New Delhi: Room No. 134 in North Block, the office of the finance minister, may not remain vacant for long.

Although Prime Minister Manmohan Singh has taken additional charge of the finance ministry after P Chidambaram was moved to Home, the buzz is that a new finance minister will be named before the Parliament session begins on December 10.

Till then, Singh will carry out the duties of a finance minister from the PMO.

The names doing the rounds for the FMs post include Montek Singh Ahluwalia (Planning Commission deputy chairman), C Rangarajan (former chairman of Prime Ministers Economic Advisory Council), and Jairam Ramesh (minister of state for commerce amp; power).

However, there's no confirmation on whether any new FM will be appointed or not. While one school of thought is that the general election is just three to four months away and the PM is the most competent person in economic matters.

They therefore argue that a new appointment for the FMs job is not required for such a short term. The other view is that holding the finance ministers portfolio is a full-time job, especially in times like these when the world is facing economic slowdown.

The PM is already holding several portfolios including Atomic Energy, Space, Information and Broadcasting, Environment, and Coal. Also, his primary focus will be on fighting terror after the recent attack on Mumbai and preparing for the forthcoming polls.

A source told this newspaper that Chidambaram, who has now moved to room number 104 in the North Block as the Home Minister, is invariably in office by 9 am, and clears more than 40 files/ notes every day. Quite a job for the PM, who has so much more to look at, the source added.

Also, there are some committees (formed after the impact of the global meltdown was felt in India) headed by the Prime Minister, where the finance minister is a key member.

Officials are unable to explain how meetings of such committees will be held as the PM and FM are rolled into one now.

In terms of unfinished job in the finance ministry, key economic reforms including FDI hike in the insurance sector are pending. But sources pointed out that such reform bills may be introduced in Parliament, but there's no time left for them to be passed.

Before assuming charge as the Home Minister, Chidambaram told reporters that he was "disinclined" to move to Home when the PM asked him. He added that "the final call is made by the party leader Sonia Gandhi and the PM "

While he admitted that there's unfinished work in this ministry, Chidambaram said, "we have in Manmohan Singh, the former governor of Reserve Bank of India, a former deputy chairperson of the Planning Commission, and a former finance minister." He added that in a difficult year, "what we need is a close coordination between the Planning Commission, ministry of finance, and RBI.

And the PM the only person who has held the top posts in all three. He brings all three skills to the job." According to Chidambaram, the PM will be able to guide the economy far better than anyone else can.

Replying to a question on the Income Tax Code, Chidambaram said the Central Board of Direct Taxes would release the discussion paper on the Code at an appropriate time. The direct tax code will replace and simplify the old Income Tax Act. He also reiterated that inflation would further moderate and growth will be satisfactory, even in the backdrop of a slowdown.

Source : DNA