Chidambaram back as Finance Minister
THE one and only PC is back in his favourite corner of the North Block. PC became the Finance Minister for the first time in 1996. From 1998 to 2004, he was in the opposition and in 2004 Manmohan Singh chose him as the Finance Minister. In 2008, he had to move to the other corner of the North Block as Home Minister. Now, he is back in the Finance Ministry.
PC has a tough time ahead in the Finance Ministry, especially in the Revenue Department. Both the Boards have new heads and are not in the best of shape (Boards, not heads). The Negative List is playing havoc with Service Tax, Vodafone is pending, inflation and deficit are serious issues.
Chidambaram knows his Law and knows the Ministry well - the babus cannot take him for a ride. The babudom is certainly unhappy about an astute Finance Minister - Indian bureaucracy is all about not allowing the politicians to function - but with PC, it may not be possible.
The Delhi babu seems to know everything. A very senior bureaucrat told me 15 days ago in Delhi that Chidambaram would be the new Finance Minister and Sushil Kumar Shinde would be the Home Minister before Parliament session starts.