New Delhi:
India's new Finance Minister Pranab Mukherjee took the charge of the office on Monday. His first stint as Finance Minister came 25 years ago, much before India opened its economy. But he has a tough job ahead.
The economy desperately needs another boost or stimulus to get it out of a possible recession. And the budget deficit is already so high that a stimulus will only make that worse. Thus, Pranab needs to make tough choices.
As he takes charge of the Finance Ministry, the priorities for him are:
- Getting a full-fledged Budget passed before July 31
- Boosting the manufacturing sector to counter the economic slowdown
- Reviving exports which were hit by the slowdown in the West
- Pushing reforms in the insurance and pension sector which had been blocked by the Left
As the UPA returns to power with a strong mandate, India Inc is hoping for a government that will boost investor confidence.
As the External Affairs Minister, Pranab had pulled off a coup getting the Pakistan government to admit that the Mumbai terror plot was hatched on its soil. Now, in a government unhampered by the Left, India Inc is hoping for Mukherjee will be their Reforms Man.