Commerce Minister Piyush Goyal gets key BJP post: ‘One person, one post’ convention fuels Modi Cabinet reshuffle buzz

The Bharatiya Janata Party (BJP) on 17 August overhauled its national team under party president Nitin Nabin, bringing in many new faces and some prominent leaders like former Union minister Smriti Irani as general secretary and former Rashtriya Swayamsevak Sangh (RSS) functionary Ram Madhav as vice president.

The party, which said it has maintained the right balance between youth and experience, also appointed Union Minister Piyush Goyal as its new national tresurer.

Goyal's inclusion assumes significance as he is the only serving Union minister to have been inducted into the new team. For now, Goyal will hold a key organisational position alongside his Cabinet responsibilities.

Goyal is the Union Commerce and Industry Minister. His additional role as national treasurer has added to speculation over a possible reshuffle in Prime Minister Narendra Modi's Council of Ministers.

The ‘one person, one post’ rule

The development brings attention to the BJP's long-standing unwritten, "one person, one post" convention. Leaders generally do not hold organisational and government positions simultaneously as per this rule.

As Union Minister of Commerce and Industry, Goyal has been closely involved in India's trade negotiations, including the ongoing Free Trade Agreement (FTA) talks with the United States. Goyal has so far played a central role in trade negotiations.

Some reports suggest, that appointment could also reflect the BJP's decision to utilise his experience in party organisation, election management and financial matters. Goyal has also been a Union Finance Minister in the past.

Not the first time

Goyal served as interim Minister of Finance and Corporate Affairs twice (in 2018 and 2019) while Arun Jaitley was ill. During his second stint in early 2019, Goyal presented the Union Interim Budget for 2019–2020.

Piyush has previously held the post of BJP national treasurer before from March 2010 until the Narendra Modi-led National Democratic Alliance (NDA) assumed office in May 2014.

Goyal's father, Ved Prakash Goyal, served as the party's national treasurer for more than two decades. Prakash Goyal also served as Union shipping minister from 2001 to 2003 in the Atal Bihari Vajpayee-led NDA government.

In 2014, Goyal joined the NDA government as minister of state (independent charge) for power, coal and new and renewable energy. He was subsequently given charge of the railway ministry and later held additional charge of the finance and corporate affairs ministries, presenting the interim budget in February 2019 when then finance minister Arun Jaitley was unwell.

Goyal holds an all-India second rank in chartered accountancy and secured second rank in law from Mumbai University. He is BJP MP from Mumbai North Lok Sabha seat that he won in 2024 general elections.

Tenure as Commerce Minister

Goyal first became the Union Minister of Commerce and Industry on May 31, 2019, following the 2014–2019 Modi government's re-election. He took charge again for a consecutive term after the 2024 general elections on June 11, 2024

Under his leadership at the commerce ministry, India signed key trade agreements including the free trade agreement (FTA) with the UAE and Oman, as well as the India-Australia Economic Cooperation and Trade Agreement (ECTA).

Deals are currently under negotiation include pacts with Chile, the Maldives, Canada, Mexico, Eurasia, the Gulf Cooperation Council (GCC), and the long-awaited trade agreement with the US. In the past three years, India has signed nine FTAs covering 38 developed economies.

With Goyal as national tresurer, the BJP brings an experienced leader with administrative and organisational experience into a crucial party post, according to analysts. The appointment could, however, also mean that the party could relieve Goyal from government responsibilities, which, for now, is just a speculation.

There has not not been an official word from the BJP or the Union Government about Goyal being dropped from the Modi Cabinet. Goyal himself has not commnted on his latest assignment in the party.

(With agency inputs)