PM takes control of finance, change of hands on cards

Calls finance ministry secretaries to PMO for a meet

GN Bureau | June 27, 2012




As a first act of assuming the role of finance minister Manmohan Singh on Wednesday called the five secretaries to union ministry of finance and key additional secretaries to prime minister office (PMO). PM’s economic advisory council chairman C Rangarajan and plan panel deputy chairman Monetk Singh Ahluwalia were also present.

Manmohan Singh’s first concern was about Euro crisis. The second was to restore confidence in stock markets. He sent a signal to Mumbai markets on Wednesday that he meant business - to first understand, then act.

Singh will interact with governor of Reserve Bank D Subba Rao and his deputies.

Wait and watch, a source in the PMO says. Many changes are expected in the North Block, he adds.

Singh plans to visit the office of finance minister to meet his junior officials.

On Friday, Singh is also scheduled to meet the officials of union ministry of agriculture to estimate the crop production. In his own way of understanding finance, a close source said, Singh would first study monsoon weather and pray for Rain God for more water in dams for irrigation.

Insiders in the finance ministry speculate that at least six to eight senior officials would be moved out of five departments, mostly at the level of joint secretaries. "Dada confidants will now face the real heat," said a senior official in a lighter vein.

 

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