New Delhi: Key economic ministries such as Power, Petroleum and Corporate Affairs saw a change of guard, with new ministers assuming charge on Monday.
Veerappa Moily took over as Petroleum Minister, while Sachin Pilot and Jyotiraditya Scindia assumed charge of Ministry of Corporate Affairs and Power Ministry, respectively.
The other ministers with economic portfolios, who took charge today, include K H Muniappa, Minister of State for Micro, Small and Medium Enterprises, and Rajeev Shukla, Minister of State for Planning.
Moily promised quick decisions and an environment conducive for investment to flow in.
Moily, who replaced S Jaipal Reddy, said his priority would be to intensify domestic oil and gas exploration to reduce import dependence that had played havoc with inflation.
Scindia, a young Congress MP from Madhya Pradesh, said that the new job is a "daunting" challenge.
"It is a daunting challenge and I look forward to support and guidance from both my ministry officials and my colleagues in the other departments," Scindia told reporters after taking the charge.
He said power is an extremely strategic and important sector for the country`s economy.
The new Corporate Affairs Minister, Pilot, said trust and credibility of government as well as institutions should be maintained at all costs, and emphasised upon the need for creating a culture of transparency in governance.
The new Minister of State for Commerce and Industry, D Purendeswari, came to office but said she would take charge "formally" after meeting Commerce and Industry Minister Anand Sharma tomorrow.
"I will first meet Sharma and after that only I will take charge formally," she told reporters.
After taking charge as the new MSME Minister, Muniyappa sought to allay fears of FDI hurting home-grown small enterprises.
Journalist-turned politician Shukla said development in the Naxal-affected areas would be his top priority to promote inclusive growth during the 12th Plan (2012-17).
Kruparani Killi assumed charge as Minister of State for Communications and Information Technology.