Pranab Mukherjee, who has been selected as the UPA’s Presidential nominee, will resign late Tuesday afternoon as the Union Finance Minister.
New Delhi:
“I will put in my papers around 4.30 (pm). I will be leaving office around 4.30 (pm) and after meeting PM, I will be leaving for home,” he told reporters outside his North Block office here.
His resignation comes amidst a gloomy economic crisis and a policy paralysis.
India’s annual industrial growth fell to 0.1 percent in April even as the rupee slumped to an all time law of Rs 57.92 against the dollar.
On Monday, the government announced a series of measures to revive the Indian economy but investors and the market were not too enthusiastic as the Sensex lost early gains and ended in the red at close. The rupee also erased early gains and closed at 57.01 against the dollar.
And as Pranab resigns as the Finance Minister, the big question occupying everyone’s mind is: who will replace him in the government and the ministry?
Reports say Prime Minister Manmohan Singh is likely to take over the Finance Ministry in the interim and present the Union Budget in next year.
Economic advisor Kaushik Basu has also opined that the PM should keep the portfolio of the Finance Ministry.
However, PM Singh has declined to be drawn into the issue as to who will be the next finance minister.
“I have been churning it in my mind,” Singh had said when asked about the successor of Pranab, adding he had a number of issues which have to be solved.