India's newly appointed Finance Minister, Arjun Jaitley, has drawn a mixed response from investors amid concerns about his scant background in economics and a potential clash with the central bank over interest rates.
Earlier this week, Jaitley was named head of both India's finance and defense ministries in the new administration of Prime Minister Narendra Modi.
Jaitley, 61, a prominent corporate lawyer and former commerce minister, is said to be a close confidante of Modi.
"A few things that people associate with the name Arjun Jaitley: he's the right hand man of Modi so presumably he will pursue a pro-reform agenda, but he doesn't have a background in economics. That's a concern for the markets," said Nizam Idris, managing director and head of strategy, fixed income and currencies at Macquarie.
Jaitley is inheriting an economy that's growing at its slowest pace in a decade and battling persistently high inflation and twin budget and current account deficits.
Dariusz Kowalczyk, senior economist and strategist, Asia ex-Japan at Credit Agricole said while Jaitley may not have extensive experience in managing public finances, he comes across as a strong leader.