Pranab Resigns, PM Keeps Finance Ministry

"I have travelled a great distance in my life but I always remind myself that I was born in a remote village in Bengal. I saw the lives of poor farmers and simple folks of rural India," he said.

"I know that not every decision I have taken might have been right. But I have taken those decisions always keeping in mind those simple and poor people I knew from my childhood," Mukherjee added.

Mukherjee has been criticised for the poor show of macro-economy during his stint as the finance minister.

Economic growth slumped to nine-year low of 5.3 percent in the quarter ended March 31, 2012. Rupee got battered and hit a record low of 57.33 against a dollar last week.

In fact, the Indian currency has lost over 46 percent of its value since touching a high of 39 against a dollar in January 2008.

There had been widespread perception of policy paralysis as the government was not able to push forward major economic reforms in the last three years.

Mukherjee also drew flak for several decisions he took during his tenure as the finance minister in the UPA government, and was forced to roll back several proposals, including FDI in multi-brand retail, duties on jewellery and property transactions, and petrol price hike.

After widespread criticism from business community, Mukherjee deferred the implementation of the general anti-avoidance rules (GAAR) which he announced in the Union Budget for 2012-13.

Implementation of GAAR, which is aimed at checking loopholes in taxation system, has been deferred till March 31, 2013.