An editorial in the Business Standard, a leading financial newspaper, raised similar concerns:

"As laudable as Dr. Singh's willingness to extend himself is, the economy would be better off with a full-time finance minister," it said.

RISKS TO GROWTH

Economic growth is expected to slow this fiscal year to 7 per cent from an average of 9 per cent over the last three years as the global downturn bites.

Such an outcome would still keep growth for this year above the 6 per cent level widely regarded as the minimum rate needed to absorb millions of people entering the workforce.

But, underlining the risks posed by the global downturn, many private economists say growth could fall below 6 per cent in 2009/10, slowing down the rate of job creation.

That makes the finance minister's key role of organising India's notoriously sluggish bureaucracy on economic issues even more critical now, said former finance minister Sinha.

"You need to be quick in your responses and particularly so in these times of crisis. I don't think the PM will have that kind of time because of his other responsibilities," he said.

Like elsewhere, Indian policymakers have taken several steps to shield the world's 12th biggest economy from the financial storm, including duty cuts, slashing interest rates and banks' reserve requirements.

Many governments globally have shifted focus to fiscal stimulus to support their economies through the crisis, but India's fiscal firepower is limited by an already hefty federal and state deficit.

... contd.