The Hindu Business Line : New portfolio

The news that the Prime Minister, Dr Manmohan Singh, will hold additional charge of the Finance Ministry, following Mr P. Chidambaram’s taking charge of the Home portfolio, must send mixed signals to those closely following the happenings in the Indian economy.

One definite credit to the outgoing Finance Minister is his dynamism in managing the economy, notwithstanding the volatile stock market and worldwide recession.

Credit must also go to him for computerisation of the tax departments and for sticking with his plan to replace the Income-Tax Act with a direct tax code. The direct tax code may be ready but with the UPA dispensation, in the last leg of its tenure, could well keep it on hold. It seems to be destined that each time anything is done to replace the Income-Tax Act, something happens on the political front.

With the change of guard at North Block, there is confidence and optimism that the well-informed counsel of past bureaucrats would be given due weightage and the tax laws overhauled by way of amendments, with no effort being spared to eventually replace the I-T Act totally.

Bank chiefs, various economists and captains of industry will be keen to put forth their views to the PM who, with his vast experience in managing the economy, can undoubtedly address the various issues that arise with apt solutions.

V. K. Subramani e-mail

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New portfolio