India names finance minister to be new president

India names finance minister to be new president

Sapa-AP | 2012-06-15 14:39:14.0

Indian Prime Minister Manmohan Singh (2nd L), Chief of India's ruling Congress party Sonia Gandhi (R) and India's Finance Minister Pranab Mukherjee (C) pose for pictures as India's Defence Minister A.K. Antony (L) watches after the United Progressive Alliance (UPA) meeting in New Delhi June 15, 2012.
Image by: B MATHUR / REUTERS

India will soon have a new finance minister as it battles an economic slowdown.

The governing coalition nominated current Finance Minister Pranab Mukherjee for the ceremonial Indian presidency. The election will be next month if opposition parties have a candidate to run against him.

In India, the prime minister holds the most powerful political office.

Congress party chairperson Sonia Gandhi appealed to lawmakers Friday to elect Mukherjee for a five-year term.

His successor as finance minister will face a strong challenge as the 5.3 percent economic growth in the last quarter was India's slowest rate in nine years.

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