Gujral to be sworn in PM today

Mr. Inder Kumar Gujral will be sworn in as the 12th Prime Minister of the country tomorrow at 10 a.m. The President, Dr. Shankar Dayal Sharma, tonight appointed Mr. Gujral, who was elected United Front Parliamentary Party leader earlier in the day, as Prime Minister, ending a three-week long political impasse. The President directed him to obtain the vote of confidence in the Lok Sabha on April 22. The non-controversial, suave 77-year-old External Affairs Minister will lead a 15-party UF coalition with the Congress(I), the CPI(M) and the Tamil Maanila Congress (TMC) extending support from outside.

Marketmen taken by surprise

Pivotals on the kerb were quoting marginally higher than Thursday’s closing following the election of Mr. I.K. Gujral as new United Front leader. But the sudden decision of the Tamil Maanila Congress took marketmen by surprise. The kerb rates today were lower than those quoted on Saturday evening. Reliance was quoted at Rs. 288, higher than Thursday’s close of Rs. 280; TISCO was higher at Rs. 173 against Rs. 169.75 registered on Thursday. ITC traded at Rs. 420 as against Rs. 415.75, while SBI quoted at Rs. 299.50 (Rs. 296.25). “The market is nervous. We do not know who’ll become the next Finance Minister,” said a BSE broker.

TMC stand adds to uncertainty on matters Budget

The fate of the three-day special session of Parliament, convened to pass the 1997-98 Budget, beginning from tomorrow hangs in the balance after the principal architect of the Budget, Mr. P. Chidambaram’s TMC opting to support the UF from outside. The question now arises as to the necessity to pass the Chidambaram Budget since his party would not be part of the ruling coalition.

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