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List of Finance Ministers of India

General Knowledge

List of Finance Ministers of India

Reviewed by:

Nafeez Khan

List Of All Finance Ministers of India

The Indian Government's Finance Ministry is led by the Minister of Finance (or Finance Minister, abbreviated form FM). The Finance Minister, the Union Cabinet's highest-ranking official, is in charge of the government's budgetary policy. As a part of this, the key duty of the Finance Minister is to present the annual Union Budget in Parliament that details the plan for taxation and spending of the Indian government. It is in the coming financial year.

The current Indian Finance Minister is Nirmala Sitharaman. Let us look at the list of finance ministers of India.

About the Finance Minister

The annual financial statement or simply the budget is presented every year by the country’s Finance Minister. Article 112, which is the Indian Constitution, envisages laying down the annual or yearly budget in the Parliament.

Now, the government of BJP has changed this tradition in presenting the Union Budget on February’s last working day. From 2016, the Union Budget was presented on the first day of February. So, it could be materialised prior to the beginning of the new financial year in the month of April.

The Ministry of Finance deals with the financial legislation, taxation, capital markets, financial institutions, state & centre finances, and the Union Budget. R. K. Shanmukham Chetty served as India's first Finance Minister and delivered the country's first budget.

Importance of Ministry of Finance India

The Ministry of Finance is a crucial ministry within the Indian Government. It deals with financial regulation, taxation, capital markets, financial institutions, state and central government finances, etc. Whereas the Union Budget. R. K. Shanmukham Chetty served as India's first Finance Minister. And, he presented the first budget for independent India on Nov 26, 1947.

The Ministry of Finance also provides the recruitment details for Private Secretary (secretary ministry of finance India list), Regional Director, Account Assistant, Section Officer, Clerk and Other Vacancy Posts and Court Master. Few of the websites, especially the news ones, collect the latest government jobs recruitment notification from the Ministry of Finance.

It also provides a consolidated view of these pages. These pages contain the latest recruitment process such as Job Locations, Job Details, Online Application Form, Interview Dates, Eligibility, Fee Details, Job Notifications and Qualifications from the Ministry of Finance. Also, the Ministry of Finance comes up with recruitment notifications across different times in a year.

In this article, we have provided the list of all Finance Ministers of India from the Finance Minister of India list from 1947 to 2019.

The list of Finance Ministers in India from Independence to now is tabulated below. Let us now name the present finance minister of India.

S. No	Finance Minister	Term of Office		Political Party	Prime Minister
1	Liaquat Ali Khan	29 October 1946	14 August 1947	All-India Muslim League	Jawaharlal Nehru (Vice President of the interim Govt.)
2	R. K. Shanmukham Chetty	15 August 1947	17 August 1948	Indian National Congress	Jawaharlal Nehru
3	John Mathai	22 September 1948	26 January 1950
		26 January 1950	6 May 1950
		6 May 1950	1 June 1950
4	C. D. Deshmukh	1 June 1950	13 May 1952
4	C. D. Deshmukh	13 May 1952	1 August 1956
5	Jawaharlal Nehru	1 August 1956	30 August 1956
6	T. T. Krishnamachari	30 August 1956	17 April 1957
6	T. T. Krishnamachari	17 April 1957	14 February 1958
7	Jawaharlal Nehru	14 February 1958	22 March 1958
8	Morarji Desai	22 March 1958	10 April 1962
8	Morarji Desai	10 April 1962	31 August 1963
9	T. T. Krishnamachari	31 August 1963	31 December 1965		Jawaharlal Nehru Lal Bahadur Shastri
10	Sachindra Chaudhuri	1 January 1966	11 January 1966		Lal Bahadur Shastri Indira Gandhi
		11 January 1966	24 January 1966
		24 January 1966	13 March 1967
11	Morarji Desai	13 March 1967	16 July 1969		Indira Gandhi
12	Indira Gandhi	16 July 1969	27 June 1970
13	Yashwantrao B. Chavan	27 June 1970	18 March 1971
13	Yashwantrao B. Chavan	18 March 1971	10 October 1974
14	Chidambaram Subramaniam	10 October 1974	24 March 1977
15	Haribhai M. Patel	26 March 1977	24 January 1979	Janata Party	Morarji Desai
16	Charan Singh	24 January 1979	16 July 1979	Janata Party	Morarji Desai
17	Hemvati Nandan Bahuguna	28 July 1979	19 October 1979	Janata Party (Secular)	Charan Singh
18	R. Venkataraman	14 January 1980	15 January 1982	Indian National Congress	Indira Gandhi
19	Pranab Mukherjee	15 January 1982	31 October 1984
19	Pranab Mukherjee	31 October 1984	31 December 1984
20	V. P. Singh	31 December 1984	14 January 1985		Rajiv Gandhi
		14 January 1985	30 March 1985
		30 March 1985	25 September 1985
		25 September 1985	24 January 1987
21	Rajiv Gandhi	24 January 1987	25 July 1987
22	N. D. Tiwari	25 July 1987	25 June 1988
23	Shankarrao B. Chavan	25 June 1988	2 December 1989
24	Madhu Dandavate	5 December 1989	10 November 1990	Janata Dal (National Front)	V. P. Singh
25	Yashwant Sinha	21 November 1990	21 June 1991	Samajwadi Janata Party (National Front)	Chandra Shekhar
26	Manmohan Singh	21 June 1991	16 May 1996	Indian National Congress	P. V. Narasimha Rao
27	Jaswant Singh	16 May 1996	1 June 1996	Bharatiya Janata Party	Atal Bihari Vajpayee
28	P. Chidambaram	1 June 1996	21 April 1997	Tamil Maanila Congress (United Front)	H. D. Deve Gowda
29	I.K. Gujral	21 April 1997	1 May 1997	(United Front)	I. K. Gujral
30	P. Chidambaram	1 May 1997	19 March 1998	Tamil Maanila Congress (United Front)	I. K. Gujral
31	Yashwant Sinha	19 March 1998	13 October 1999	Bharatiya Janata Party (National Democratic Alliance)	Atal Bihari Vajpayee
31	Yashwant Sinha	13 October 1999	1 July 2002
32	Jaswant Singh	1 July 2002	`22 May 2004
33	P. Chidambaram	23 May 2004	30 November 2008	Indian National Congress (United Progressive Alliance)	Manmohan Singh
34	Manmohan Singh	30 November 2008	24 January 2009
35	Pranab Mukherjee	24 January 2009	22 May 2009
	Pranab Mukherjee	23 May 2009	26 June 2012
36	Manmohan Singh	26 June 2012	31 July 2012
37	P. Chidambaram	31 July 2012	26 May 2014
38	Arun Jaitley	26 May 2014	30 May 2019	Bharatiya Janata Party (National Democratic Alliance)	Narendra Modi
39	Nirmala Sitharaman	31 May 2019	Incumbent	Bharatiya Janata Party (National Democratic Alliance)	Narendra Modi

These are the names of the present finance minister of India or simply the finance minister of India list from 1947 to 2019.

Departments Associated With Finance Ministry

Department of Economic Affairs

The Department of Economic Affairs is the Union Government's nodal department for formulating and monitoring the country's economic policies and programmes that affect both domestic and international aspects of economic management. The drafting and presentation of the Union Budget before Parliament is given as the Department's major and primary function. And also, budget for the state Governments under the Rule of President and union territory administrations.

Department of Expenditure

The Department of Expenditure is the central government's nodal department for monitoring the public financial management system or PFMS. It also matters connected with the state finances. The Department's principal activities include a pre-sanction appraisal of primary projects or schemes (both Plan and non-Plan expenditure), as well as handling the majority of the Central budgetary resources that are allocated to States.

Department of Revenue

The Department of Revenue functions under the complete control and direction of the Secretary (or Revenue). With two statutory Boards, it also has authority over topics relating to both Direct and Indirect Union Taxes. They are, namely, the Central Board of Indirect Taxes and Customs - CBIC and the Central Board of Direct Taxes - CBDT. Each Board is headed by the Chairman who is also an ex officio Special Secretary Ministry of Finance India list (Secretary level).

Department of Financial Services

The Department of the Financial Services covers Insurance, Banks and also the Financial Services, where there is a big Indian Finance Ministers list, provided by multiple private corporations and government agencies. In addition, it covers Industrial Finance and Micro, Small and Medium Enterprise and pension reforms. It has been started the Pradhan Mantri Jan Dhan Yojana.

Pension Fund Regulatory & Development Authority- a statutory body, which also works under this same department.

The current secretary of this department is Shri Debasish Panda.

Department of Investment and Public Asset Management

The Department of Disinvestment is now known as the Department of Investment and Public Asset Management (DIPAM), or simply "DIPAM." It is a move aimed at ensuring that the Centre's equity investments, including its disinvestment in central public sector firms, are properly managed. At the time of his 2016-17 budget speech, Finance Minister Arun Jaitley announced the rebranding of the Department of Disinvestment.

Department of Public Enterprises

The Department of Public Enterprises was the one, which was earlier part of the Ministry of Heavy Industries and Public Enterprises. It will now fall under the purview of the Ministry of Finance. So, the Finance Ministry will contain six departments. The Ministry of Heavy Industries and Public Enterprises, the DPE's parent ministry, would henceforth be called the Ministry of Heavy Industries. The DPE’s shift to the Finance Ministry will help the citizens and Govt. in the efficient monitoring of the Central Public Sector Enterprises' capital expenditure, financial health, and asset monetisation (named CPSEs).

FAQs on List of Finance Ministers of India

1. Give Some Duties to the Finance Minister.

Answer: The Ministry Of Finance, which is the former Treasury, is headed by the Chief Executive Officer CEO (from the Financial Secretary). He is said to be the primary financial and economic adviser to the government and cabinet. Specifically, the Ministry Of Finance performs the following activities:

Produce, implement and also monitor the government’s Annual Budget.

Monitor all the state-owned enterprises (such as the Electric Power Corporation and Water Authority) and sit on the boards of organizations as well, where the Government has a vested interest. (same as Computer Services Limited.)

2. Give the Budget Details That a Finance Minister Should Take Care Of.

Answer: The finance minister, through the Budget, also outlines the allocations to various departments and ministries. On occasion, the Minister of State for Finance and the lower-ranking Deputy Minister of Finance assist him.

Many Finance Ministers have gone on to become Prime Ministers, including Morarji Desai, Vishwanath Pratap Singh, Charan Singh, and Manmohan Singh. Also, to serve as the President like Pranab Mukherjee and R.Venkataraman. Since then, many other Prime Ministers have held the additional charge of the finance ministry.