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DC Gupta to be new finance secretary

New Delhi, June 11: Expenditure secretary D. C. Gupta has been appointed finance secretary with effect from July 1, replacing the current incumbent S. Narayan who retires on June 30 and is being re-employed as secretary in the Prime Ministerís Office.

Gupta has been favoured over other contenders, including petroleum secretary B. K. Chaturvedi and commerce secretary Deepak Chatterjee, as he has more experience in finance though he is junior to them in years of service.

Narayan had earlier been tipped to take over as head of the proposed pension regulator but was eventually handpicked by the Prime Minister to join his team.

His induction is, however, being taken to mean that Pradipto Ghosh, additional secretary in the PMO who looks after economic issues, is likely to be promoted and given a key position.

The finance ministry is currently going through a major rehaul and several key changes are yet to come. Already Vineeta Raia has been appointed as the new revenue secretary.

A new banking secretary is also likely to be appointed soon and additional secretary Adarsh Kishore is tipped for this job. Kishore currently looks after external finance, Indiaís relations with the World Bank, IMF and ADB. He is believed to have handled these portfolios well.

The restructuring of the finance ministry is likely to involve axing several departments such as insurance and banking as well as taking on other divisions handling such issues as foreign direct investment promotion, WTO negotiations and economic and financial publicity and advertisement (both for the domestic and foreign audience).

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