Getting a much-needed boost with appointment of P Chidambaram as home minister, Indian industry today hailed prime minister Manmohan Singh taking charge of the finance portfolio at a time when a bold policy response is required to deal with global downturn.

Business leaders, who made strong demands for “tougher laws” and “stronger and firmer leadership” to tackle terrorism, said Chidambaram can provide the right kind of leadership to tackle the menace.

The industry reeling under demand slowdown, is expecting bolder initiatives from the government to the global economic crisis with prime minister taking direct charge of the finance ministry.

The business leaders are not much worried over Singh, who is remembered as an architect of India's economic reforms, getting extra burden of the finance portfolio.

“Chidambaram has done extremely well as finance minister and we are sure he will be equally successful in improving the internal security,” said Assocham secretary general D S Rawat.

Ficci secretary general Amit Mitra said the challenge for Chidambaram is to restore confidence of the commonman into the police system.

He also needs to ensure that the country gets tougher laws to deal with terrorists. After judicial ruling is announced the punishment given must be carried out fast. “This is a challenge for Chidambaram,” Mitra said.

“The market should bounce back. The prime minister has a proven track record of being a good finance minister and with the UPA top guy Chidambaram taking over the home ministry, the investors” confidence will improve,” Taurus Mutual Fund managing director R K Gupta said.

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