Minister of Finance (India)

The Minister of Finance (or simply, Finance Minister) is the head of the Ministry of Finance of the Government of India. One of the senior-most offices in the Union Cabinet, the finance minister is responsible for the fiscal policy of the government. As part of this, a key duty of the Finance Minister is to present the annual Union Budget in Parliament, which details 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, s/he is assisted by the Minister of State for Finance and the lower-ranked Deputy Minister of Finance.

Minister of Finance
Vitt Mantri
Emblem of India.svg
The Minister of State for Commerce & Industry (Independent Charge), Smt. Nirmala Sitharaman addressing a press conference, in New Delhi on October 14, 2016.jpg
Incumbent
Nirmala Sitharaman

since 31 May 2019
Ministry of Finance
StyleThe Honourable
Member ofCabinet
Cabinet Committee on Security
AppointerPresident on the advice of the Prime Minister
Inaugural holderR. K. Shanmukham Chetty
Formation29 October 1946

There have been a number of Finance Ministers who went on to become the Prime Minister like Morarji Desai, Charan Singh, Vishwanath Pratap Singh and Manmohan Singh and also to serve as the President like R.Venkataraman and Pranab Mukherjee. Several other Prime Ministers have since held the additional charge of finance ministry.

The current Finance Minister of India is Nirmala Sitharaman.

Lists of finance ministersEdit

Name Picture Term of office Political party
(Alliance)
Prime Minister
1 R. K. Shanmukham Chetty   15 August 1947[1] 17 August 1948 Indian National Congress Jawaharlal Nehru
2 K. C. Neogy[2] 1949 1949
2 John Mathai   22 September 1948 01 June 1950
3 C. D. Deshmukh   29 May 1950[3] 01 August 1956
4 Jawaharlal Nehru   01 August 1956 30 August 1956
5 T. T. Krishnamachari 30 August 1956 13 February 1958
(4) Jawaharlal Nehru   14 February 1958 22 March 1958
6 Morarji Desai   23 March 1958 31 August 1963
(5) T. T. Krishnamachari 31 August 1963 31 December 1965 Jawaharlal Nehru
Lal Bahadur Shastri
7 Sachindra Chaudhuri 01 January 1966 13 March 1967 Lal Bahadur Shastri
Indira Gandhi
(6) Morarji Desai   13 March 1967 16 July 1969 Indira Gandhi
8 Indira Gandhi   16 July 1969 27 June 1970
9 Yashwantrao Chavan 27 June 1970 10 October 1974
10 Chidambaram Subramaniam   10 October 1974 24 March 1977
11 Hirubhai M. Patel 24 March 1977 24 January 1979 Janata Party Morarji Desai
12 Charan Singh   24 January 1979 28 July 1979
13 Hemwati Nandan Bahuguna   28 July 1979 25 October 1979 Janata Party Charan Singh
(12) Charan Singh   25 October 1979 14 January 1980
14 R. Venkataraman   14 January 1980 15 January 1982 Indian National Congress Indira Gandhi
15 Pranab Mukherjee   15 January 1982 31 December 1984
16 V. P. Singh   31 December 1984 24 January 1987 Rajiv Gandhi
17 Rajiv Gandhi   24 January 1987 25 July 1987
18 N. D. Tiwari 25 July 1987 25 June 1988
19 Shankarrao Chavan 25 June 1988 2 December 1989
20 Madhu Dandavate 2 December 1989 10 November 1990 Janata Dal
(National Front)
V. P. Singh
21 Yashwant Sinha   10 November 1990 21 June 1991 Samajwadi Janata Party
(National Front)
Chandra Shekhar
22 Manmohan Singh   21 June 1991 16 May 1996 Indian National Congress P. V. Narasimha Rao
23 Jaswant Singh   16 May 1996 1 June 1996 Bharatiya Janata Party Atal Bihari Vajpayee
24 P. Chidambaram   1 June 1996 21 April 1997 Tamil Maanila Congress
(United Front)
H. D. Deve Gowda
25 I. K. Gujral   21 April 1997 1 May 1997 Janata Dal
(United Front)
I. K. Gujral
(24) P. Chidambaram   1 May 1997 19 March 1998 Tamil Maanila Congress
(United Front)
(21) Yashwant Sinha   19 March 1998 1 July 2002 Bharatiya Janata Party
(National Democratic Alliance)
Atal Bihari Vajpayee
(23) Jaswant Singh   1 July 2002 22 May 2004
(24) P. Chidambaram   22 May 2004 30 November 2008 Indian National Congress
(United Progressive Alliance)
Manmohan Singh
(22) Manmohan Singh   30 November 2008 24 January 2009
(15) Pranab Mukherjee   24 January 2009 26 June 2012
(22) Manmohan Singh   26 June 2012 31 July 2012
(24) P. Chidambaram   31 July 2012 26 May 2014
26 Arun Jaitley   26 May 2014 14 May 2018 Bharatiya Janata Party
(National Democratic Alliance)
Narendra Modi
27 Piyush Goyal
  14 May 2018 22 August 2018
(26) Arun Jaitley   23 August 2018 23 January 2019
(27) Piyush Goyal
  23 January 2019 15 February 2019
(26) Arun Jaitley   16 February 2019 30 May 2019
28 Nirmala Sitharaman   31 May 2019 Present

ReferencesEdit

  1. ^ "COUNCIL OF MINISTERS" (PDF).
  2. ^ https://economictimes.indiatimes.com/news/economy/finance-ministers-who-shaped-indias-economy/pillars-of-indian-economy/slideshow/67521578.cms
  3. ^ "Archived copy". Archived from the original on 22 September 2015. Retrieved 19 April 2016.CS1 maint: archived copy as title (link)

External linksEdit