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 Finance | Tenure | Prime Minister |
R. K. Shanmukham Chetty | 15 August 1947 to 17 August 1948 | Jawaharlal Nehru |
Jawaharlal Nehru | 17 August 1948 to 22 September 1948 | Jawaharlal Nehru |
John Mathai | 22 September 1948 to 1 June 1950 | Jawaharlal Nehru |
C. D. Deshmukh | 1 June 1950 to 24 July 1956 | Jawaharlal Nehru |
Jawaharlal Nehru | 24 July 1956 to 30 August 1956 | Jawaharlal Nehru |
T. T. Krishnamachari | 30 August 1956 to 14 February 1958 | Jawaharlal Nehru |
Jawaharlal Nehru | 14 February 1958 to 22 March 1958 | Jawaharlal Nehru |
Morarji Desai | 23 March 1958 to 31 August 1963 | Jawaharlal Nehru |
T. T. Krishnamachari | 31 August 1963 to 31 December 1965 | Jawaharlal Nehru, Gulzarilal Nanda, Lal Bahadur Shastri |
Sachindra Chaudhuri | 1 January 1966 to 12 March 1967 | Lal Bahadur Shastri, Indira Gandhi |
Morarji Desai | 13 March 1967 to 16 July 1969 | Indira Gandhi |
Indira Gandhi | 16 July 1969 to 27 June 1970 | Indira Gandhi |
Yashwantrao Chavan | 27 June 1970 to 10 October 1974 | Indira Gandhi |
Chidambaram Subramaniam | 10 October 1974 to 24 March 1977 | Indira Gandhi |
Morarji Desai | 24 March 1977 to 26 March 1977 | Morarji Desai |
Hirubhai M. Patel | 26 March 1977 to 24 January 1979 | Morarji Desai |
Charan Singh | 24 January 1979 to 16 July 1979 | Morarji Desai |
Morarji Desai | 16 July 1979 to 28 July 1979 | Morarji Desai |
Hemwati Nandan Bahuguna | 28 July 1979 to 19 October 1979 | Charan Singh |
Charan Singh | 19 October 1979 to 14 January 1980 | Charan Singh |
R. Venkataraman | 14 January 1980 to 15 January 1982 | Indira Gandhi |
Pranab Mukherjee | 15 January 1982 to 31 December 1984 | Indira Gandhi |
Vishwanath Pratap Singh | 31 December 1984 to 24 January 1987 | Rajiv Gandhi |
Rajiv Gandhi | 24 January 1987 to 25 July 1987 | Rajiv Gandhi |
N. D. Tiwari | 25 July 1987 to 25 June 1988 | Rajiv Gandhi |
Shankarrao Chavan | 25 June 1988 to 2 December 1989 | Rajiv Gandhi |
Madhu Dandavate | 6 December 1989 to 10 November 1990 | V.P. Singh |
Yashwant Sinha | 21 November 1990 to 21 June 1991 | Chandra Shekhar |
Manmohan Singh | 21 June 1991 to 16 May 1996 | P.V. Narasimha Rao |
Jaswant Singh | 16 May 1996 to 1 June 1996 | Atal Bihari Vajpayee |
P. Chidambaram | 1 June 1996 to 21 April 1997 | H.D. Deve Gowda |
I. K. Gujral | 21 April 1997 to 1 May 1997 | I.K. Gujral |
P. Chidambaram | 1 May 1997 to 19 March 1998 | I.K. Gujral |
Yashwant Sinha | 19 March 1998 to 1 July 2002 | Atal Bihari Vajpayee |
Jaswant Singh | 1 July 2002 to 22 May 2004 | Atal Bihari Vajpayee |
P. Chidambaram | 22 May 2004 to 30 November 2008 | Manmohan Singh |
Manmohan Singh | 30 November 2008 to 24 January 2009 | Manmohan Singh |
Pranab Mukherjee | 24 January 2009 to 26 June 2012 | Manmohan Singh |
Manmohan Singh | 26 June 2012 to 31 July 2012 | Manmohan Singh |
P. Chidambaram | 31 July 2012 to 26 May 2014 | Manmohan Singh |
Arun Jaitley | 26 May 2014 to 14 May 2018 | Narendra Modi |
Piyush Goyal | 14 May 2018 to 22 August 2018 | Narendra Modi |
Arun Jaitley | 23 August 2018 to 23 January 2019 | Narendra Modi |
Piyush Goyal | 23 January 2019 to 15 February 2019 | Narendra Modi |
Arun Jaitley | 16 February 2019 to 30 May 2019 | Narendra Modi |
Nirmala Sitharaman | 30 May 2019 to Incumbent | Narendra 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.
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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.
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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.
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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 ministers | Tenure | Party |
R. K. Kumar | 20 March 1998 to 22 May 1998 | All India Anna Dravida Munnetra Kazhagam |
Kadambur M. R. Janarthanan | 22 May 1998 to 8 April 1999 | Bharatiya Janata Party |
V. Dhananjay Kumar | 13 October 1999 to 30 September 2000 | Bharatiya Janata Party |
Balasaheb Vikhe Patil | 13 October 1999 to 1 July 2002 | Shiv Sena |
Gingee N. Ramachandran | 30 September 2000 to 24 May 2003 | Marumalarchi Dravida Munnetra Kazhagam |
Anant Geete | 1 July 2002 to 26 August 2002 | Shiv Sena |
Anandrao Vithoba Adsul | 26 August 2002 to 22 May 2004 | Shiv Sena |
Shripad Naik | 8 September 2003 to 22 May 2004 | Bharatiya Janata Party |
Nirmala Sitharaman | 26 May 2014 to 9 November 2014 | Bharatiya Janata Party |
Jayant Sinha | 9 November 2014 to 5 July 2016 | Bharatiya Janata Party |
Santosh Gangwar | 5 July 2016 to 3 September 2017 | Bharatiya Janata Party |
Arjun Ram Meghwal | 5 July 2016 to 3 September 2017 | Bharatiya Janata Party |
Pon Radhakrishnan | 3 September 2017 to 30 May 2019 | Bharatiya Janata Party |
Shiv Pratap Shukla | 3 September 2017 to 30 May 2019 | Bharatiya Janata Party |
Anurag Thakur | 30 May 2019 to 7 July 2021 | Bharatiya Janata Party |
Bhagwat Karad | 7 July 2021 to Incumbent | Bharatiya Janata Party |
Frequently Asked Questions
President of India on the advice of the prime minister of India.
Arun Jaitley
Minister of Finance.
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!