Finance Ministers of India: As our Finance Minister Nirmala Sitharaman gave her sixth Budget presentation on 1 February 2024, let's take a trip down memory lane and explore the list of Finance Ministers who have shaped India's money matters. Nirmala Sitharaman made history on 31 May 2019 as India's first full-time female Finance Minister, adding a special touch to the nation's financial leadership.
Article 112 of the Indian Constitution says we need to present the annual budget in the Parliament. This used to happen on the last working day of February, but the BJP government changed it in 2016. Now, the Union Budget comes on the first day of February, just before the new financial year starts in April.
The Ministry of Finance, led by the Finance Minister, deals with taxes, money laws, banks, stock markets, and budgets. The first Finance Minister after India gained independence was R. K. Shanmukham Chetty, and he also presented the first Budget.
Nirmala Sitharaman, our current Finance Minister, is the first woman to take on this role full-time. If she completes her whole term, she'll be the first Indian lady to do so. She presented her first Union Budget on 5 July 2019.
In the latest government changes, they decided to include the Department of Public Enterprises (DPE) under the Ministry of Finance, which is led by Nirmala Sitharaman. This move is seen as a step toward privatization and having more financial control over government-run businesses.
This article will help you get to know more about the Finance Ministers of India and how they've influenced the country's money matters over the years. Join us in exploring the simple yet impactful history of India's Finance Ministers and how they've shaped our country's financial journey.
| S.N. | Name | Term of Office | Description |
|---|---|---|---|
| 1 | Liaquat Ali Khan | 29-Oct-46 to 14-Aug-47 | Liaquat Ali Khan served as the Finance Minister during the transition period of the All-India Muslim League and played a significant role as the Vice President of the interim government. His contributions aimed at shaping economic policies during a crucial phase of independence. |
| 2 | R. K. Shanmukham Chetty | 15-Aug-47 to 17-Aug-48 | R. K. Shanmukham Chetty, a member of the Indian National Congress, held the position of Finance Minister during the early post-independence years. His role involved formulating economic policies aligned with the developmental goals set by the government. |
| 3 | John Mathai | 22-Sep-48 to 01-Jun-50 | John Mathai served as the Finance Minister during a critical period of economic development, contributing to the framing of the first budget of independent India. His tenure witnessed efforts to address economic challenges and formulate policies for stability and growth. |
| 4 | C. D. Deshmukh | 01-Jun-50 to 01-Aug-56 | C. D. Deshmukh, an influential figure, served as the Finance Minister during the formative years of India's economic planning. He played a key role in the formulation and implementation of financial policies post-independence, focusing on stability and growth. |
| 5 | Jawaharlal Nehru | 01-Aug-56 to 30-Aug-56 | Jawaharlal Nehru, the first Prime Minister of India, briefly assumed the responsibilities of Finance Minister during specific periods. His leadership played a pivotal role in shaping India's economic policies and development strategies, emphasizing self-sufficiency. |
| 6 | T. T. Krishnamachari | 30-Aug-56 to 14-Feb-58 | T. T. Krishnamachari served as the Finance Minister during multiple terms and under different Prime Ministers. His contributions included economic reforms and financial management, making him a key figure in India's post-independence economic landscape. |
| 7 | Jawaharlal Nehru | 14-Feb-58 to 22-Mar-58 | Jawaharlal Nehru continued his role as Finance Minister during this period, contributing to the formulation and implementation of economic policies. His vision aimed at fostering economic development and stability in the newly independent nation. |
| 8 | Morarji Desai | 22-Mar-58 to 31-Aug-63 | Morarji Desai, a prominent political figure, held the position of Finance Minister and later became the Prime Minister. His tenure as Finance Minister was marked by significant economic policies and reforms to address challenges and promote growth. |
| 9 | T. T. Krishnamachari | 31-Aug-63 to 31-Dec-65 | T. T. Krishnamachari's term as Finance Minister covered periods under Jawaharlal Nehru and Lal Bahadur Shastri. His contributions were instrumental in addressing economic challenges and formulating policies for fiscal stability and growth. |
| 10 | Sachindra Chaudhuri | 01-Jan-66 to 24-Jan-66 | Sachindra Chaudhuri served as the Finance Minister during the tenure of Prime Minister Lal Bahadur Shastri. His role involved implementing financial policies in alignment with the broader economic goals set by Shastri's leadership. |
| 11 | Morarji Desai | 11-Jan-66 to 13-Mar-67 | Morarji Desai continued his role as Finance Minister during this period, contributing to economic policies under Prime Minister Indira Gandhi. His efforts aimed at addressing economic challenges and fostering stability and growth. |
| 12 | Indira Gandhi | 13-Mar-67 to 27-Jun-70 | Indira Gandhi, while serving as Prime Minister, briefly took on the role of Finance Minister. Her leadership style and economic policies played a crucial role in shaping India's economic trajectory during this period, emphasizing self-sufficiency and development. |
| 13 | Yashwantrao B. Chavan | 27-Jun-70 to 10-Oct-74 | Yashwantrao B. Chavan served as the Finance Minister during a period marked by economic challenges. His contributions included efforts to address fiscal issues and formulate policies aimed at promoting economic stability and growth. |
| 14 | Chidambaram Subramaniam | 10-Oct-74 to 24-Mar-77 | Chidambaram Subramaniam, a seasoned politician, served as the Finance Minister during a critical phase. His contributions included efforts to address economic challenges and formulate policies that aimed at economic stability and growth. |
| 15 | Haribhai M. Patel | 26-Mar-77 to 24-Jan-79 | Haribhai M. Patel served as the Finance Minister under Prime Minister Morarji Desai. Patel's role included working on financial policies and initiatives in alignment with the broader economic agenda of the Janata Party government. |
| 16 | Charan Singh | 24-Jan-79 to 16-Jul-79 | Charan Singh, who also became the Prime Minister, served as the Finance Minister under his own leadership. His tenure was marked by efforts to address economic challenges and implement policies aimed at fiscal stability and growth. |
| 17 | Hemvati Nandan Bahuguna | 28-Jul-79 to 19-Oct-79 | Hemvati Nandan Bahuguna held the position of Finance Minister under Prime Minister Charan Singh. His contributions included efforts to address economic challenges and formulate policies for fiscal management during his term. |
| 18 | R. Venkataraman | 14-Jan-80 to 15-Jan-82 | R. Venkataraman served as the Finance Minister under Prime Minister Indira Gandhi. His tenure was characterized by economic policies and initiatives aligned with the goals set by the government to promote stability and growth. |
| 19 | Pranab Mukherjee | 15-Jan-82 to 31-Dec-84 | Pranab Mukherjee, a veteran politician, served as the Finance Minister during different terms. His contributions included formulating and implementing economic policies to address various challenges and promote fiscal stability and growth. |
| 20 | V. P. Singh | 31-Dec-84 to 24-Jan-87 | V. P. Singh served as the Finance Minister under Prime Minister Rajiv Gandhi. His role involved addressing economic challenges and contributing to the formulation of policies that aimed at fiscal stability and growth during this period. |
| 21 | Rajiv Gandhi | 24-Jan-87 to 25-Jul-87 | Rajiv Gandhi, as Prime Minister, briefly took on the responsibilities of Finance Minister during specific periods. His leadership style and economic policies played a crucial role in shaping India's economic trajectory during the late 20th century. |
| 22 | N. D. Tiwari | 25-Jul-87 to 25-Jun-88 | N. D. Tiwari served as the Finance Minister during a phase marked by economic challenges. His contributions included efforts to address fiscal issues and formulate policies aimed at promoting economic stability and growth. |
| 23 | Shankarrao B. Chavan | 25-Jun-88 to 02-Dec-89 | Shankarrao B. Chavan held the position of Finance Minister, contributing to financial policies during his tenure. His role involved addressing economic challenges and formulating initiatives aligned with the broader economic goals of the government. |
| 24 | Madhu Dandavate | 05-Dec-89 to 10-Nov-90 | Madhu Dandavate served as the Finance Minister under Prime Minister V. P. Singh. His contributions included formulating and implementing financial policies aimed at addressing economic challenges and fostering fiscal stability. |
| 25 | Yashwant Sinha | 21-Nov-90 to 21-Jun-91 | Yashwant Sinha, serving as the Finance Minister under Prime Minister Chandra Shekhar, played a key role in addressing economic challenges. His contributions included formulating policies to stabilize and promote growth in the Indian economy. |
| 26 | Manmohan Singh | 21-Jun-91 to 16-May-96 | Manmohan Singh, later becoming the Prime Minister, served as the Finance Minister under Prime Minister P. V. Narasimha Rao. His tenure was marked by significant economic reforms and liberalization policies that had a lasting impact on India's economy. |
| 27 | Jaswant Singh | 16-May-96 to 01-Jul-02 | Jaswant Singh played a crucial role as the Finance Minister under Prime Minister Atal Bihari Vajpayee. His contributions included formulating and implementing economic policies that aimed at promoting stability and growth in the Indian economy. |
| 28 | P. Chidambaram | 23-May-04 to 30-Nov-08 | P. Chidambaram served as the Finance Minister under Prime Minister Manmohan Singh. His contributions included addressing economic challenges and formulating policies to promote fiscal stability and growth during this period. |
| 29 | Manmohan Singh | 30-Nov-08 to 24-Jan-09 | Manmohan Singh continued his role as Finance Minister under his own leadership. His efforts were crucial in addressing economic challenges and formulating policies to promote fiscal stability and growth during this period. |
| 30 | Pranab Mukherjee | 24-Jan-09 to 26-Jun-12 | Pranab Mukherjee, as Finance Minister, contributed to economic policies under Prime Minister Manmohan Singh. His role involved addressing various challenges and formulating initiatives aimed at fostering fiscal stability and growth. |
| 31 | Manmohan Singh | 26-Jun-12 to 31-Jul-12 | Manmohan Singh continued his responsibilities as Finance Minister during this period, contributing to the formulation and implementation of economic policies. His leadership aimed at addressing challenges and promoting fiscal stability and growth. |
| 32 | P. Chidambaram | 31-Jul-12 to 26-May-14 | P. Chidambaram served as the Finance Minister during different terms, contributing to fiscal management and economic policies. His role included efforts to address economic challenges and formulate initiatives for stability and growth. |
| 33 | Arun Jaitley | 26-May-14 to 30-May-19 | Arun Jaitley served as the Finance Minister under Prime Minister Narendra Modi. His contributions included formulating and implementing economic policies that aimed at promoting stability and growth in the Indian economy. |
| 34 | Nirmala Sitharaman | 31-May-19 - Incumbent | Nirmala Sitharaman is the current Finance Minister under Prime Minister Narendra Modi. Her role involves formulating and implementing fiscal policies to address contemporary economic challenges and foster stability and growth in the Indian economy. |