Many people started asking, can Chidambaram impress the Indians by restoring its stumbling economy? This will be the third stint for Chidambaram as the Finance Minister. He held the position for the first time in 1996 in United Front Government and later became Finance Minister under UPA government in 2004.
Prime Minister office on Tuesday, Jul 31 announced about cabinet reshuffle. While Chidambaram got finance portfolio, Sushil Kumar Shinde has been upgraded to Home Ministry. Corporate Affairs Minister Veerappa Moily got additional charge of Power Ministry.
The Cabinet reshuffle was facilitated after Pranab Mukherjee moved out to become the President of India leaving the post of Union Finance Minister vacant.
Following the resignation of Pranab Mukherjee, the Prime Minister took over the Finance Ministry on Jun 27. However, he failed to bring the economy back on track.
Dr Singh raised spirits with his promise to revive the animal spirits of the Indian economy. Unfortunately, nothing great happened in last one month during Dr Singh's tenure as Finance Minister. Now, it will be interesting to see whether Chidambaram can revive the economy or not.