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Minister of Finance (India)

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Title: Minister of Finance (India)  
Author: World Heritage Encyclopedia
Language: English
Subject: Jawaharlal Nehru, Ravi Neelakantan, R. K. Shanmukham Chetty, Sachindra Chaudhuri, Chief Economic Adviser to the Government of India
Collection: Finance Ministers of India, Union Ministers of India
Publisher: World Heritage Encyclopedia

Minister of Finance (India)

Minister of Finance
(Vitt Mantri)
Arun Jaitley

since 26 May 2014
Ministry of Finance
Member of Cabinet
Cabinet Committee on Security
Appointer President on the advice of the Prime Minister
Inaugural holder Liaquat Ali Khan
Formation 29 October 1946

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, he is assisted by the Minister of State for Finance and the lower-ranked Deputy Minister of Finance.

The first finance minister of independent India was R. K. Shanmukham Chetty, who also presented its first Budget. The incumbent Arun Jaitley, of the Bharatiya Janata Party, has held office since 26 May 2014.

Lists of finance ministers

Name Portrait Term of office Political party
Prime Minister
Liaquat Ali Khan 29 October 1946 14 August 1947 All-India Muslim League None
(Interim govt)
R. K. Shanmukham Chetty 15 August 1947 1949 Indian National Congress Jawaharlal Nehru
John Mathai 1949 1950
C. D. Deshmukh 1950 1957
T. T. Krishnamachari 1957 13 February 1958
Jawaharlal Nehru 13 February 1958 13 March 1958
Morarji Desai 13 March 1958 29 August 1963
T. T. Krishnamachari 29 August 1963 1965 Jawaharlal Nehru
Lal Bahadur Shastri
Sachindra Chaudhuri 1965 13 March 1967 Lal Bahadur Shastri
Indira Gandhi
Morarji Desai 13 March 1967 16 July 1969 Indira Gandhi
Indira Gandhi 1970 1971
Yashwantrao Chavan 1971 1975
Chidambaram Subramaniam 1975 1977
Haribhai M. Patel 24 March 1977 24 January 1979 Janata Party Morarji Desai
Charan Singh 24 January 1979 28 July 1979
Hemvati Nandan Bahuguna 28 July 1979 14 January 1980 Janata Party (Secular) Charan Singh
R. Venkataraman 14 January 1980 15 January 1982 Indian National Congress Indira Gandhi
Pranab Mukherjee 15 January 1982 31 December 1984
V. P. Singh 31 December 1984 24 January 1987 Rajiv Gandhi
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)
V. P. Singh
Yashwant Sinha 10 November 1990 21 June 1991 Samajwadi Janata Party
(National Front)
Chandra Shekhar
Manmohan Singh 21 June 1991 16 May 1996 Indian National Congress P. V. Narasimha Rao
Jaswant Singh 16 May 1996 1 June 1996 Bharatiya Janata Party Atal Bihari Vajpayee
P. Chidambaram 1 June 1996 21 April 1997 Tamil Maanila Congress
(United Front)
H. D. Deve Gowda
I. K. Gujral 21 April 1997 1 May 1997 Janata Dal
(United Front)
I. K. Gujral
P. Chidambaram 1 May 1997 19 March 1998 Tamil Maanila Congress
(United Front)
I. K. Gujral
Yashwant Sinha 19 March 1998 1 July 2002 Bharatiya Janata Party
(National Democratic Alliance)
Atal Bihari Vajpayee
Jaswant Singh 1 July 2002 22 May 2004
P. Chidambaram 22 May 2004 30 November 2008 Indian National Congress
(United Progressive Alliance)
Manmohan Singh
Manmohan Singh 30 November 2008 24 January 2009
Pranab Mukherjee 24 January 2009 26 June 2012
Manmohan Singh 26 June 2012 31 July 2012
P. Chidambaram 31 July 2012 26 May 2014
Arun Jaitley 26 May 2014 Incumbent Bharatiya Janata Party
(National Democratic Alliance)
Narendra Modi


External links

  • Finance Ministry, Official website
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