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.
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|
|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
|10 November, 1990||21 June, 1991||Samajwadi Janata Party
|Manmohan Singh||21 June, 1991||16 May, 1996||Indian National Congress|
|Jaswant Singh||16 May, 1996||1 June, 1996||Bharatiya Janata Party|
|1 June, 1996||21 April, 1997||Tamil Maanila Congress
|I. K. Gujral
|21 April, 1997||1 May, 1997||Janata Dal
|26 May, 2014||14 May, 2018||Bharatiya Janata Party
(National Democratic Alliance)
|14 May, 2018||22 August, 2018|
|Nirmala Sitharaman||31 May, 2019||Present|
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