Minister of Finance (India)

(Redirected from Finance Minister of India)

The Minister of Finance (Vitta Mantrī ) (or simply, the Finance Minister, short form FM) is the head of the Ministry of Finance of the Government of India. One of the senior most offices of the Union Cabinet, the finance minister is responsible for the fiscal policy of the government. A key duty of the Finance Minister is to present the annual Union Budget in Parliament, detailing the government's plan for taxation and spending in the coming financial year. Through the Budget, the finance minister also outlines allocations to all the ministries and departments. The Minister is assisted by the Minister of State for Finance and the junior Deputy Minister of Finance.

Minister of Finance
Vitta Mantrī
Incumbent
Nirmala Sitharaman
since 31 May 2019
Ministry of Finance
StyleThe Honourable
AbbreviationFM
Member ofCabinet
Cabinet Committee on Security
Reports toPresident of India
Prime Minister of India
Parliament of India
AppointerPresident on the advice of the Prime Minister
Inaugural holderR. K. Shanmukham Chetty
Formation15 August 1947

There have been a number of Ministers of Finance that went on to become the Prime Minister; Morarji Desai, Charan Singh, Vishwanath Pratap Singh and Manmohan Singh and also to serve as the President; R.Venkataraman and Pranab Mukherjee. Several Prime Ministers have also gone on to hold the position of Minister of Finance.

The current Finance Minister of India is Nirmala Sitharaman. Of all finance ministers, Pranab Mukherjee and Nirmala Sitharaman had served as both cabinet ministers and ministers of state for finance.

Cabinet Ministers

No.PortraitMinister
(Birth-Death)
Constituency
Term of officePolitical partyMinistryPrime Minister
FromToPeriod
1 R. K. Shanmukham Chetty
(1892–1953)
Unelected
15 August
1947
17 August
1948
1 year, 2 daysIndian National CongressNehru IJawaharlal Nehru
2 Kshitish Chandra Neogy
(1888–1970)
MCA for West Bengal
18 August
1948
22 September
1948
36 days
3 John Matthai
(1886–1959)
MP for United Provinces
22 September
1948
1 June
1950
1 year, 252 days
4 C. D. Deshmukh
(1896–1982)
MP for Kolaba
1 June
1950
15 April
1952
6 years, 53 days
15 April
1952
24 July
1956
Nehru II
Jawaharlal Nehru
(1889–1964)
MP for Phulpur

(Prime Minister)
24 July
1956
30 August
1956
37 days
5 T. T. Krishnamachari
(1899–1974)
MP for Madras South
30 August
1956
4 April
1957
217 days
4 April
1957
13 February
1958
Nehru III
6 Morarji Desai
(1896–1995)
MP for Surat
13 February
1958
2 April
1962
5 years, 199 days
2 April
1962
31 August
1963
Nehru IV
(5) T. T. Krishnamachari
(1899–1974)
MP for Tiruchendur
31 August
1963
27 May
1964
2 years, 122 days
27 May
1964
9 June
1964
Nanda IGulzarilal Nanda
9 June
1964
31 December
1965
ShastriLal Bahadur Shastri
7 Sachindra Chaudhuri
(1903–1992)
MP for Ghatal
1 January
1966
11 January
1966
1 year, 70 days
11 January
1966
24 January
1966
Nanda IIGulzarilal Nanda
24 January
1966
12 March
1967
Indira IIndira Gandhi
(6) Morarji Desai
(1896–1995)
MP for Surat

(Deputy Prime Minister)
13 March
1967
16 July
1969
2 years, 125 daysIndira II
Indira Gandhi
(1917–1984)
MP for Rae Bareli

(Prime Minister)
16 July
1969
27 June
1970
346 daysIndian National Congress (R)
8 Yashwantrao Chavan
(1913–1984)
MP for Satara
27 June
1970
13 March
1971
4 years, 105 days
13 March
1971
10 October
1974
Indira III
9 Chidambaram Subramaniam
(1910–2000)
MP for Palani
10 October
1974
24 March
1977
2 years, 165 days
Morarji Desai
(1896–1995)
MP for Surat

(Prime Minister)
24 March
1977
26 March
1977
2 daysJanata PartyDesaiMorarji Desai
10 Hirubhai M. Patel
(1904–1993)
MP for Sabarkantha
26 March
1977
24 January
1979
1 year, 304 days
11 Charan Singh
(1902–1987)
MP for Baghpat

(Deputy Prime Minister)
24 January
1979
16 July
1979
173 days
Morarji Desai
(1896–1995)
MP for Surat

(Prime Minister)
16 July
1979
28 July
1979
12 days
12 Hemwati Nandan Bahuguna
(1919–1989)
MP for Lucknow
28 July
1979
19 October
1979
83 daysJanata Party (Secular)CharanCharan Singh
Charan Singh
(1902–1987)
MP for Baghpat

(Prime Minister)
19 October
1979
14 January
1980
87 days
13 Ramaswamy Venkataraman
(1910–2009)
MP for Madras South
14 January
1980
15 January
1982
2 years, 1 dayIndian National Congress (I)Indira IVIndira Gandhi
14 Pranab Mukherjee
(1935–2020)
Rajya Sabha MP for Gujarat
15 January
1982
31 October
1984
2 years, 351 days
31 October
1984
31 December
1984
Rajiv IRajiv Gandhi
15 Vishwanath Pratap Singh
(1931–2008)
Rajya Sabha MP for Uttar Pradesh
31 December
1984
24 January
1987
2 years, 24 daysRajiv II
Rajiv Gandhi
(1944–1991)
MP for Amethi

(Prime Minister)
24 January
1987
25 July
1987
182 days
16 N. D. Tiwari
(1925–2018)
Rajya Sabha MP for Uttar Pradesh
25 July
1987
25 June
1988
336 days
17 Shankarrao Chavan
(1920–2004)
MP for Nanded
25 June
1988
2 December
1989
1 year, 160 days
Vishwanath Pratap Singh
(1931–2008)
MP for Fatehpur

(Prime Minister)
2 December
1989
5 December
1989
3 daysJanata DalVishwanathVishwanath Pratap Singh
18 Madhu Dandavate
(1924–2005)
MP for Rajapur
6 December
1989
10 November
1990
339 days
Chandra Shekhar
(1927–2007)
MP for Ballia

(Prime Minister)
10 November
1990
21 November
1990
11 daysSamajwadi Janata Party (Rashtriya)Chandra ShekharChandra Shekhar
19 Yashwant Sinha
(born 1937)
Rajya Sabha MP for Bihar
21 November
1990
21 June
1991
212 days
20 Manmohan Singh
(born 1932)
Rajya Sabha MP for Assam
21 June
1991
16 May
1996
4 years, 330 daysIndian National Congress (I)RaoP. V. Narasimha Rao
21 Jaswant Singh
(1938–2020)
MP for Chittorgarh
16 May
1996
1 June
1996
16 daysBharatiya Janata PartyVajpayee IAtal Bihari Vajpayee
22 P. Chidambaram
(born 1945)
MP for Sivaganga
1 June
1996
21 April
1997
324 daysTamil Maanila CongressDeve GowdaH. D. Deve Gowda
Inder Kumar Gujral
(1919–2012)
Rajya Sabha MP for Bihar

(Prime Minister)
21 April
1997
1 May
1997
10 daysJanata DalGujralInder Kumar Gujral
(22) P. Chidambaram
(born 1945)
MP for Sivaganga
1 May
1997
19 March
1998
322 daysTamil Maanila Congress
(19) Yashwant Sinha
(born 1937)
MP for Hazaribagh
19 March
1998
13 October
1999
4 years, 104 daysBharatiya Janata PartyVajpayee IIAtal Bihari Vajpayee
13 October
1999
1 July
2002
Vajpayee III
(21) Jaswant Singh
(1938–2020)
Rajya Sabha MP for Rajasthan
1 July
2002
22 May
2004
1 year, 326 days
(22) P. Chidambaram
(born 1945)
MP for Sivaganga
23 May
2004
30 November
2008
4 years, 191 daysIndian National CongressManmohan IManmohan Singh
Manmohan Singh
(born 1932)
Rajya Sabha MP for Assam

(Prime Minister)
30 November
2008
24 January
2009
55 days
(14) Pranab Mukherjee
(1935–2020)
MP for Jangipur
24 January
2009
22 May
2009
3 years, 154 days
23 May
2009
26 June
2012
Manmohan II
Manmohan Singh
(born 1932)
Rajya Sabha MP for Assam

(Prime Minister)
26 June
2012
31 July
2012
35 days
(22) P. Chidambaram
(born 1945)
MP for Sivaganga
31 July
2012
26 May
2014
1 year, 299 days
23 Arun Jaitley
(1952–2019)
Rajya Sabha MP for Gujarat, till 2018
Rajya Sabha MP for Uttar Pradesh, from 2018
27 May
2014
14 May
2018
3 years, 352 daysBharatiya Janata PartyModi INarendra Modi
24 Piyush Goyal
(born 1964)
Rajya Sabha MP for Maharashtra
14 May
2018
23 August
2018
101 days
(23) Arun Jaitley
(1952–2019)
Rajya Sabha MP for Uttar Pradesh
23 August
2018
23 January
2019
153 days
(24) Piyush Goyal
(born 1964)
Rajya Sabha MP for Maharashtra
23 January
2019
15 February
2019
23 days
(23) Arun Jaitley
(1952–2019)
Rajya Sabha MP for Uttar Pradesh
15 February
2019
30 May
2019
104 days
25 Nirmala Sitharaman
(born 1959)
Rajya Sabha MP for Karnataka
31 May
2019
Incumbent5 years, 31 daysModi II
Modi III

Ministers of State

No.PortraitMinister
(Birth-Death)
Constituency
Term of officePolitical partyMinistryPrime Minister
FromToPeriod
1 Mahavir Tyagi
(1899–1980)
MP for United Provinces (Interim)
MP for Dehradun

Minister of Revenue and Expenditure,
from 21 August 1952
16 February
1951
13 May
1952
2 years, 28 daysIndian National CongressNehru IJawaharlal Nehru
13 May
1952
16 March
1953
Nehru II
2 Arun Chandra Guha
MP for Barasat
Minister of Revenue and Defence Expenditure
7 December
1954
17 April
1957
2 years, 131 days
3 Manilal Chaturbhai Shah
Rajya Sabha MP for Bombay State
Minister of Revenue and Civil Expenditure
4 Bezawada Gopala Reddy
(1907–1997)
MP for Kavali

Minister of Revenue and Civil Expenditure
10 May
1958
7 April
1961
2 years, 332 daysIndian National CongressNehru III
5 Bali Ram Bhagat
(1922–2011)
MP for Arrah

(Coordination)
1 November
1963
27 May
1964
221 daysIndian National CongressNehru IV
27 May
1964
9 June
1964
Nanda IGulzarilal Nanda
(5) Bali Ram Bhagat
(1922–2011)
MP for Arrah

(Coordination)
13 June
1964
11 January
1966
1 year, 212 daysIndian National CongressShastriLal Bahadur Shastri
6 C. M. Poonacha
(1910–1990)
Rajya Sabha MP for Mysore

Minister of Revenue and Expenditure
2 January
1966
11 January
1966
22 days
6 C. M. Poonacha
(1910–1990)
Rajya Sabha MP for Mysore

Minister of Revenue and Expenditure
11 January
1966
24 January
1966
13 daysNanda IIGulzarilal Nanda
(5) Bali Ram Bhagat
(1922–2011)
MP for Arrah

(Coordination)
(5) Bali Ram Bhagat
(1922–2011)
MP for Arrah
24 January
1966
13 March
1967
1 year, 48 daysIndira IIndira Gandhi
7 Prakash Chandra Sethi
(1919–1996)
MP for Indore
14 February
1969
27 June
1970
1 year, 133 daysIndian National Congress (R)Indira II
8 Raghunath Keshav Khadilkar
(1905–1979)
MP for Baramati
7 November
1969
27 June
1970
232 days
9 Vidya Charan Shukla
(1929–2013)
MP for Mahasamund, until 1971
MP for Raipur, from 1971
27 June
1970
18 March
1971
309 days
18 March
1971
2 May
1971
Indira III
10K. R. Ganesh
(1922–2004)
MP for Andaman and Nicobar Islands
2 May
1971
10 October
1974
3 years, 161 days
11 Pranab Mukherjee
(1935–2020)
Rajya Sabha MP for West Bengal

(Revenue and Banking,
from 21 December 1975)
10 October
1974
24 March
1977
2 years, 165 days
12Zulfiquarullah
MP for Sultanpur
14 August
1977
15 July
1979
1 year, 335 daysJanata PartyDesaiMorarji Desai
13Satish Chandra Agarwal
(1928–1997)
MP for Jaipur
14 August
1977
28 July
1979
1 year, 348 days
14Nathuram Mirdha
(1921–1996)
MP for Nagaur
25 October
1979
14 January
1980
81 daysJanata Party (Secular)CharanCharan Singh
15 Jagannath Pahadia
(1932–1991)
MP for Bayana
14 January
1980
6 June
1980
144 daysIndian National Congress (I)Indira IVIndira Gandhi
16Sawai Singh Sisodiya
(1919–2007)
Rajya Sabha MP for Madhya Pradesh

(Revenue and Expenditure)
19 October
1980
2 September
1982
1 year, 318 days
17S. B. P. Pattabhirama Rao
(1911–1998)
MP for Rajahmundry
2 September
1982
7 February
1984
1 year, 158 days
18 S. M. Krishna
(born 1932)
MP for Mandya
7 February
1984
7 September
1984
213 days
19Janardhana Poojary
(born 1937)
MP for Mangalore
31 December
1984
14 February
1988
3 years, 45 daysIndian National Congress (I)Rajiv IIRajiv Gandhi
20B. K. Gadhvi
(1937–2005)
MP for Banaskantha
12 May
1986
2 December
1989
3 years, 204 days
21Brahm Dutt
(1926–2014)
MP for Tehri Garhwal
24 January
1987
25 July
1987
182 days
22Ajit Kumar Panja
(1936–2008)
MP for Calcutta North East

(Revenue)
14 February
1988
2 December
1989
1 year, 291 days
23 Eduardo Faleiro
(born 1940)
MP for Mormugao

(Economic Affairs)
14 February
1988
2 December
1989
1 year, 291 days
24Dalbir Singh
MP for Shahdol
21 June
1991
17 January
1993
1 year, 210 daysIndian National Congress (I)RaoP. V. Narasimha Rao
25Shantaram Potdukhe
(1933–2018)
MP for Chandrapur
21 June
1991
17 January
1993
1 year, 210 days
26 Rameshwar Thakur
(1925–2015)
Rajya Sabha MP for Bihar
26 June
1991
18 January
1993
1 year, 206 days
27M. V. Chandrashekara Murthy
(1939–2001)
MP for Kanakapura

(Revenue and Expenditure)
18 January
1993
16 May
1996
3 years, 119 days
28Abrar Ahmed
(1956–2004)
Rajya Sabha MP for Rajasthan
18 January
1993
2 April
1994
1 year, 74 days
29 Debi Prasad Pal
(1927–2021)
MP for Calcutta North West
15 September
1995
16 May
1996
244 days
30 M. P. Veerendra Kumar
(1936–2020)
MP for Kozhikode
21 February
1997
21 April
1997
108 daysJanata DalDeve GowdaH. D. Deve Gowda
21 April
1997
9 June
1997
GujralInder Kumar Gujral
31 Satpal Maharaj
(born 1951)
MP for Garhwal
9 June
1997
19 March
1998
283 daysAll India Indira Congress (Tiwari)
32R. K. Kumar
(1942–1999)
Rajya Sabha MP for Tamil Nadu

(Revenue, Banking and Insurance)
19 March
1998
22 May
1998
64 daysAll India Anna Dravida Munnetra KazhagamVajpayee IIAtal Bihari Vajpayee
33Kadambur R. Janarthanan
(1929–2020)
MP for Tirunelveli
22 May
1998
8 April
1999
321 days
34 Balasaheb Vikhe Patil
(1932–2016)
MP for Kopargaon
13 October
1999
1 July
2002
2 years, 261 daysShiv SenaVajpayee III
35 V. Dhananjay Kumar
(1951–2019)
MP for Mangalore
13 October
1999
30 September
2000
353 daysBharatiya Janata Party
36Gingee N. Ramachandran
(born 1944)
MP for Tindivanam
30 September
2000
24 May
2003
2 years, 236 daysMarumalarchi Dravida Munnetra Kazhagam
37 Anant Geete
(born 1951)
MP for Ratnagiri

(Banking and Expenditure)
1 July
2002
26 August
2002
56 daysShiv Sena
38 Anandrao Vithoba Adsul
(born 1947)
MP for Buldhana
26 August
2002
22 May
2004
1 year, 270 days
39 Shripad Naik
(born 1952)
MP for Panaji
8 September
2003
22 May
2004
257 daysBharatiya Janata Party
40 S. S. Palanimanickam
(born 1950)
MP for Thanjavur

(Revenue, from 29 January 2006)
25 May
2004
22 May
2009
4 years, 362 daysDravida Munnetra KazhagamManmohan IManmohan Singh
41 Pawan Kumar Bansal
(born 1948)
MP for Chandigarh

(Expenditure, Banking and Insurance)
29 January
2006
22 May
2009
3 years, 113 daysIndian National Congress
(40) S. S. Palanimanickam
(born 1950)
MP for Thanjavur

(Revenue)
28 May
2009
21 March
2013
3 years, 297 daysDravida Munnetra KazhagamManmohan II
42 Namo Narain Meena
(born 1943)
MP for Tonk–Sawai Madhopur

(Expenditure, Banking and Insurance)
28 May
2009
26 May
2014
4 years, 363 daysIndian National Congress
43 Jesudasu Seelam
(born 1953)
Rajya Sabha MP for Andhra Pradesh

(Revenue)
17 June
2013
26 May
2014
343 days
44 Nirmala Sitharaman
(born 1959)
Rajya Sabha MP for Andhra Pradesh
27 May
2014
9 November
2014
166 daysBharatiya Janata PartyModi INarendra Modi
45 Jayant Sinha
(born 1963)
MP for Hazaribagh
9 November
2014
5 July
2016
1 year, 239 days
46 Santosh Kumar Gangwar
(born 1948)
MP for Bareilly
5 July
2016
3 September
2017
1 year, 60 days
47 Arjun Ram Meghwal
(born 1953)
MP for Bikaner
48 Pon Radhakrishnan
(born 1952)
MP for Kanniyakumari
3 September
2017
30 May
2019
1 year, 269 days
49 Shiv Pratap Shukla
(born 1952)
Rajya Sabha MP for Uttar Pradesh
50 Anurag Singh Thakur
(born 1974)
MP for Hamirpur
31 May
2019
7 July
2021
2 years, 37 daysModi II
52 Pankaj Chaudhary
(born 1964)
MP for Maharajganj
7 July
2021
9 June
2024
2 years, 338 days
53 Bhagwat Karad
(born 1956)
Rajya Sabha MP for Maharashtra
(52) Pankaj Chaudhary
(born 1964)
MP for Maharajganj
10 June
2024
Incumbent21 daysModi III

Deputy Ministers

No.PortraitMinister
(Birth-Death)
Constituency
Term of officePolitical partyMinistryPrime Minister
FromToPeriod
1 Manilal Chaturbhai Shah
Rajya Sabha MP for Bombay State
12 August
1952
7 December
1954
2 years, 117 daysIndian National CongressNehru IIJawaharlal Nehru
2 Arun Chandra Guha
MP for Barasat
18 March
1953
7 December
1954
1 year, 264 days
3 Bali Ram Bhagat
(1922–2011)
MP for Arrah
4 January
1956
17 April
1957
6 years, 96 days
17 April
1957
10 April
1962
Nehru III
4 Tarkeshwari Sinha
(1926–2007)
MP for Barh
10 May
1958
10 April
1962
3 years, 335 days
(3) Bali Ram Bhagat
(1922–2011)
MP for Arrah
16 April
1962
21 September
1963
1 year, 158 daysIndian National CongressNehru IV
(4) Tarkeshwari Sinha
(1926–2007)
MP for Barh
16 April
1962
27 May
1964
2 years, 54 days
27 May
1964
9 June
1964
Nanda IGulzarilal Nanda
5 Rameshwar Sahu
MP for Rosera
1 October
1964
11 January
1966
1 year, 102 daysIndian National CongressShastriLal Bahadur Shastri
11 January
1966
24 January
1966
Nanda IIGulzarilal Nanda
6 Lalit Narayan Mishra
(1923–1975)
Rajya Sabha MP for Bihar
24 January
1966
13 March
1967
1 year, 48 daysIndira IIndira Gandhi
7 Jagannath Pahadia
(1932–1991)
MP for Bayana
13 November
1967
17 October
1969
1 year, 338 daysIndian National CongressIndira II
8 K. R. Ganesh
(1922–2004)
MP for Andaman and Nicobar Islands
26 June
1970
18 March
1971
310 daysIndian National Congress (R)Indira II
18 March
1971
2 May
1971
Indira III
9 Sushila Rohatgi
(1921–1911)
MP for Bilhaur
2 May
1971
24 March
1977
5 years, 326 days
10 Maganbhai Barot
(1927–2011)
MP for Ahmedabad
8 June
1980
15 January
1982
1 year, 221 daysIndian National Congress (I)Indira IVIndira Gandhi
11Janardhana Poojary
(born 1937)
MP for Mangalore

(Banking and Insurance)
15 January
1982
31 October
1984
2 years, 290 days
31 October
1984
31 December
1984
Rajiv IRajiv Gandhi
12Anil Shastri
MP for Varanasi
23 April
1990
10 November
1990
201 daysJanata DalVishwanathVishwanath Pratap Singh
13 Digvijay Singh
(1955–2010)
Rajya Sabha MP for Bihar
21 November
1990
21 June
1991
212 daysSamajwadi Janata Party (Rashtriya)Chandra ShekharChandra Shekhar

References