Former finance minister, Pranab Mukherjee has been elected as the country’s new president. Mukherjee was the overwhelming favorite to become head of state and found support from across the political divide. The 76-year-old veteran politician beat his main rival P. A. Sangma, a tribal Catholic from northeastern India, by a margin of 397,776 votes when official results were announced on Sunday. Mukherjee got a total of 713,763 votes in the polls which were held on July 19. The Indian president is not elected directly by the people but by members of both houses of parliament and state legislative bodies for a five-year term. The post is largely ceremonial and involves opening parliamentary sessions, welcoming foreign dignitaries and appointing state governors and the heads of the country’s armed forces. Mukherjee was the federal minister for finance until June 26 when his name was put forward for the presidency by the ruling united progressive alliance, led by the Congress Party. He has held several other cabinet positions including, defense and external affairs. Mukherjee, who succeeds India’s first woman president Pratibha Patil, will be sworn in on Wednesday. The president-elect, who hails from the eastern state of West Bengal, has pledged to "protect, defend and preserve" the constitution. He is a staunch champion of "inclusive growth" – namely that India's poor should share in its rapid development.