Suresh Prabhu takes charge as Commerce & Industry minister, replaces Nirmala Sitharaman

Union minister Suresh Prabhu today took charge of the commerce and industry ministry. His predecessor Nirmala Sitharaman has been elevated as the Defence Minister in a cabinet reshuffle on Sunday.

Prabhu is taking charge of the commerce department at a time when export growth is waning. Export growth fell to an eight-month low of 3.94% in July, while trade deficit widened to $11.44 billion on account of high gold imports.

The Department of Industrial Policy and Promotion (DIPP) under the ministry deals with foreign direct investment (FDI) related matters.

The FDI in the first quarter of 2017-18 soared 37 per cent to USD 10.4 billion. 

Suresh Prabhu who was holding Railway Ministry portfolio was on Sunday appointed as Minister of Commerce and Industry charge, in a Cabinet rejig by Prime Minister Narendra Modi with a focus on his agenda on 'good governance'.

The Railway Ministry charge has been given to Piyush Goyal.

Minutes after the oath-taking ceremony at the Rashtrapati Bhavan where nine new members were inducted into the council of ministers and four others were promoted to the Cabinet rank, Prabhu Tweeted, "Thanks to all 13 Lacs+ rail family for their support, love, goodwill. I will always cherish these memories with me."

Last month, after series of train accidents, Prabhu had met Prime Minister Narendra Modi and offered to resign, but was asked to wait.