will be able to do something to restore the confidence of ordinary people and reassure them that the government can indeed protect them. Chidambaram will do whatever it takes to make this happen."
Adi Godrej, CMD, Godrej Group said, "I welcome these developments. I think the finance minister moving to home ministry will bring about a level of competence and scrutiny to the ministry. He has handled this portfolio of internal security in the past. So I think in the remaining five months of this government`s tenure, this should be a good development. Security will be tightened. I also welcome the fact that the Prime Minister himself will take on the finance portfolio for the next five months."
Niranjan Hiranandani, MD, Hiranandani constructions reacted, "I think the Prime Minister knows what he is doing, he has probably got so many ideas himself now and probably wants to take it in a few days. There isn`t much time for the elections and time to convince others to do what you want to do. So he probably wants to do it himself. Sometimes you just want to sit in the driver`s seat and drive it yourself, you don`t want to wait for anybody."
Sunil Munjal Former President, CII said, "When you need a high degree of attention, the PM`s personal focus is a big help as we have seen on a number of earlier occasions. Considering the current global situation, full time attention from a very senior individual is important. So it`s a tough call to make at this moment."
At a time when the economy is slowing sharply from the impact of the global financial meltdown, the Prime Minister`s decision will help maintain confidence in the industry and stock markets.
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| India gets new Finance Minister, Chidambaram gets Home Affairs |
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