As the Lok Sabha Election 2024 process is almost over and heated discussions are taking place regarding decision of cabinet ministers, one of the most anticipated posts is that of the Union Finance Minister. With far reaching impacts on the economy, it is imperative that the choice is not wrong, as professionals, businessmen and âmiddle-classâ citizens look forward to better spending power and better living standards.
Since 2014, the finance and corporate affairs ministries have been part of the same package, held by a single minister.
Both Pranab Mukherjee and Nirmala Sitharaman had served as both cabinet ministers and ministers of state for finance. Meanwhile, there is noticeable unrest among middle class and professionals alike in the social media, especially on X (formerly Twitter) regarding the chances of reappointment of Nirmala Sitaraman as the Union FInance Minister for a second term.
One of the most commonly accepted names among the public, as per social media feeds is that of Piyush Goyal, while the former RBI Governor Shaktikanta Das is also among the top recommendations in the social media.
With the financial-verse gearing up for the full union budget, the choice of the Finance Minister is a vital choice to ensure stakeholder – public, entrepreneurial and professional confidence in the ministry.
In India, a person can become a Union Minister without participating in an election by being appointed by the President of India on the advice of the Prime Minister. Here is how this works:
Member of Parliament (MP): Typically, a Union Minister is a member of either the Lok Sabha (House of the People) or the Rajya Sabha (Council of States). However, a person who is not an MP can still be appointed as a Union Minister.
Six-Month Rule: According to Article 75(5) of the Indian Constitution, a person who is not an MP can be appointed as a Union Minister, but they must become a member of either house of Parliament within six months from the date of their appointment. If they fail to do so, they must resign from their ministerial position.
Nomination to Rajya Sabha: One common way for someone to meet the six-month requirement is to be nominated to the Rajya Sabha. The President of India can nominate up to 12 members to the Rajya Sabha, typically individuals who have excelled in fields like literature, science, art, and social service. Once nominated, the individual is considered a member of Parliament and can serve as a Union Minister.
As per reliable sources, Bharatiya Janata Party ( BJP ) is set to keep the top six posts â Defence, Finance, IT, Home Ministry, Railway and Law to itself, while alliances will be given Minister of State (MoS) posts to each of the same.
TDP has already pressed for the Minister of State posts for two of the posts, with C Naidu being one of the main negotiators in charge. However, he has no aims for the cabinet as he has already decided to be sworn in as the Chief Minister of Andhra Pradesh.
It is only when the list of ministers and the cabinet is finalised, that we can finally see who will hold the finance and other ministries for the upcoming years, where the only thing certain is that the government is set to continue to function and govern, under the leadership of Narendra Modi as the Prime Minister for the third time in a row.
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