Finance Minister of India 1947 – 2023: Check Names, and Tenures and All Ministers of Finance Since Independence

Since the independence of India in 1947, the country has witnessed many Finance Ministers who have been responsible for the country’s economic growth and development. Over the years, these Finance Ministers have worked tirelessly to ensure that the Indian economy remains stable and prosperous. Each Finance Minister of India since Independence has implemented various policies to make our country an economic powerhouse. 

From the first Finance Minister of India, R.K. Shanmukham Chetty, to the current Finance Minister, Nirmala Sitharaman, their contributions have been invaluable in shaping the country’s fiscal policies. In this blog, we will explore the history of India’s Finance Ministers from 1947 to 2023.

List of Finance Ministers of India From 1947 to 2023

There have been 28 finance ministers of India from 1947 to 2023. Each of these has had a unique impact on the nation’s economic policies. Here is a list of all finance ministers of India from 1947 to till date.

Name of the Minister of FinanceTenurePrime Minister
R. K. Shanmukham Chetty15 August 1947 to 17 August 1948Jawaharlal Nehru
Jawaharlal Nehru17 August 1948 to 22 September 1948Jawaharlal Nehru
John Mathai22 September 1948 to 1 June 1950Jawaharlal Nehru
C. D. Deshmukh1 June 1950 to 24 July 1956Jawaharlal Nehru
Jawaharlal Nehru24 July 1956 to 30 August 1956Jawaharlal Nehru
T. T. Krishnamachari30 August 1956 to 14 February 1958Jawaharlal Nehru
Jawaharlal Nehru14 February 1958 to 22 March 1958Jawaharlal Nehru
Morarji Desai23 March 1958 to 31 August 1963Jawaharlal Nehru
T. T. Krishnamachari31 August 1963 to 31 December 1965Jawaharlal Nehru, Gulzarilal Nanda, Lal Bahadur Shastri
Sachindra Chaudhuri1 January 1966 to 12 March 1967Lal Bahadur Shastri, Indira Gandhi
Morarji Desai13 March 1967 to 16 July 1969Indira Gandhi
Indira Gandhi16 July 1969 to 27 June 1970Indira Gandhi
Yashwantrao Chavan27 June 1970 to 10 October 1974Indira Gandhi
Chidambaram Subramaniam10 October 1974 to 24 March 1977Indira Gandhi
Morarji Desai24 March 1977 to 26 March 1977Morarji Desai
Hirubhai M. Patel26 March 1977 to 24 January 1979Morarji Desai
Charan Singh24 January 1979 to 16 July 1979Morarji Desai
Morarji Desai16 July 1979 to 28 July 1979Morarji Desai
Hemwati Nandan Bahuguna28 July 1979 to 19 October 1979Charan Singh
Charan Singh19 October 1979 to 14 January 1980Charan Singh
R. Venkataraman14 January 1980 to 15 January 1982Indira Gandhi
Pranab Mukherjee15 January 1982 to 31 December 1984Indira Gandhi
Vishwanath Pratap Singh31 December 1984 to 24 January 1987Rajiv Gandhi
Rajiv Gandhi24 January 1987 to 25 July 1987Rajiv Gandhi
N. D. Tiwari25 July 1987 to 25 June 1988Rajiv Gandhi
Shankarrao Chavan25 June 1988 to 2 December 1989Rajiv Gandhi
Madhu Dandavate6 December 1989 to 10 November 1990V.P. Singh
Yashwant Sinha21 November 1990 to 21 June 1991Chandra Shekhar
Manmohan Singh21 June 1991 to 16 May 1996P.V. Narasimha Rao
Jaswant Singh16 May 1996 to 1 June 1996Atal Bihari Vajpayee
P. Chidambaram1 June 1996 to 21 April 1997H.D. Deve Gowda
I. K. Gujral21 April 1997 to 1 May 1997I.K. Gujral
P. Chidambaram1 May 1997 to 19 March 1998I.K. Gujral
Yashwant Sinha19 March 1998 to 1 July 2002Atal Bihari Vajpayee
Jaswant Singh1 July 2002 to 22 May 2004Atal Bihari Vajpayee
P. Chidambaram22 May 2004 to 30 November 2008Manmohan Singh
Manmohan Singh30 November 2008 to 24 January 2009Manmohan Singh
Pranab Mukherjee24 January 2009 to 26 June 2012Manmohan Singh
Manmohan Singh26 June 2012 to 31 July 2012Manmohan Singh
P. Chidambaram31 July 2012 to 26 May 2014Manmohan Singh
Arun Jaitley26 May 2014 to 14 May 2018Narendra Modi
Piyush Goyal14 May 2018 to 22 August 2018Narendra Modi
Arun Jaitley23 August 2018 to 23 January 2019Narendra Modi
Piyush Goyal23 January 2019 to 15 February 2019Narendra Modi
Arun Jaitley16 February 2019 to 30 May 2019Narendra Modi
Nirmala Sitharaman30 May 2019 to IncumbentNarendra Modi

R. K. Shanmukham Chetty – First Finance Minister of India

R. K. Shanmukham Chetty was a pioneering figure in Indian politics and economics, who made history in 1947 when he was appointed the first Finance Minister of India. As the first Finance Minister, he was responsible for laying the foundation of India’s financial system and setting the stage for future economic development. His legacy is still felt today, and he is remembered as a visionary leader who had the foresight to recognize the importance of financial stability and economic progress.

Born in Coimbatore in 1892, Shanmukham Chetty studied economics at Madras Christian College. Before independence, Chetty served as the diwan of Cochin.

Check the List of Railway Ministers of India

Indira Gandhi – First Woman Finance Minister of India

Indira Gandhi was an Indian politician and stateswoman, who served as the first female Finance Minister of India. She was also the first woman Prime Minister of India, serving multiple terms. She was the only child of the first Prime Minister of India, Jawaharlal Nehru.

Gandhi was sworn in as Finance Minister on 16th July 1969. Her tenure as a finance minister was short, but she left a lasting legacy. She left behind a strong economy and set the stage for India’s high growth rate in the coming decades.

Check – List of Home Ministers of India

During her tenure, she implemented several economic reforms in India, including fiscal, agricultural, and trade reforms.

Nirmala Sitharaman – Current Finance Minister of India

Nirmala Sitharaman is the current Finance Minister of India. She is the second female Finance Minister of India after Indira Gandhi and is a part of Prime Minister Narendra Modi’s cabinet. She is known for her inclusive and decisive approach to managing the Indian economy.

Sitharaman has taken several bold steps to reform the economy and has made India’s fiscal position better. With her leadership, the government has been able to achieve impressive economic growth and create jobs. Overall, her tenure as Finance Minister has been successful and she has been able to prove her worth in the current Indian government.

Check the list of Education Ministers of India

Ministers of State of Finance in India

The job of the ministers of state in the union government is to assist the cabinet ministers. Here is the list of all ministers of state of finance in India to date.

Name of the ministersTenureParty
R. K. Kumar20 March 1998 to 22 May 1998All India Anna Dravida Munnetra Kazhagam
Kadambur M. R. Janarthanan22 May 1998 to 8 April 1999Bharatiya Janata Party
V. Dhananjay Kumar13 October 1999 to 30 September 2000Bharatiya Janata Party
Balasaheb Vikhe Patil13 October 1999 to 1 July 2002Shiv Sena
Gingee N. Ramachandran30 September 2000 to 24 May 2003Marumalarchi Dravida Munnetra Kazhagam
Anant Geete1 July 2002 to 26 August 2002Shiv Sena
Anandrao Vithoba Adsul26 August 2002 to 22 May 2004Shiv Sena
Shripad Naik8 September 2003 to 22 May 2004Bharatiya Janata Party
Nirmala Sitharaman26 May 2014 to 9 November 2014Bharatiya Janata Party
Jayant Sinha9 November 2014 to 5 July 2016Bharatiya Janata Party
Santosh Gangwar5 July 2016 to 3 September 2017Bharatiya Janata Party
Arjun Ram Meghwal5 July 2016 to 3 September 2017Bharatiya Janata Party
Pon Radhakrishnan3 September 2017 to 30 May 2019Bharatiya Janata Party
Shiv Pratap Shukla3 September 2017 to 30 May 2019Bharatiya Janata Party
Anurag Thakur30 May 2019 to 7 July 2021Bharatiya Janata Party
Bhagwat Karad7 July 2021 to IncumbentBharatiya Janata Party

Frequently Asked Questions

Who appoints the finance minister in India?

President of India on the advice of the prime minister of India.

Who was the finance minister of India at the time of demonetization in 2016?

Arun Jaitley

Who presents the union budget in the parliament?

Minister of Finance.

What are the names of finance ministers of India who went on to become the Prime Minister?

Charan Singh, Morarji Desai, Vishwanath Pratap Singh, and Manmohan Singh.

Sources – Google and Wikipedia

The information provided in this post is accurate as per our research. However, if you think there is some kind of mistake then please let us know through the comment section. Thank You!

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