Will PM back the new FM?

Though RBI dampened spirits considerably on Tuesday morning by not cutting interest rates and by sharply lowering GDP forecasts while upping the inflation one, the appointment of P Chidambaram as the finance minister should excite the markets when they open for business today. In doing so, Prime Minister Manmohan Singh has taken a tough decision since, with the Opposition baying for Chidambaram’s blood, not appointing him was the easy thing to do.

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