Ananya Gupta
August 31, 2023 11:34
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The Ministry of Finance, headed by the Finance Minister of India, holds a prominent position within the Government of India. It is one of the most senior offices in the Union Cabinet.
Finance Ministers in India: The Finance Ministers of India are individuals who hold the important position of overseeing the Ministry of Finance within the Indian government. The Ministry of Finance is a highly significant part of the Union Cabinet, and the Finance Minister of India is the head of this ministry.
The Finance Ministers in India bear the responsibility of shaping the government’s budgetary policies. Among their key duties is the preparation and presentation of the annual Union Budget in the Parliament. This important task of presenting the budget and outlining financial plans is an integral aspect of their role. R. K. Shanmukham was the first Finance Minister of India, and he had the honor of presenting the first-ever budget of the country.
Nirmala Sitharaman presently holds the position of Finance Minister of India.Under the leadership of Prime Minister Narendra Modi, she was appointed as the Finance Minister of India on May 31, 2019.On July 5, 2019, she presented her initial Union Budget, which was the first under the NDA government, and subsequently, her second budget followed.
Under the leadership of Nirmala Sitharaman, the Ministry of Finance encompasses the Department of Public Enterprises. This move reflects the government’s intent to proceed with privatization and enhance financial oversight over state-owned enterprises.
The Finance Minister of India is an important government position responsible for managing the country’s finances, economic policies, and budget allocations.Finance Minister plays a crucial role in shaping the economic direction of the nation, making financial decisions, and presenting the annual budget to the Parliament. The role involves overseeing fiscal policies, taxation, revenue generation, expenditure allocation, and financial reforms to promote economic growth and stability. The Finance Minister’s decisions can have far-reaching effects on the country’s economy, industries, and citizens’ financial well-being. Here is the list of Finance Ministers of India for UPSC.
| List of Finance Ministers of India (1947 to 2023) | |||||
|---|---|---|---|---|---|
| S.No. | Finance Minister | Term of Office (Start) | Term of Office (End) | Prime Minister | Political Party |
| 1 | Liaquat Ali Khan | 29 Oct 1946 | 14 Aug 1947 | Jawaharlal Nehru | All-India Muslim League |
| 2 | R. K. Shanmukham Chetty | 15 Aug 1947 | 17 Aug 1948 | Jawaharlal Nehru | Indian National Congress |
| 3 | John Mathai | 22 Sep 1948
26 Jan 1950 06 May 1950 |
26 Jan 1950
06 May 1950 01-Jun 1950 |
Jawaharlal Nehru | Indian National Congress |
| 4 | C. D. Deshmukh | 01 Jun 1950
13 May 1952 |
13 May 1952
01 Aug 1956 |
Jawaharlal Nehru | Indian National Congress |
| 5 | Jawaharlal Nehru | 01 Aug 56 | 30 Aug 1956 | Jawaharlal Nehru | Indian National Congress |
| 6 | T. T. Krishnamachari | 30 Aug 1956
17 Apr 1957 |
17 Apr 1957
14 Feb 1958 |
Jawaharlal Nehru
|
Indian National Congress |
| 7 | Jawaharlal Nehru | 14 Feb 1958 | 22 Mar 1958 | Jawaharlal Nehru | Indian National Congress |
| 8 | Morarji Desai | 22 Mar 1958
10 Apr 1962 |
10 Apr 1962
31 Aug 1963 |
Jawaharlal Nehru | Indian National Congress |
| 9 | T. T. Krishnamachari | 31 Aug 1963 | 31 Dec 1965 | Jawaharlal Nehru
Lal Bahadur Shastri |
Indian National Congress |
| 10 | Sachindra Chaudhuri | 01 Jan 1966
11 Jan 1966 24 Jan 1966 |
11 Jan 1966
24 Jan 1966 13 Mar 1967 |
Lal Bahadur Shastri
Indira Gandhi |
Indian National Congress |
| 11 | Morarji Desai | 13 Mar 1967 | 16 Jul 1969 | Indira Gandhi | Indian National Congress |
| 12 | Indira Gandhi | 16 Jul 1969 | 27 Jun 1970 | Indira Gandhi | Indian National Congress |
| 13 | Yashwantrao B. Chavan | 27 Jun 1970
18 Mar 1971 |
18 Mar 1971
10 Oct 1974 |
Indira Gandhi | Indian National Congress |
| 14 | Chidambaram Subramaniam | 10 Oct 1974 | 24 Mar 1977 | Indira Gandhi | Indian National Congress |
| 15 | Haribhai M. Patel | 26 Mar 1977 | 24 Jan 1979 | Morarji Desai | Janata Party |
| 16 | Charan Singh | 24 Jan 1979 | 16 Jul 1979 | Morarji Desai | Janata Party |
| 17 | Hemvati Nandan Bahuguna | 28 Jul 1979 | 19 Oct 1979 | Charan Singh | Janata Party (Secular) |
| 18 | R. Venkataraman | 14 Jan 1980 | 15 Jan 1982 | Indira Gandhi | Indian National Congress |
| 19 | Pranab Mukherjee | 15 Jan 1982
31 Oct 1984 |
31 Oct 1984
31 Dec 1984 |
Indira Gandhi | Indian National Congress |
| 20 | V. P. Singh | 31 Dec 1984
14 Jan 1985 30 Mar 1985 25 Sep 1985 |
14 Jan 1985 30 Mar 1985 25 Sep 1985 24 Jan 1987
|
Rajiv Gandhi | Indian National Congress |
| 21 | Rajiv Gandhi | 24 Jan 1987 | 25 Jul 1987 | Rajiv Gandhi | Indian National Congress |
| 22 | N. D. Tiwari | 25 Jul 1987 | 25 Jun 1988 | Rajiv Gandhi | Indian National Congress |
| 23 | Shankarrao B. Chavan | 25 Jun 1988 | 02 Dec 1989 | Rajiv Gandhi | Indian National Congress |
| 24 | Madhu Dandavate | 05 Dec 1989 | 10 Nov 1990 | V. P. Singh | V. P. Singh |
| 25 | Yashwant Sinha | 21 Nov 1990 | 21 Jun 1991 | Chandra Shekhar | Chandra Shekhar |
| 26 | Manmohan Singh | 21 Jun 1991 | 16 May 1996 | P. V. Narasimha Rao | P. V. Narasimha Rao |
| 27 | Jaswant Singh | 16 May 1996 | 01 Jun 1996 | Atal Bihari Vajpayee | Atal Bihari Vajpayee |
| 28 | P. Chidambaram | 01 Jun 1996 | 21 Apr 1997 | H. D. Deve Gowda | H. D. Deve Gowda |
| 29 | I.K. Gujral | 21 Apr 1997 | 01 May 1997 | I. K. Gujral | I. K. Gujral |
| 30 | P. Chidambaram | 01 May 1997 | 19 Mar 1998 | I. K. Gujral | I. K. Gujral |
| 31 | Yashwant Sinha | 19 Mar 1998
13 Oct 1999 |
13 Oct 1999
01 Jul 2002 |
Atal Bihari Vajpayee | Atal Bihari Vajpayee |
| 32 | Jaswant Singh | 01 Jul 2002 | 22 May 2004 | Atal Bihari Vajpayee | Atal Bihari Vajpayee |
| 33 | P. Chidambaram | 23 May 2004 | 30 Nov 2008 | Manmohan Singh | Manmohan Singh |
| 34 | Manmohan Singh | 30 Nov 2008 | 24 Jan 2009 | Manmohan Singh | Manmohan Singh |
| 35 | Pranab Mukherjee | 24 Jan 2009
23 May 2009 |
22 May 2009
26 Jun 2012 |
Manmohan Singh | Manmohan Singh |
| 36 | Manmohan Singh | 26 Jun 2012 | 31 Jul 2012 | Manmohan Singh | Manmohan Singh |
| 37 | P. Chidambaram | 31 Jul 2012 | 26 May 2014 | Manmohan Singh | Manmohan Singh |
| 38 | Arun Jaitley | 26 May 2014 | 30 May 2019 | Narendra Modi | Narendra Modi |
| 39 | Nirmala Sitharaman | 31 May 2019 | Incumbent | Narendra Modi | Narendra Modi |
| Related Links | |
| Chief Ministers of Bihar | Chief Ministers of Delhi |
| High Courts in India | Prime Ministers of India List |
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