Chidambaram back as FM, Shinde shifts to home, Moily gets power
01 Aug 2012
In a limited reshuffle in the union cabinet, P Chidambaram was today made the finance minister, and his home portfolio was given to Sushilkumar Shinde.
In the exercise, necessitated with the exit of finance minister Pranab Mukherjee from the cabinet last month to assume the presidency, corporate affairs minister M Veerappa Moily assumed additional charge of the power ministry, a portfolio held by Shinde so far.
The move sees the return of 66-year-old Chidambaram to the finance ministry after over three-and-a-half years. He moved from finance ministry to home ministry replacing Shivraj Patil in December 2008 after the Mumbai terror attacks, tasked with strengthening the country's internal security.
Chidambaram takes to the helm at the finance ministry at a time when the economy is witnessing sluggish growth with foreign investors wary after controversial decisions on tax issues, like GAAR and the retrospective tax amendment.
Chidambaram would take on the challenge of restoring confidence among the foreign investors besides reining in inflation and ensuring the return of high economic growth.
Shinde, meanwhile would be taking over at the home ministry for the first time. The 71, year old, former police sub-inspector and a dalit leader would find countering the growing menace of naxalism as one of the bigger challenges.
Meanwhile, restoring normalcy in Assam, which remains on the boil as widespread riots continue to wrack the state would be his top priority.
