New Delhi: As speculation over an impending Union Cabinet reshuffle reaches a fever pitch, one name has consistently dominated discussions in political corridors Shaktikanta Das, former Governor of the Reserve Bank of India and current Principal Secretary to Prime Minister Narendra Modi.
Sources indicate that Das is being considered for the post of Union Finance Minister, while the incumbent, Nirmala Sitharaman, is expected to be shifted to the Human Resource Development (HRD) Ministry. There has been no official confirmation from the government or the BJP, but the buzz has been too persistent to ignore.
Cabinet Reshuffle: What Triggered the Buzz?
Reports suggest that a major reshuffle of the Union Cabinet could take place as early as next week, with Finance Minister Nirmala Sitharaman and Education Minister Dharmendra Pradhan potentially losing their current portfolios. Union Home Minister Amit Shah had called on President Droupadi Murmu, and Prime Minister Narendra Modi had also met the President on June 23. Reports suggest both meetings may be linked to the anticipated cabinet reshuffle.
The reshuffle is expected to be one of the biggest since the formation of the Modi 3.0 government in June 2024. Sources indicate that nearly 30 to 40 percent of ministers could see changes in responsibilities, with several new faces likely to be inducted into the Council of Ministers.
With many of the government’s failures tied directly or indirectly to the handling of the economy, speculation is rife that the reshuffle expected any day before the commencement of Parliament’s Monsoon Session around mid-July, could finally see Finance Minister Nirmala Sitharaman’s exit from the Finance Ministry. Sources, however, assert that if Sitharaman is divested of the finance portfolio, it will not mean her exit from the Union Cabinet, as that would be interpreted as an admission of failure. Instead, she could possibly replace Dharmendra Pradhan as Education Minister, with BJP spin doctors expected to frame it as a “new challenge” rather than a downgrade for the country’s longest continuously serving Finance Minister.
Who Is Shaktikanta Das?
Shaktikanta Das was born on February 26, 1957, in Bhubaneswar, Odisha. He completed his early education at Demonstration Multipurpose School in Bhubaneswar, before moving to Delhi for higher studies. He earned both his Bachelor’s and Master’s degrees in History from St. Stephen’s College, University of Delhi. Das also holds a postgraduate degree in Public Administration from the University of Birmingham.
A member of the 1980 batch of the Tamil Nadu cadre of the Indian Administrative Service (IAS), Das held several key positions for the Central and Tamil Nadu State governments, including Economic Affairs Secretary, Revenue Secretary, and Fertilizers Secretary. He has also held the positions of Alternate Governor for India at the World Bank, ADB, NDB and AIIB, and has represented India in international forums like the IMF, G20, BRICS, and SAARC.
Das was one of the senior officials in the Ministry of Finance during the planning and implementation of demonetisation in November 2016, and also worked on drawing up the legislation for the Goods and Services Tax (GST) and coordinating with states for its rollout in 2017.
Das served as the 25th Governor of the RBI from 2018 to 2024. Before assuming charge at the RBI, he was a member of the 15th Finance Commission and India’s G20 Sherpa.
For his tenure as RBI Governor, Das received global recognition, including an ‘A+’ rating and several prestigious international awards.
Since October 2025, Shaktikanta Das has been serving as the Principal Secretary in the Prime Minister’s Office (PMO).
The Parliament Question: Can a Non-MP Become Finance Minister?
One constitutional angle that has drawn considerable attention is Das’s current status as a non-parliamentarian. At present, Shaktikanta Das is not a member of either House of Parliament. If appointed Finance Minister, he can become a member of Parliament within six months. There is speculation that the BJP may consider sending him to the Rajya Sabha from Uttar Pradesh, where ten Rajya Sabha seats from UP are scheduled to fall vacant in November 2026.
A Precedent in India’s History
The idea of an RBI Governor becoming Finance Minister is not without historical precedent. C. D. Deshmukh was the first Indian Governor of the Reserve Bank of India, serving from 1943 to 1949, before going on to serve as India’s Finance Minister from 1950 to 1956. Manmohan Singh served as the RBI Governor from 1982 to 1985 and later became Finance Minister from 1991 to 1996, before serving as Prime Minister from 2004 to 2014. Since Independence, Dr. Manmohan Singh remains the only person to have held all three positions — RBI Governor, Finance Minister, and Prime Minister.
Why Das? The Rationale Behind the Buzz
Sources say Modi is expected to continue his practice of bringing in former bureaucrats as ministers to helm key departments, and in this context, the name of his Principal Secretary and former RBI Governor Shaktikanta Das has been doing the rounds as Sitharaman’s possible successor in the Finance Ministry.
Das is described as perhaps the most buzzworthy name in circulation, with talk that he could be brought in as a full Cabinet Minister a significant transition from the central bank to the political battlefield.
Industry voices have long vouched for Das. As reported after his RBI appointment, senior financial sector figures noted that “a name like Shaktikanta Das carries track record, experience, credentials, credibility and respect.” Industry bodies FICCI and CII had described his appointment as RBI Governor as a “great choice,” citing his administrative experience, familiarity with India’s financial issues, and participation in international forums.
What Would This Mean for the Economy?
If the change materialises, Das would bring a technocrat’s lens to North Block. His handling of the RBI through the COVID-19 pandemic, multiple rate cycles, and global financial volatility was broadly praised. His experience navigating India’s monetary policy while keeping financial markets stable is seen as a key asset.
However, questions remain about how a career bureaucrat-turned-central banker would handle the political dimensions of the Finance Ministry — including Union Budget preparation, coalition economics, and parliamentary arithmetic.
No Official Word Yet
There has been no official confirmation from either the government or the BJP regarding any proposed changes. The Modi government has a history of keeping cabinet reshuffle decisions tightly under wraps until the formal announcement. Political watchers, however, note that the volume and consistency of the leaks this time appear more deliberate than accidental.
The reshuffle, if it happens before the Monsoon Session of Parliament, could reshape India’s economic policymaking architecture at a critical juncture with the Union Budget of 2027, state elections, and the long shadow of 2029 Lok Sabha polls all on the horizon.
The Jan Post will update this story as and when official announcements are made.
