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Pranab Mukherjee steps down as India's finance minister

  • Pranab Mukherjee has resigned as India's finance minister in order to run for president as the ruling Congress party-led coalition candidate.

    Prime Minister Manmohan Singh is expected to retain the finance portfolio for the time being.

    Mukherjee’s resignation comes at a time when the economy has been in serious decline, reforms have stalled and the rupee has depreciated.

    Elections for India's 13th president will be held on July 19. The winner will replace Pratibha Patil.