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Home Articles

List of Finance Ministers of India

by Ayshath Nasira
June 8, 2020
in Articles, General Knowledge
List of Finance Ministers of India
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Ministry of Finance is one of the senior-most offices in the Union Cabinet of government of India. The Finance Minister is responsible for the fiscal policy of the government. Having knowledge about the head of the Ministry of Finance, their term of office and the political parties they relate to is important for aspirants taking the competitive exams. In this article we will draft the list of finance ministers we had since independence to present incumbent Finance Minister.

R.K. Shanmukham Chetty was the first Finance Minister of independent India and also presented the first Union Budget. Indira Gandhi was the first female Finance Minister, although she held the post for one year i.e., from 1970 – 1971. The current Finance Minister of India  is Nirmala Sitharam, which makes her the second female to hold such a prestigious position. She took hold of the office on 31st  May, 2019.

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Major duty of the Finance Minister is to present the annual Union Budget in Parliament, which presents the government’s plan for taxation and spending in the coming financial year. Through the Budget, the finance minister also outlines the allocations to different ministries and departments. Occasionally, she/he is assisted by the Minister of State for Finance and the lower-ranked Deputy Minister of Finance. The Budget or annual financial statement is presented every year by the Finance Minister of the country.

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List of Finance Ministers of India

Below tabulated is the list of Finance Minsters of India from the year 1946 till present.

Finance Minister Term of Office Political Party
Liaquat Ali Khan

 

October 29, 1946 August 14, 1947 All-India Muslim League

 

R. K. Shanmukham Chetty 15 August, 1947 17 August, 1948 Indian National Congress
K. C. Neogy 1949 1949
John Mathai

 

22 September 1948 01 June 1950
C. D. Deshmukh 29 May, 1950 01 August, 1956
Jawaharlal Nehru 01 August, 1956 30 August, 1956
T. T. Krishnamachari 30 August, 1956 13 February, 1958
Morarji Desai 23 March, 1958 31 August, 1963
Sachindra Chaudhuri 01 January, 1966 13 March, 1967
Indira Gandhi 16 July, 1969 27 June, 1970
Yashwantrao Chavan 27 June, 1970 10 October, 1974
Chidambaram Subramaniam 10 October, 1974 24 March, 1977
Hirubhai M. Patel 24 March, 1977 24 January, 1979 Janata Party
Charan Singh 24 January, 1979 28 July, 1979
Hemwati Nandan Bahuguna            Hemwati 28 July, 1979 25 October, 1979
R. Venkataraman 14 January, 1980 15 January, 1982 Indian National Congress
Pranab Mukherjee 15 January, 1982 31 December, 1984
V. P. Singh

 

31 December, 1984 24 January, 1987
Rajiv Gandhi 24 January, 1987 25 July, 1987
N. D. Tiwari

 

25 July, 1987 25 June, 1988
Shankarrao Chavan 25 June, 1988

 

2 December, 1989
Madhu Dandavate 2 December, 1989 10 November, 1990 Janata Dal

(National Front)

Yashwant Sinha

 

10 November, 1990 21 June, 1991 Samajwadi Janata Party

(National Front)

Manmohan Singh 21 June, 1991 16 May, 1996 Indian National Congress
Jaswant Singh 16 May, 1996             1 June, 1996 Bharatiya Janata Party
P. Chidambaram

 

1 June, 1996 21 April, 1997 Tamil Maanila Congress

(United Front)

I. K. Gujral

 

 

21 April, 1997 1 May, 1997 Janata Dal

(United Front)

Arun Jaitley

 

26 May, 2014 14 May, 2018 Bharatiya Janata Party

(National Democratic Alliance)

Piyush Goyal

 

14 May, 2018 22 August, 2018
Nirmala Sitharaman 31 May, 2019 Present

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Ayshath Nasira

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