Russia's President Dmitry Medvedev (R) and former president Vladimir Putin (L) stand after the ceremony of inauguration in Moscow's Kremlin throne room May 7, 2008. Medvedev was sworn in as Russian president on Wednesday and just over two hours later nominated his predecessor Putin as prime minister, ushering in an unprecedented period of dual rule.

MOSCOW, May 8 (Xinhua) -- Russia's lower house of parliament, the State Duma, approved Vladimir Putin as prime minister on Thursday.

Lawmakers voted 392-56 for Putin's appointment. He was backed by three of the four Duma factions, namely the United Russia, the Just Russia and the Liberal Democratic Party. Only the Communists opposed.

In his speech to lawmakers, Putin said his new government will focus on economic and social issues.

He promised to cut Russia's growing inflation rate to single digit in the years to come, and pledged to lower tax burden, calling it "a significantincentive in creating a favorable business climate in this country."

Putin will have a week to submit to the president the composition of the new government, as well as candidates for the posts of deputy prime ministers and federal ministers.

Russia's new president Dmitry Medvedev nominated Putin to be prime minister just hours after his inauguration ceremony on Wednesday. Medvedev presented personally Putin as a candidate for prime minister in the State Duma on Thursday.

Putin first took the post of prime minister on August 16, 1999,a post he held for nine months before being elected president.