BJP President Amit Shah is likely to be the next finance minister, sources said on Thursday. The sources say that JP Nadda will likely to take over as the president of Bharatiya Janata Party.

Amit Shah took oath to office as a minister in Narendra Modi's cabinet at third spot, after the prime minister and Rajnath Singh.

The speculations around BJP President Amit Shah's entry in the Union Cabinet had gathered strength after Gujarat BJP chief Jitu Vaghani tweeted that he met Amit Shah to wish him on his new appointment.

"Met our mentor Amit Shah to congratulate him for joining the Union Cabinet led by Prime Minister Narendra Modi," Jitu Vaghani tweeted on Thursday.

Outgoing finance minister Arun Jaitley has told Prime Minister Narendra Modi that he does not wish to carry on as a cabinet minister. During his last tenure, Arun Jaitley missed a few days of work due to an illness. Piyush Goyal, who had stepped in during Arun Jaitley's absence, was also rumoured to be the favourite choice for the post.