Finance Minister of India: Finance Minister is the head of the Ministry of Finance and is responsible for all the decisions made by the Ministry of Finance. It deals with taxation, financial legislation, financial institutions, capital markets, center and state finances, and the Union Budget. The function of the Finance Minister is to coordinate the finance ministry and also maintain transparency in operations and also operate in an efficient and accountable manner to support the development of the country’s economy. The current Finance Minister of India is Nirmala Sitharaman. Here we are providing the list of individuals who have been elected as a Finance Minister of India so far along with the eligibility criteria. You will also get tho know about the roles and responsibility of the Finance Minister of India.
List of All Finance Ministers of India
There have been 38 Finance Ministers of India since 1946. Liaquat Ali Khan was the first Finance Minister. Nirmala Sitharaman is the first female full-time Finance Minister of India. The list of all the Finance Ministers of India has been given below.
|1||Liaquat Ali Khan||October 29, 1946 to August 14, 1947|
|2||R. K. Shanmukham Chetty||August 15, 1947 to 1949|
|3||John Mathai||1949 to 1950|
|4||C. D. Deshmukh||May 29, 1950 to 1957|
|5||T. T. Krishnamachari||1957 to February 13, 1958|
|6||Jawaharlal Nehru||February 13, 1958 to March 13, 1958|
|7||Morarji Desai||March 13, 1958 to August 29, 1963|
|8||T. T. Krishnamachari||August 29, 1963 to 1965|
|9||Sachindra Chaudhuri||1965 to March 13, 1967|
|10||Morarji Desai||March 13, 1967 to July 16, 1969|
|11||Indira Gandhi||1970 to 1971|
|12||Yashwantrao Chavan||1971 to 1975|
|13||Chidambaram Subramaniam||1975 to 1977|
|14||Haribhai M. Patel||March 24, 1977 to January 24, 1979|
|15||Charan Singh||January 24, 1979 to July 28, 1979|
|16||Hemvati Nandan Bahuguna||July 28, 1979 to January 14, 1980|
|17||R. Venkataraman||January 14, 1980 to January 15, 1982|
|18||Pranab Mukherjee||January 15, 1982 to December 31, 1984|
|19||V. P. Singh||December 31, 1984 to January 24, 1987|
|20||Rajiv Gandhi||January 24, 1987 to July 25, 1987|
|21||N. D. Tiwari||July 25, 1987 to June 25, 1988|
|22||Shankarrao Chavan||June 25, 1988 to December 2, 1989|
|23||Madhu Dandavate||December 2, 1989 to November 10, 1990|
|24||Yashwant Sinha||November 10, 1990 to June 21, 1991|
|25||Manmohan Singh||June 21, 1991 to May 16, 1996|
|26||Jaswant Singh||May 16, 1996 to June 1, 1996|
|27||P. Chidambaram||June 1, 1996 to April 21, 1997|
|28||I.K. Gujral||April 21, 1997 to May 1, 1997|
|29||P. Chidambaram||May 1, 1997 to March 19, 1998|
|30||Yashwant Sinha||March 19, 1998 to July 1, 2002|
|31||Jaswant Singh||July 1, 2002 to May 22, 2004|
|32||P. Chidambaram||May 22, 2004 to November 30, 2008|
|33||Manmohan Singh||November 30, 2008 to January 24, 2009|
|34||Pranab Mukherjee||January 24, 2009 to June 26, 2012|
|35||Manmohan Singh||June 26, 2012 to July 31, 2012|
|36||P. Chidambaram||July 31, 2012 to May 26, 2014|
|37||Arun Jaitley||May 26, 2014 to May 30, 2019|
|38||Nirmala Sitharaman||May 31, 2019 –|
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Roles & Responsibilities
- Annual budget preparation: Ministry of finance under the guidance of the Finance Minister prepares the annual budget and estimates the government revenue and expenditure by the government. They see how the government money will be spent and they must be accountable to the public.
- Fiscal policies. Finance Minister determines the fiscal policies that must be implemented by the government in resolving any economic problem in the country. Issues such as unemployment, deflation, inflation, etc. are set to be solved by the use of fiscal policies determined by the ministry of finance.
- Allocation of revenue: The finance minister, allocate and distribute the revenue accordingly to the requirement and future development plans. The revenue is meant to be used in the development of the country. Ministry of finance shares the government revenue for every agency according to their power and seniority and rank in the government tasking.
- Tax regulators. Although there are bodies that look after the tax,but that body works under the ministry of finance and it looks after the allocation of tax to different sectors that is needed. E.g. there is tariff, government duties, direct tax, and indirect tax. The tax is used in the development of the government and also in the payment of salaries as the case of Nigeria.
- Independent India’s first Union Budget was presented on 26th November, 1947 by Sri. R K Shanmukham Chetty.
- Up to Union Budget for 2016- 17, the railway budget was presented a couple of days before the Union budget. Since 2017-18, the railway budgets being presented as part of the Union Budget, thus, a 92-year-old practice saw its end.
- Nirmala Sitharaman is the second woman to hold the post of Defence Minister after Indira Gandhi and the first woman to hold the office full time. Indira Gandhi held this position between 1970 and 71. She took an additional charge while serving the country as the Prime Minister.
- Union Budget for 1951-52 presented on 28th February, 1951 by Sri. Chintaman Dwarakanath Deshmukh, then Finance Minister was termed as first Union Budget of the Republic of India.