Former banker K V Kamath is likely to replace FM Nirmala Sitharaman after budget session

Devendra Fadnavis would be next union railway minister

Mumbai: The union budget that will be presented on Friday, February 1 in the Lok Sabha would be the last for Finance Minister Nirmala Sitharaman. As per the sources, Ms Sitharaman is likely to be replaced by Kundapur Vaman Kamath, popularly known as KV Kamath during the reshuffle of the union cabinet which is expected to be carried out in April later this year.

In the reshuffle, Maharashtra’s former chief minister Devendra Fadnavis is likely be included in Narendra Modi led cabinet and would be offered the Railway portfolio. He would second “Marathi Manus” in union cabinet after Nitin Gadkari who would be handling an important portfolio.

According to senior former Bharatiya Janata Party (BJP) minister, FM Sitharaman is adamant on her decisions and does not listen to suggestions from finance ministers from various states during GST (Goods and Services Tax) council meetings.

“Finance ministers from several states wanted to make changes in GST slabs. But, madam refused suggestions. As Prime Minister Modi is behind FM, nobody dared to complain against her,” said a BJP leader who did not wish to named.

The main opposition party –  Congress leaders criticised Modi government for economy slowdown and weak growth in GDP. Sitharaman’s few controversial statements on economy slowdown had brought Modi government in trouble. Hence, according to source, the finance ministry portfolio would be withdrawn from Sitharaman after budget session.

Sitharaman is expected to be replaced by K V Kamath. He is currently chief of Development Bank of BRICS (an association of Brazil, Russia, India, China and South Africa). He had served as the Chairman of Infosys Limited and Non-Executive Chairman of ICICI bank. He is one of founder and Managing Director of ICICI bank.

Kamath would be the first Finance minister in Modi government who has a background in finance. Former FM late Arun Jaitley had background in law whereas Sitharaman holds a post-graduate degree in Arts from Jawaharlal Nehru University (JNU) and Master of Philosophy. Piyush Gopal though an Chartered Accountant, does not fit the criteria to become the FM. 

The much expected reshuffle of union cabinet world be held in April. Fadnavis and Shivraj Singh Chauhan, Suresh Prabhu are expected to be inducted in union cabinet.

If the sources are to be believed, Fadnavis would be given Railway ministry. As of today, Piyush Goyal is handling railway as well as commerce ministry. 

Fadnavis is Leader of Opposition (LoP) in state assembly. If, he is to be inducted in union government, the next LoP would be Sudhir Mungantiwar. Mungantiwar is former finance and planning minister of state and former state president of the party. 

Chandrakant Patil is expected to be re-elected as state president of the BJP. As BJP follows one person one post ideology, Mungantiwar would is most probable candidate for the post of LoP.