New Delhi, Jul 11: If sources are to be believed then the present Union Home Minister P Chidambaram will take over the Finance Ministry from Manmohan Singh ahead of the monsoon sessions of Parliament in Aug 2012.

Dr Singh has been holding the portfolio (Finance Minister) since Pranab Mukherjee resigned from the post to participate in presidential poll which will be held on Jul 19.

Sources from the Prime Minister Office (PMO) believe that being the Prime Minister of the country, it would not be easy for Dr Singh to continue as Finance Minister for a long time.

Chidambaram, who is expected to succeed Dr Singh as FM, discussed the current condition of Indian economy. During an interview, Chidambaram stated, “I think the Prime Minister-cum-Finance Minister is contemplating a number of measures to tighten revenue collection and to control wasteful expenditure. We have already imposed across-the-board cut on non-plan expenditure. That will help.”

However, there were no reports saying who would be the next Union Home Minister if Chidambaram leaves the post. However, experts believe that Chidambaram would be the best choice for the FM post as he had handled the portfolio twice in the past and would be able to handle the crisis when the economy has hit a rough patch.

The Monsoon session of the Parliament is going to commence on Aug 7. Sources confirmed that the UPA government will announce its final decision on Chidambaram and Finance Ministry before the session starts.