India's union Finance Minisetr Pranab Mukherjee has submitted his resignation and will now take part in the election in July for the post of the president of the country.

Prime Minister Manmohan Singh will take charge of the finance ministry until a new finance minister is appointed. The Prime minister might hold the portfolio until the next Parliament session and will take steps to boost the slowing economic growth in the country and boost investor confidence.

Mr. Singh is regarded for his credentials in managing the finance ministry and is largely credited for initiating India's first major economic overhauls as then-finance minister in 1991. He might look at allowing foreign direct investment in sectors such as retail and civil aviation to boost the economic growth in the country.

Mr. Mukherjee is the leading contender for the post in the July 19 election. His candidature is backed by the ruling United Progressive Alliance government, which gives him enough support to stake a claim on the top job.

During his long political career, Mr. Mukherjee headed several government ministries and has been serving as the finance minister since January 2009.