Shri palaniappan chidambram


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Shri palaniappan chidambram

  1. 1. BIOGRAPHY Born on September 16, 1945 to Palaniappa Chettiar and Lakshmi Achi. Graduated with a Bachelor of Science degree and then received his Bachelor of Law degree from Chennai. Went to the Harvard Business School where he finished a Master of Business Administration (MBA) degree. P. Chidambaram enrolled as an Advocate in the Chennai High Court. He was designated as a Senior Advocate in 1984. 7 times elected as Lok Sabha member.
  2. 2. POLITICAL CAREER  1984: He got into politics and was first elected to the Lok Sabha from the Sivaganga constituency in Tamil Nadu.  1985: He first became a minister in the Rajiv Gandhi-led government as a Deputy Minister.  1986: He was elevated to the rank of Minister of State.  1991: He became a Minister of State (Independent Charge) in the Ministry of Commerce.  1996: He quit the Congress and joined the Tamil Maanila Congress (TMC). After the elections of 1996, P. Chidambaram joined the coalition government and became the Union Finance Minister.  2008: He became the Home Minister of India after Shivraj Patil was forced to give up his position.
  3. 3. As Finance Minister 1996-1998: Chidambram became finance minister for the 1st time under coalition government(TMC along with national and regional level opposition party). May 2004 - Nov 2008:Before the elections of 2004, he merged his party with the mainstream Congress party and when the Congress won the election, he was inducted into the Council of Ministers under the new Prime Minister Manmohan Singh as cabinet Minister of Finance. August 2012 Onwards: After Pranab Mukherjee resigned for presidential elections, P Chidambaram returned as finance minister with big hopes.
  4. 4. 2G spectrum scam:  In September 2011, Mr. P Chidambaram was alleged to be involved in auctioning scam of 2G spectrum.  On 2nd February 2012 , Supreme court left it to special CBI session for decision, which was later dismissed by CBI.  Swami appealed against this order in Supreme court which is currently pending.
  5. 5. Aircel-Maxis deal controversy: On 26th April 2012 ,Swami alleged that Advantage Strategic Consulting , a company owned by Chidambaram’s son Karti Chidambaram, received a 5% stake. The stakes involved were, as a condition for the 2006 FIPB approval of company Maxis Communication’s investment, in mobile operator Aircel. Scheme for tax defaulter: In 1997, he announced a controversial Voluntary Disclosure of Income Scheme which granted income tax defaulter indefinite immunity from prosecution under FERA.
  6. 6. Current objectives TAX POLICIES:  Government to modify tax policies to regain investor confidence.  Review tax provisions that have retrospective effect . PRICE STABILITY:  Remove supply-side constraints to achieve price stability.  Use existing food stocks to moderate prices; increase imports to deal with shortages.  Will work with RBI to moderate inflation in mediumterm.
  7. 7. INVESTMENT POLICIES:  Steps in few weeks to attract investments in MFs, insurance.  To work with manufacturers, exporters and implement appropriate measures.  To fine tune policies, procedures to facilitate capital flows. ECONOMIC POLICIES:  Review taxation of IT sector and Development Centers.  Intends to raise the level of investment to 38 pc of GDP  Will seeks expert advice on fiscal consolidation, unveil roadmap soon.  Seeks cooperation of political parties to pass Bills.
  8. 8. EFFECTS OF RETURN There was a rise in market rising by 1.25% to 17412.96. The rupee also gained at 55.52 against the dollar from 55.75. Bond market also raised with the benchmark 10 year bond 4 basis points to 8.22%.
  9. 9. EFFECTS OF RETURN There was a rise in market rising by 1.25% to 17412.96. The rupee also gained at 55.52 against the dollar from 55.75. Bond market also raised with the benchmark 10 year bond 4 basis points to 8.22%.