List of Finance Ministers in India- Role of Finance Minister
The Ministry of Finance in India is overseen by the Finance Minister, who holds one of the highest seats in the Union Cabinet. The Finance Minister of India is entrusted with creating and delivering the annual Union Budget to Parliament each year. The fiscal plan of the Indian government is under the control of the Finance Minister.
The Union Budget, state and federal budgets, financial institutions, capital markets, taxation, and financial legislation are all under the Ministry of Finance's control. After independence, India's first finance minister was R. K. Shanmukham Chetty, who also presented the country's first budget.
Here is the list of all finance ministers till date (February 2023)
- R. K. Shanmukham Chetty - August 15, 1947 to 1949
- John Mathai - 1949 to 1950
- C. D. Deshmukh - 1950 to 1957
- T. T. Krishnamachari - 1957 to February 13, 1958
- Jawaharlal Nehru - February 13, 1958 to March 13, 1958
- Morarji Desai - March 13, 1958 to August 29, 1963
- T. T. Krishnamachari - August 29, 1963, to 1965
- Sachindra Chaudshuri - 1965 to March 13, 1967
- Morarji Desai - March 13, 1967, to July 16, 1969
- Indira Gandhi - 1970 to 1971
- Y.B.Chavan - 1971 to 1975
- C. Subramaniam - 1975 to 1977
- H.M.Patel - March 24, 1977, to January 24, 1979
- Charan Singh - January 24, 1979, to July 28, 1979
- H.N.Bahuguna - July 28, 1979 to January 14, 1980
- R. Venkataraman - January 14, 1980, to January 15, 1982
- Pranab Mukherjee - January 15, 1982, to December 31, 1984
- V.P. Singh - December 31, 1984, to January 24, 1987
- Rajiv Gandhi - January 24, 1987, to July 25, 1987
- N.D. Tiwari - July 25, 1987, to June 25, 1988
- S.B. Chavan - June 25, 1988, to December 2, 1989
- Madhu Dandavate - December 2, 1989, to November 10, 1990
- Yashwant Sinha - November 10, 1990, to June 21, 1991
- Dr Manmohan Singh - June 21, 1991, to May 16, 1996
- Jaswant Singh - May 16, 1996, to June 1, 1996
- P. Chidambaram - June 1, 1996 to April 21, 1997
- I. K. Gujral - April 21, 1997 to May 1, 1997
- P. Chidambaram - May 1, 1997 to March 19, 1998
- Yashwant Sinha - March 19, 1998, to July 1, 2002
- Jaswant Singh - July 1, 2002, to May 22, 2004
- P. Chidambaram - May 22, 2004 to November 30, 2008
- Dr Manmohan Singh - November 30, 2008, to January 24, 2009
- Pranab Mukherjee - January 24, 2009, to June 26, 2012
- Dr Manmohan Singh - June 26, 2012, to July 31, 2012
- P. Chidambaram - July 31, 2012 to May 16, 2014
- Arun Jaitley - May 16, 2014, to May 14, 2018
- Piyush Goyal - May 14, 2018, to August 22, 2018
- Arun Jaitley - August 23, 2018, to January 23, 2019
- Piyush Goyal - January 23, 2019, to February 15, 2019
- Arun Jaitley - February 16, 2019, to May 30, 2019
- Nirmala Sitharaman - May 31, 2019 till present
Role and Duties of the Finance Minister of India
- Creating a yearly budget
- Establishing banking regulations
- Sanctioning all ministries and agencies finances
- Advising on plans for government spending and account issues
- Generating cash across all departments
- Advising on public budgets and fiscal policy
The finance minister of India plays a key role in the country's economic policy-making. Some of the primary responsibilities of the finance minister include the following:
- Budgetary functions: The finance minister is responsible for presenting the annual budget to the Indian parliament. This includes setting out the government's revenue and expenditure projections for the coming fiscal year and outlining key policy initiatives and measures to boost economic growth.
- Taxation: The finance minister is responsible for formulating and implementing tax policies and laws in the country. This includes making changes to the tax code, such as introducing new tax rates or exemptions, as well as overseeing the administration and enforcement of tax laws by the government's revenue collection agencies.
- Monetary policy: The finance minister plays an important role in shaping the country's monetary policy, which is managing the supply of money and credit in the economy. This includes working with the Reserve Bank of India (RBI) to set interest rates, control inflation, and manage the government's debt.
- Financial Sector: The finance minister is responsible for the overall stability and development of the financial sector. This includes banking, insurance, and capital markets.
- External financing: The finance minister also plays a key role in managing the country's external finances, including managing the country's foreign exchange reserves and negotiating loans and aid from foreign governments and international organizations.
- Economic policy: The finance minister is responsible for the development of economic policies and plans to promote sustainable growth and development, including by providing direction for fiscal, monetary, trade and other economic policies.
- Representing India at the G20 and other international forums: The finance minister also represents India at the G-20 and other international forums, where they negotiate on behalf of the country on issues related to the global economy.
Departments under the Ministry of Finance
- Department of Expenditure
- Department of Economic Affairs
- Department of Revenue
- Department of Financial Services
- Department of Public Enterprises
- Department of Investment and Asset Management
Frequently Asked Questions (FAQs) about Finance Ministers of India
Who is the current Finance Minister of India as of 2023?
Nirmala Sitharaman is the current Finance Minister of India.
Who was the first Finance Minister of Independent India?
Shri Shanmukham Chetty was the first Finance Minister of Independent India.
Who presents the Budget in the Parliament every year?
Finance Minister presents the Budget in the Parliament every year.
Who was the Finance Minister of India during the economic reforms of 1991?
Dr. Manmohan Singh was the Finance Minister of India during the economic reforms of 1991.
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