NEW DELHI, July 31 � P Chidambaram was today made the Finance Minister as Prime Minister Manmohan Singh effected a minor reshuffle in portfolios in the Union Cabinet, necessitated by the exit of Pranab Mukherjee last month, reports PTI.
According to the announcement, Power Minister Sushilkumar Shinde is the new Home Minister in place of Chidambaram. Corporate Affairs Minister M Veerappa Moily was given the additional charge of Power Ministry, a Rashtrapati Bhawan communique said.
66-year-old Chidambaram returns to the Finance Ministry after more than three-and-a-half years. He was moved from Finance Ministry to Home Ministry in December 2008 in the wake of Mumbai terror attacks with the task of strengthening the country�s security. He takes charge of the Finance Ministry at a time when the economy is witnessing a slowdown and a scare has been created among foreign investors by some decisions on tax issues. Chidambaram will have the challenge of restoring the confidence among the foreign investors besides taming inflation and ensuring return to high economic growth.