On Board Air India One: Prime Minister Manmohan Singh has indicated a cabinet reshuffle but declined any comment on its timing, or who will replace Pranab Mukherjee as finance minister.
“I think that’s a legitimate expectation,” he told the accompanying media delegation to the G20 and Rio+20 summits to Mexico and Brazil, on his way back to New Delhi Saturday when asked he wished to reshuffle his cabinet.
“You will get to know about it when it takes place,” he added, when also queried if more parties were set to formally join the United Progressive Alliance in the near future.
The prime minister said he has been thinking about who will take over the finance portfolio from Mukherjee, now that he is expected to shift from the North Block to Rashtrapati Bhavan.
“I have been churning it in my mind,” the prime minister said.
“Quite honestly I have a number of issues which I have to resolve. It will not be proper for me to announce while I am outside the country. When the decision is taken, you will get to know about it.”
The Prime Minister also sought to assure investors of every step, including reforms, to restore confidence on India while also hoping for higher growth, lower inflation and correction in the depreciating rupee.
“We need foreign investment – both portfolio and direct investment,” the prime minister told reporters on his way back from G20 and Rio+20 summits in Mexico and Brazil, when asked about the ratings downgrade of India.
“If there are any obstacles which come in the way, and if there are any policy impediments, we will address them effectively and credibly,” the prime minister added when also asked about the perception of policy paralysis in India.
Manmohan Singh, who has been away to these two summits since Saturday last, said he owed it to the country to take all the necessary decisions that would return the economy to a high growth path.
“There are problems with regard to the fiscal management. We will tackle that problem effectively and credibly. There are problems with regard to management of the balance of payments deficit on the current account. Those problems also we will tackle.” “It will not be proper for me to talk about these things in detail,” he said when asked about specific measures, but said people wanted growth momentum restored and that he will not disappoint them.
The PM also felt that there was no sign of any serious threat to the Indian economy. (IANS)