List of Finance Minister in India

What is a finance minister?

A finance minister is one of the top ministers of the central cabinet ministers of India. The Finance minister of the country controls major financial activities of the country. He has the authority and power to make the annual budget and taxation law of the country.

History of finance minister

The ministry of finance was founded on 29th October 1946. At that time, Liaquat Ali Khan (a statesman and a lawyer of Pakistan) was the first finance minister of the interim government of Louis Mountbatten. He had been in charge from 29^th October 1946 - 14^th August 1947. After the independence of the Nation on 15^th August 1947, Sri R.K Shanmugham Chetty became the 1^st finance minister of India. He presented the first budget of the country on 26^th November 1947.

Role and responsibilities of finance minister

• Making annual budget
• Making financial rules and regulation
• Doing financial sanctions for all ministries and offices
• Giving advice on government expenditure proposals and account matters
• Making funds of all the departments
• Giving advice on fiscal policy and public finances

List of Finance Minister in India

From the formation of the ministry of finance in India till the present time, there are a total of 28 Finance Ministers in India. However, some of them became 2 to 4 times the finance minister, so Nirmala Sitharaman, the present finance minister, is the 46^th finance minister of India. The details of all finance ministers are listed below:

1. R.K Shanmukham Chetty

Mr. Shanmukham Chetty was the 1^ST (15^th August 1947-17^th August 1948) finance minister of India. His full name was Ramasamy Chetty Kandasamy Shanmukham Chetty. He was a lawyer, economist, and politician. Mr. Chetty was born in British India in Madras on 17^th October 1892 and died on 5^th May 1953. He was a member of the Swaraj Party and Justice Party. He has done his education at Dr.Ambedkar Government Law College and Madras Christian College. Apart from the finance minister, he was also President of the Central Legislative Assembly and Diwan of Cochin kingdom. He made the Nation's first budget and presented it in parliament on 26^th November 1947.

2. Jawahar Lal Nehru

Jawahar Lal Nehru was the 1^st Prime Minister and 2^nd (5^th February 1949- 5^th April 1949), 5^th (24^th July 1956-30^th August 1956), and 7^th (14^th February 1958-22nd march 1958) Finance Minister of free India. He was born on 14^th November 1889 in Allahabad and died on 27^th May 1964. He did his B.A from Trinity College and Law from Inner Temple. He was a Barrister, writer, and politician, and a member of the Indian national congress. Nehru got Bharat Ratna in 1955. He served the country variously as two times the finance minister of India, three times the Defence Minister of India, the minister of external affairs, vice president of the executive council, Member of Parliament, Lok Sabha, and member of the constituent assembly of India.

3. Dr. John Mathai

Dr. Mathai was an economist and the 3^rd (22^nd September 1949-1^st June 1950) finance minister of India. He was also the first railway minister of India. He was born on 10th January 1886 in madras and died in February 1959. He was a member of the Indian National Congress. He has done his education at Madras Christian College and Madras Law College. He got the Padma Vibhushan in 1959. Apart from these, he variously served the country as he was the first Chairman of the State Bank of India as well as the Vice-Chancellor of the University of Kerala (first Vice-chancellor) and of the University of Mumbai.

4. Dr. C. D. Deshmukh

Mr. Deshmukh was the 4^th (1^st June 1950-24^th July 1956) finance minister of India. The full name of Mr. Deshmukh was Sri Chintaman Dwarakanath Deshmukh. He was born on 14^th January 1896 in Bombay and died on 2^nd October 1982. He studied at the University of Cambridge as well as got Padma Vibushan in 1975. Apart from being a finance minister, he served the county variously. From 11^th August 1943 - 30th June 1949, he served as the Governor (3^rd) of Reserve Bank of India. From 1956 - 1961 he served as the Chairman of the University Grants Commission. And he was the Vice-Chancellor of the University of Delhi from 1962 -1967.

5. T.T. Krishnamachari

Mr. Krishnamachri served the country two times as a finance minister of India as he was the 6^th (30^th Aug 1956-14^th Feb 1958) and 9th (31th Aug 1963-31^st Dec 1965) finance minister of India. He was born in 1899 in madras and died in 1974. He was a politician and a member of the Indian national congress, as well as he was an entrepreneur of the TTK group. He also served the country as a member of parliament, Lok sabha for madras (1951 - 1957), and member of parliament, Lok sabha for madras south (1957 - 1962). But despite so many respectable designations, he was the first minister of independent India who has resigned due to his involvement in a scam.

6. Morarji R. Desai

Morarji Ranchhodji Desai was the 4^th prime minister as well as the 8th (23^rd March 1958-31^st August 1963), 11th (13^th Mar1967-16^th July 1969), 15^th 24^th March 1977-26^th Mar 1977), and 18^th (16^th July 1979-28^th July 1979) finance minister of India. He was born on 29^th February 1896 in Bombay and died on 10^th April 1995. He studied at the University of Mumbai. He was an activist and a politician. He was a member of the Janta Party. He got Nishan-E-Pakistan in 1990 and Bharat Ratna in 1991. He also served the country as the home minister, 2^nd deputy prime minister, 2^nd chief minister of Bombay state, and Member of Parliament, Lok sabha.

7. Sachin Choudhary

Sachin Choudhary was the lawyer and politician of India. He was the 10th (1^st Jan 1966-12Mar 1967) finance minister of India. He was born on 24^th February 1903 and died on 12^th June 1992.

8. Smt. Indira Gandhi

Indira Gandhi was the 3^rd prime minister and 12th (16^th July 1969-27th June 1970) finance minister of India. Her full name was Indira Priyadarshini Nehru, and she was the daughter of the first Prime Minister, Jawaharlal Nehru. She was born on 19^th November 1917 and died on 31st October 1984. She was dropped out of Visva-Bharti University and Somerville College, Oxford. She was a member of the Indian national congress and got Bangladesh freedom honor in 2011 and Bharat Ratna in 1971. She served the country as prime minister, two times minister of external affairs, minister of defense, minister of home affairs, and minister of information and broadcasting.

9. Y.B.Chavan

Full name of Y.B.chavan was Yashwantrao Balwantrao Chavan. He was the 13^th (27^th June 1970-10^th Oct 1974) finance minister of India. He was born on 12^th March 1913 and died on 25^th November 1984. He was a politician, writer, and social activist. He was the leader of the Indian national congress and also called the leader of the common man. He serves the country variously as the 5^th deputy prime minister, two times as a minister of home affairs, minister of external affairs, minister of defense, 1^st chief minister of Maharashtra, and the 3^rd chief minister of Bombay state.

10. C. Subramanian

S, known as Chidambaram Subramanian, was the 14^th (10^th Oct 1974-24^th Mar 1977) finance minister of India. He was born on 30th January 1910 and died on 7^th November 2000. He was a politician, writer, and social activist. He was a leader of the Indian national congress and studied at the University of Madras. For playing an important role in the green revolution in India with M.S. Swaminathan, he was awarded Bharat Ratna in 1998. Apart from the finance minister, he served the country as minister of agriculture, deputy chairman of the planning commission, defense minister, and the Governor of Maharashtra. He also wrote some books like; Hand of Destiny, Eventful Decades, etc.

11. H.M. Patel

Hirubhai Mulljibhai Patel was the 16^th (26^th March 1977-24^th January 1979) finance minister of the country. He was born on 27th August 1904 in Bombay and died on 30^th November 1993. He was the leader of the Swatantra party and played a very important role in internal and national security during and after the partition of India. He was a civil servant as well as a politician. He served the country variously as a home minister, defense secretary, and two times the Member of Parliament, Lok sabha in sabarkantha. Some books written by him were Rites of Passage, the First Flush of Freedom: Recollections, and Reflections.

12. Charan Singh

Chaudhary Charan Singh was the 5^TH prime minister and the 17^th (24^th January 1979-16^th Jul 1979) and 20^th (19^th Oct 1979-14^th Jan1980) finance minister of India. He was born on 23^rd December 1902 in Hapur and died on 29^th May 1987. He studied at Dr. Bhimrao Ambedkar University, Agra. He was the leader of the Indian national congress. He also served the country variously as 3^rd deputy prime minister, home minister, and two times chief minister of Uttar Pradesh.

13. H.N.Bhuguna

Hemwati Nandan Bhuguna was the 19^th (28^th July 1979-19^th Oct 1979) finance minister of India. He was born on 25^th April 1919 in Garhwal and died on 17^th March 1989. He was the leader of Bharatiya Lok dal. He studied at Allahabad University. He served the country as the finance minister as well as the 9^th chief minister of Uttar Pradesh.

14. R. Venkataraman

Ramaswamy Venkataraman was the 8^th president and 21st (14^th January 1980-15^th January 1982) finance minister of India. He was born on 4^th December 1910 in Tamilnadu and died on 27^th January 2009. He studied at Loyola College, University of madras. He was the leader of the Indian national congress as well as a lawyer and activist. He played a role in the Quit India movement for the independence of the country. He served the country variously as the 7^th vice president, home minister, and defense minister.

15. Pranab Mukherjee

Pranab Kumar Mukherjee was the 13^th president and 22^nd (15^th January 1982-31^st December 1984) and 38^th (24^th January 2009-26^th Jun 2012) finance minister of India. He was born on 11^th December 1935 in Mirity and died on 31st August 2020. He was the senior leader of the Indian national congress and awarded Bharat Ratna (2019) and Padma Vibhushan (2008). He did his B.A., M.A., and LL.B. from the University of Calcutta. He served the country variously as defense minister, two times minister of external affairs, leader of Lok sabha, deputy chairman of the planning commission, leader of the Rajya Sabha, Member of Parliament, Lok Sabha and Member of Parliament, Rajya sabha.

16. V.P. Singh

Vishwanath Pratap Singh was the 7^th prime minister and 23rd (31^st Dec 1984-24^th Jan1987) finance minister of India. He was born on 25th June 1931 in Prayagraj and died on 27^th November 2008. He was the 41st Raja Bahadur of Manda and was the only prime minister who was a monarch. He had been the leader of different political parties like the Indian national congress, Janata dal, and Jan morcha. He studied at Allahabad University and the University of Pune. He served the country variously as minister of external affairs, defense minister, leader of the house, Rajya sabha, 12^th chief minister of Uttar Pradesh, Member of Parliament, Rajya Sabha, four times the Member of Parliament, Lok sabha. His biography was Vishwanath Pratap Singh: politician, painter, poet, every time I wake up.

17. Rajiv Gandhi

he was the youngest 6^th prime minister and 24th (24^th January 1987-25^th July 1987) finance minister of India. He was born on 20^th August 1944 and died on 21^st May 1991. He was dropped out of trinity college, Cambridge, and imperial college London. He was awarded the Bharat Ratna in 1991. He was the leader of the Indian national congress and served the country variously as the president of the Indian national congress, leader of the opposition, and the Member of Parliament for Amethi.

18. ND. Tiwari

Narayan Datt Tiwari, an Indian politician, was the 25^th (25^th July 1987-25^th June 1988) finance minister of India. He was born on 18^th October 1925 in Nainital and died on 18^th October 2018. He was the leader of the Bharatiya Janata Party and also a member of the Indian national congress. He studied at Allahabad University. He served the country variously as the 21^st governor of Andhra Pradesh, 3^rd chief minister of Uttarakhand, 15^th minister of external affairs, and three times as a chief minister of Uttar Pradesh.

19. S.B. Chavan

Sankarrao Bhavrao Chavan was the 26^st (25^th June 1988-2^nd December 1989) finance minister of India. He was born on 14^th July 1920 and died on 26^th February 2004. He was a member of the Indian national congress. He served the country variously as two times the home minister of India, two times the chief minister of Maharashtra, and as the president of the Bharat Scouts and Guides.

20. Madhu Dandavat

Mr. Dandavat was the 27^th (6^th Dec 1989-10^th Nov1990) finance minister of India. He was born on 21st January 1924 in Ahmednagar, Bombay, and died on 12^th November 2005. He was a politician, physicist, and member of Janta dal. He also served the country variously as two times the deputy chairman of the planning commission, railway minister, Member of Parliament, Lok sabha, and member of Maharashtra legislative council. He studied at the institute of science, Mumbai. His books are Jayaprakash Narayan: struggle with values: a centenary tribute, quest of conscience, etc.

21. Yashwant Sinha

Yashwant Sinha was the 28^th (10^th November 1990-21^st June 1991) and 34^th (19^th March 1998-1^st July 2002) finance minister of India. He was born on 6^th November 1937 in Patna, Bihar. He is a member of the All India Trinamool Congress from 2021 to the present. Earlier, he was a senior leader of the Bhartiya Janata Party. He also served and serving the country variously as a member of parliament, Rajya Sabha and Lok Sabha, minister of external affairs, and now as the vice president of all India Trinamool Congress. Yashwant Sinha was awarded the Officier de la legion d'honneur in 2015.

22. Dr. Manmohan Singh

Dr. Manmohan Singh was the 13^th prime minister and 29^th (21^st Jun1991-16^th May 1996), 37^th (30^th November 2008-24^th January 2009), and 39^th (26^th June 2012-31^st Jul 2012) finance minister of India. He was born on 26^th September 1932 in Gah, Punjab (now in Pakistan). He is an economist, academic, and politician. He did B.A and M.A from Punjab University, B.A from the University of Cambridge, and Dphil from the University of Oxford. He was a member of the Congress party. He served the country variously as 16^th minister of personnel, public grievances and pensions, and the leader of the opposition in the Rajya sabha. He was awarded the Padma Vibushan and Adam Smith Prize.

23. Jaswant Singh

Jaswant Singh was the 25^th (1996) and the 30^th (16^th May 1996-1^st June 1996), and the 35^th (1st July 2002-22^nd May 2004) finance minister of India. He was born on 3^rd January 1938 in Barmer, Rajasthan, and died on 27^th September 2020. He studied at the Indian military academy Mayo College. Jaswant Singh was one of the founding fathers of BJP. He served the country variously as a major in the Indian army and fought the Indo-Pakistani war of 1965. He also served the country as deputy chairman of the planning commission, as a defense minister, and the minister of external affairs. For his significant services, Jaswant Singh got the Outstanding Parliamentarian Award in 2001. A movie on him was Jungle Cry.

24. P. Chidambaram

Palaniappan Chidambaram was the 31^st (1^st June 1996-21^st Apr 1997) and 33^rd (1^st May 1997-19^th Mar1998) and 36^th (20^th May2004-30^th Nov 2008) and 40^th (31^st July 2012-26^th May 2014) finance minister of India. He was born on 16^th September 1945 in madras. He is a member of the Indian national congress party from 2004 till now. He did his BSc and LLB from the University of Madras, ma from Loyola College, and MBA from Harvard University. He is an economist and served the country variously as the Member of Parliament, Rajya sabha, home minister, minister of personnel, public grievances and pensions, and the Member of Parliament, Lok sabha. By profession, he was also a senior advocate.

25. I. K. Gujral

Inder Kumar Gujral was the 12^th prime minister and 32^nd (21th Apr 1997-1^st May 1997) finance minister of India. He was born on 4^th December 1919 and died on 30^th November 2012. He served the country variously as leader of Rajya Sabha, member of Lok Sabha, minister of external affairs ambassador of India to Soviet Union, etc.

26. Shi Arun Jaitely

Arun Jaitley was the 41^st (26th May 2014-14^th May 2018), 43^rd (23^rd August 2018-23rd January 2019), and 45^th (16^th February 2019-30^th May 2019), and the former finance minister of India. He was born on 28^th December 1952 and died on 24^th August 2019. He did LL.B. and B.COM from the University of Delhi. He was a member of the Bharatiya Janta Party and served the country variously as defense minister, minister of corporate affairs, minister of information and broadcasting, leader of the house, Rajya Sabha, leader of the opposition, Rajya Sabha, law and justice minister, minister of commerce and industry. By occupation, he is a senior advocate of the Supreme Court and a politician. He was awarded Padma Vibhushan in 2020. His books are A New India: Selected Writings 2014-19, Articles & Speeches by Arun Jaitely: A Compilation.

27. Piyush Goyal

Piyush Ved Prakash Goyal was the 42^nd (14^th May 2018-22^nd August 2018) and 44^th (23^rd January 2019 to 15^th February 2019). He was born on 13^th June 1964. By profession, he was a Chartered Accountant. He served and serving the country variously as former railway minister, coal minister, minister of mines, minister of renewable energy, minister of textiles, minister of commerce and industry, etc.

28. Smt Nirmala Sitharaman

Sitharaman is the 46^th (30^th May 2019-present) finance minister of India. She was born on 18^th August 1959. She is the member and former Spokesperson of the Bharatiya Janata Party. She also served and serving the country variously as she was a member of parliament from 2014 -2016, minister of commerce and industry from 2014-2017, defense minister from 2017-2019, as a minister of corporate affairs from 2019 till now. In Forbes 2020 list of most powerful women in the World, she was at 41^st rank.