Tough job ahead for Manmohan Singh as Finance Minister

Prime Minister Manmohan Singh has taken over the Finance Ministry with several challenges ahead of him. On the agenda is fiscal consolidation by checking expenditure and finding non-intrusive revenue sources, reinstating investors’ confidence and ending nervousness over taxes.

Also on agenda is speeding up disinvestment and taking a call on other non-core assets. The Prime Minister will also preside over the EGoM and finalise pricing of spectrum allocation. Another challenge is to boost the sliding GDP, impaired IIP and check continuous Inflation, capital market reforms.

Earlier, the Prime Minister kept the Finance Ministry with himself, while making Vilasrao Deshmukh the additional in-charge of the Steel Ministry, sources said.
Pranab Mukherjee resigned as Finance Minister on Tuesday. The UPA’s Presidential candidate said he was honoured at his nomination.

Meanwhile, the PM has forwarded Pranab Mukherjee’s resignation to President Pratibha Patil who will demit office on July 24. While forwarding his resignation, PM Singh told Pranab, “Our government owes a deep debt of gratitude to you for your contribution.”