Chidambaram likely to return as finance minister: Reports

Home minister, P Chidambaram who may come to head the finance ministry before the monsoon session of  the parliament gets under way next month, yesterday indicated that the government had lined up measures to boost revenue collection and control unnecessary expenditure.

An agency report quoted Chidambaram as saying that he thought the prime minister who was also holding the finance portfolio was contemplating several measures to tighten revenue collection and to control wasteful expenditure.

Indications are, Chidambaram, who has been making comments on the economy lately, might be asked by prime minister Manmohan Singh to take over as finance minister, ahead of the monsoon session, which is likely to kick off around 7 August according to analysts.

According to sources there was a strong possibility that Chidambaram might return to the finance ministry, although finding his replacement in the home ministry was proving a challenge.

The PM himself has been holding charge of the finance ministry, after the resignation of Pranab Mukherjee on 26 June to contest the presidential polls, but according to
sources close to the PM the arrangement would need to be reworked.

Chidambaram who has held the charge as the finance minister twice before is being seen as particularly suited to steer the economy through the troubled times.