The UPA Friday named Finance Minister Pranab Mukherjee, one of India’s most versatile politicians, as its presidential candidate, tripping mercurial ally Mamata Banerjee and virtually ensuring his journey to Rashtrapati Bhavan next month.
Minutes after Congress president Sonia Gandhi made the formal announcement, after a meeting of UPA partners minus the Trinamool Congress, Mukherjee earned the support of several parties, including the SP, BSP and RJD.

The Left, Mamata Banerjee’s bitter foes, immediately congratulated Mukherjee, with Left sources saying a decision on backing him would be taken Saturday.

As Prime Minister Manmohan Singh quickly telephoned political leaders, including BJP’s Sushma Swaraj, seeking support for the finance minister and Congress troubleshooter, a confident looking Mukherjee, 76, made a similar appeal.

“We have requested and appealed to all political parties to lend their support (to me),” he said. Political pundits said he was expected to earn more than 50 percent of all votes in an electoral college comprising MPs and members of state assemblies.

After Gandhi’s announcement, DMK leader T.R. Baalu draped a pink shawl around Gandhi’s shoulder and gave her a bouquet. He then presented orange stoles to the prime minister and Mukherjee.

The UPA decision left West Bengal chief minister and Trinamool chief Mamata Banerjee floundering, with her nominee and former president A.P.J. Abdul Kalam reportedly declining to contest.

If that happens, the only other person left in the contest would be former Lok Sabha speaker Purno Sangma, who has been propped up by the AIADMK and BJD. The BJD also refused to back Mukherjee.

Interestingly, Sangma does not enjoy the backing of his own Nationalist Congress Party, part of the ruling alliance.
SP president Mulayam Singh Yadav, who only two days ago appeared to be sailing with Mamata Banerjee, echoed the view in Lucknow saying Mukherjee was an intellectual and a hugely capable leader.

Asked why he ditched Banerjee, who had earlier said Kalam would be the joint nominee of her party and SP, he replied: “In politics, you have to sail with developments.”

Earlier, former Uttar Pradesh chief minister Mayawati extended her BSP’s support for Mukherjee. She added in Lucknow that Mukherjee would win hands down.

Who will be India’s new Finance Minister?
In the absence of an obvious successor, talk in New Delhi also suggests Prime Minister Manmohan Singh could take the finance portfolio, possibly on an interim basis. Singh was finance minister during India’s 1991 crisis, pushing through reforms that unleashed two decades of faster growth.

According to party insiders, Manmohan Singh may like to appoint Planning Commission Deputy Chairman Montek Singh Ahluwalia or C. Rangarajan, who heads the prime minister’s Economic Advisory Council, as the next finance minister. Gandhi is known to prefer a party veteran for the finance ministry.

C Rangarajan, chairman EAC to PM
Seen as a dark horse in the running for finance minister, he is one of the most trusted aides of Prime Minister Singh.
C. Rangarajan has worn various hats both within and outside the government, and would bring long experience to the job. Unlike other contenders, he has generally avoided controversy.

He is widely perceived as a hawk who frowns upon expansionary fiscal policy and high inflation, and is an advocate for fuel subsidy reforms and long-pending financial sector reforms.

He favours building consensus before allowing foreign investment in multi-brand retail and aviation. However, Congress is seen to prefer a politician who can deliver votes in the 2014 parliamentary elections.

Montek Singh, dy chairman, Planning Commission
The Oxford-trained economist, Montek Singh Ahluwalia has been a key figure in Indian economic policy since the mid-1980s.

He is an influential adviser to the Prime Minister and is also India’s Sherpa for the G20 Summit. A supporter of open markets, he has been pushing the government to implement long-pending reforms like ending controls on fuel prices, lifting caps on foreign stakes in the insurance sector and allowing in foreign supermarkets.

He is close to Singh and was a key member of the team that navigated the economy out of the 1991 balance of payment crisis.

Ahluwalia is said to harbour political ambitions and was seen as front-runner for finance minister in 2009, but was thought by Congress to be too market friendly. A lack of political base also went against him.

Kalam Not Keen To Contest
Former president Dr. A.P.J Abdul Kalam might not be keen as he had never wanted to be in the race unless there was a consensus.

After the Congress-led UPA declared the candidature of Pranab Mukherjee and with the SP and BSP including TRS expressing support for Pranab the former president has said he won’t want a contest. This was reported by Headlines Today which quoted Subramaniam Swamy.