Chidambaram is new FM, Shinde becomes home minister

NEW DELHI: In a much-anticipated but limited reshuffle in the Union Cabinet, P Chidambaram was on Tuesday made the finance minister and his portfolio of home ministry was given to Sushil Kumar Shinde.


In the exercise, necessitated by the exit of Pranab Mukherjee from the Cabinet last month, corporate affairs minister M Veerappa Moily was given the additional charge of power ministry, a portfolio held by Shinde so far.


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 place of Shivraj Patil 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 sluggishness and a scare has been created among foreign investors by some decisions on tax issues.