Goyal, a Chartered Accountant by profession, has been articulate in defending the Narendra Modi government specially after the demonetisation decision.
Mukhtar Abbas Naqvi, Dharmendra Pradhan, Nirmala Sitharaman and Piyush Goyal were elavated to the cabinet rank and nine fresh faces inducted as Ministers of State in a major rejig of his team by Prime Minister Narendra Modi today.
Mr Prabhu had offered to resign after a spate of accidents, but was asked to wait by Mr Modi.
The three new Ministers of State with independent charge are RK Singh (Power, New and Renewable Energy), Hardeep Puri (Housing and Urban Affairs) and KJ Alphons (Tourism, Electronics and IT).
Two other former bureaucrats were brought in too - former home secretary R.K. Singh and former Mumbai police commissioner Satya Pal Singh - both of whom are Lok Sabha members.
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Nitin Gadkari, who was holding Road Transport and Highways and Shipping, will also head the Water Resources, River Development and Ganga Rejuvenation Ministry.
Pradhan and Naqvi retained their portfolios of Oil and Gas and Minority Affairs respectively. However there was no indication of any JD (U) leader making it to the ministry. Mr Pradhan was given the additional charge of Skill Development Ministry. The saffron party has also been wooing Christians and his induction is likely to help this cause. Rajyavardhan Singh Rathore replaced Vijay Goel in the Sports MInistry.
Goel, who earlier held independent charge, has been shunted as the Minister of State for Parliamentary Afairs and Statistics and Programme Implementation.
In the reshuffle of the Council of Ministers, Prabhu was shifted from the Railways to the Ministry of Commerce and Industry, while Goyal was made the Railway Minister and also given the task of handling the Coal portfolio as well.