Minister of Finance (India)

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Minister of Finance
Emblem of India.svg
Arun Jaitley, Minister.jpg
Arun Jaitley

since 23 August 2018
Ministry of Finance
StyleThe Honourable
Member ofCabinet
Cabinet Committee on Security
AppointerPresident on the advice of the Prime Minister
Inaugural holderJohn Mathai
Formation29 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. As of September 2017, Morarji Desai has presented 10 budgets which is the highest followed by P Chidambaram's 9 and Pranab Mukherjee's 8. Yashwant Sinha, Yashwantrao Chavan and C.D. Deshmukh have presented 7 budgets each while Manmohan Singh and T.T. Krishnamachari have presented 6 budgets.[1] As of February 2018, four Finance Ministers have gone on to become the Prime Minister who are: Morarji Desai, Charan Singh, V. P. Singh and Manmohan Singh.

Lists of finance ministers[edit]

Name Portrait Term of office Political party
Prime Minister
John Mathai
(Interim government)
John Mathai.jpg 2 September 1946 29 October 1946 Indian National Congress Jawaharlal Nehru
(Vice President of the interim govt)
Liaquat Ali Khan
(Interim government)
Liaquat Ali Khan.jpg 29 October 1946 14 August 1947 All-India Muslim League
R. K. Shanmukham Chetty R. K. Shanmukham Chetty.jpg 15 August 1947 1949 Indian National Congress Jawaharlal Nehru
John Mathai John Mathai.jpg 1949 1950
C. D. Deshmukh 29 May 1950[2] 1957
T. T. Krishnamachari 1957 13 February 1958
Jawaharlal Nehru Bundesarchiv Bild 183-61849-0001, Indien, Otto Grotewohl bei Ministerpräsident Nehru cropped.jpg 13 February 1958 13 March 1958
Morarji Desai Morarji Desai (portrait).png 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 Morarji Desai (portrait).png 13 March 1967 16 July 1969 Indira Gandhi
Indira Gandhi Indira Gandhi 1977.jpg 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 R Venkataraman (cropped).jpg 14 January 1980 15 January 1982 Indian National Congress Indira Gandhi
Pranab Mukherjee Pranab Mukherjee-World Economic Forum Annual Meeting Davos 2009 crop(2).jpg 15 January 1982 31 December 1984
V. P. Singh V. P. Singh (cropped).jpg 31 December 1984 24 January 1987 Rajiv Gandhi
Rajiv Gandhi Rajiv Gandhi (1987).jpg 24 January 1987 25 July 1987
N. D. Tiwari Ex Uttarakhand CM ND Tiwari.jpg 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 Yashwant Sinha IMF.jpg 10 November 1990 21 June 1991 Samajwadi Janata Party
(National Front)
Chandra Shekhar
Manmohan Singh Prime Minister Manmohan Singh in WEF ,2009 (cropped).jpg 21 June 1991 16 May 1996 Indian National Congress P. V. Narasimha Rao
Jaswant Singh Jaswant Singh (cropped).jpg 16 May 1996 1 June 1996 Bharatiya Janata Party Atal Bihari Vajpayee
P. Chidambaram Pchidambaram (cropped).jpg 1 June 1996 21 April 1997 Tamil Maanila Congress
(United Front)
H. D. Deve Gowda
I.K. Gujral Inder Kumar Gujral 071.jpg 21 April 1997 1 May 1997 Janata Dal
(United Front)
I. K. Gujral
P. Chidambaram Pchidambaram (cropped).jpg 1 May 1997 19 March 1998 Tamil Maanila Congress
(United Front)
Yashwant Sinha Yashwant Sinha IMF.jpg 19 March 1998 1 July 2002 Bharatiya Janata Party
(National Democratic Alliance)
Atal Bihari Vajpayee
Jaswant Singh Jaswant Singh (cropped).jpg 1 July 2002 22 May 2004
P. Chidambaram Pchidambaram (cropped).jpg 22 May 2004 30 November 2008 Indian National Congress
(United Progressive Alliance)
Manmohan Singh
Manmohan Singh Prime Minister Manmohan Singh in WEF ,2009 (cropped).jpg 30 November 2008 24 January 2009
Pranab Mukherjee Pranab Mukherjee-World Economic Forum Annual Meeting Davos 2009 crop(2).jpg 24 January 2009 26 June 2012
Manmohan Singh Prime Minister Manmohan Singh in WEF ,2009 (cropped).jpg 26 June 2012 31 July 2012
P. Chidambaram Pchidambaram (cropped).jpg 31 July 2012 26 May 2014
Arun Jaitley Arun Jaitley, Minister.jpg 26 May 2014 14 May 2018 Bharatiya Janata Party
(National Democratic Alliance)
Narendra Modi
Piyush Goyal
(temporary additional charge)
Piyush Goyal (cropped).jpg 14 May 2018 22 August 2018
Arun Jaitley Arun Jaitley, Minister.jpg 23 August 2018 Incumbent


  1. ^ "Chidambaram is second only to Morarji Desai in presenting Budget". Retrieved 29 September 2017.
  2. ^ [1]

External links[edit]