Mumbai: The industry and financial sector today (May 23, 2004) welcomed the appointment of P Chidambaram as Finance Minister and hoped the Government will pursue economic reforms to raise the pace of growth and development in the country.

"People with experience have been given crucial portfolios and Manmohan Singh and Chidambaram make a good combination for economic reforms," Indian Merchants Chamber president Nanik Rupani said today.

The Government should focus on reforms in agriculture and industry to generate more jobs, Rupani said.

Association of Mutual Funds in India Chairman A P Kurien said "Chidambaram is a experienced hand with earlier stint as a Finance Minister. We hope the capital market would see constructive reforms in his tenure."

"We hope the Government will continue the tax exemption for dividends in the hand of investors," Kurien said.