Finance Minister P Chidambaram smiles as he arrives at his office in North Block.

His appointment surprised many, as Prime Minister Manmohan Singh was expected to retain the portfolio.

But Dr Singh obviously thought that the finance ministry needed someone who could give it his full attention, someone astute like the Harvard-educated Chidambaram, who had headed the ministry in the United Front government (1996-1998).

Chidambaram's appointment cheered industry, as he is known to have pro-reform views.

On his first day on the job, Chidambaram did not disappoint. "Continuity is pretty clear as we are going back to the original reforms of Manmohan Singh," he said. "We have been out of office, but now we have come back with experience. We would factor in the experience to carry forward the reforms."

The minister is expected to present the Union Budget in the first week of June.

Photographs: STR/AFP/Getty Images