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

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.

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.

Cabinet Ministers

No. Portrait Minister
(Birth-Death)
Constituency
Term of office Political party Ministry Prime Minister
From To Period
1 R. K. Shanmukham Chetty
(1892–1953)
Unelected
15 August
1947
17 August
1948
1 year, 2 days Indian National Congress Nehru I Jawaharlal Nehru
Jawaharlal Nehru
(1889–1964)
MP for United Provinces

(Prime Minister)
17 August
1948
22 September
1948
36 days
2 John Matthai
(1886–1959)
MP for United Provinces
22 September
1948
1 June
1950
1 year, 252 days
3 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
4 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
5 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
(4) 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 I Gulzarilal Nanda
(acting)
9 June
1964
31 December
1965
Shastri Lal Bahadur Shastri
6 Sachindra Chaudhuri
(1903–1992)
MP for Ghatal
1 January
1966
11 January
1966
1 year, 70 days
11 January
1966
24 January
1966
Nanda II Gulzarilal Nanda
(Acting)
24 January
1966
12 March
1967
Indira I Indira Gandhi
(5) Morarji Desai
(1896–1995)
MP for Surat

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

(Prime Minister)
16 July
1969
27 June
1970
346 days Indian National Congress (R)
7 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
8 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 days Janata Party Desai Morarji Desai
9 Hirubhai M. Patel
(1904–1993)
MP for Sabarkantha
26 March
1977
24 January
1979
1 year, 304 days
10 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
11 Hemwati Nandan Bahuguna
(1919–1989)
MP for Lucknow
28 July
1979
19 October
1979
83 days Janata Party (Secular) Charan Singh Charan Singh
Charan Singh
(1902–1987)
MP for Baghpat

(Prime Minister)
19 October
1979
14 January
1980
87 days
12 Ramaswamy Venkataraman
(1910–2009)
MP for Madras South
14 January
1980
15 January
1982
2 years, 1 day Indian National Congress (I) Indira IV Indira Gandhi
13 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 I Rajiv Gandhi
14 V. P. Singh
(1931–2008)
Rajya Sabha MP for Uttar Pradesh
31 December
1984
24 January
1987
2 years, 24 days Rajiv II
Rajiv Gandhi
(1944–1991)
MP for Amethi

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

(Prime Minister)
2 December
1989
5 December
1989
3 days Janata Dal V. P. Singh V. P. Singh
17 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 days Samajwadi Janata Party (Rashtriya) Chandra Shekhar Chandra Shekhar
18 Yashwant Sinha
(born 1937)
Rajya Sabha MP for Bihar
21 November
1990
21 June
1991
212 days
19 Manmohan Singh
(born 1932)
Rajya Sabha MP for Assam
21 June
1991
16 May
1996
4 years, 330 days Indian National Congress (I) Rao P. V. Narasimha Rao
20 Jaswant Singh
(1938–2020)
MP for Chittorgarh
16 May
1996
1 June
1996
16 days Bharatiya Janata Party Vajpayee I Atal Bihari Vajpayee
21 P. Chidambaram
(born 1945)
MP for Sivaganga
1 June
1996
21 April
1997
324 days Tamil Maanila Congress Deve Gowda H. D. Deve Gowda
Inder Kumar Gujral
(1919–2012)
Rajya Sabha MP for Bihar

(Prime Minister)
21 April
1997
1 May
1997
10 days Janata Dal Gujral Inder Kumar Gujral
(21) P. Chidambaram
(born 1945)
MP for Sivaganga
1 May
1997
19 March
1998
322 days Tamil Maanila Congress
18 Yashwant Sinha
(born 1937)
MP for Hazaribagh
19 March
1998
13 October
1999
4 years, 104 days Bharatiya Janata Party Vajpayee II Atal Bihari Vajpayee
13 October
1999
1 July
2002
Vajpayee III
(20) Jaswant Singh
(1938–2020)
Rajya Sabha MP for Rajasthan
1 July
2002
22 May
2004
1 year, 326 days
(21) P. Chidambaram
(born 1945)
MP for Sivaganga
23 May
2004
30 November
2008
4 years, 191 days Indian National Congress Manmohan I Manmohan Singh
Manmohan Singh
(born 1932)
Rajya Sabha MP for Assam

(Prime Minister)
30 November
2008
24 January
2009
55 days
(13) 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
(21) P. Chidambaram
(born 1945)
MP for Sivaganga
31 July
2012
26 May
2014
1 year, 299 days
22 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 days Bharatiya Janata Party Modi I Narendra Modi
23 Piyush Goyal
(born 1964)
Rajya Sabha MP for Maharashtra
14 May
2018
23 August
2018
101 days
(22) Arun Jaitley
(1952–2019)
Rajya Sabha MP for Uttar Pradesh
23 August
2018
23 January
2019
153 days
(23) Piyush Goyal
(born 1964)
Rajya Sabha MP for Maharashtra
23 January
2019
15 February
2019
23 days
(22) Arun Jaitley
(1952–2019)
Rajya Sabha MP for Uttar Pradesh
15 February
2019
30 May
2019
104 days
24 Nirmala Sitharaman
(born 1959)
Rajya Sabha MP for Karnataka
31 May
2019
Incumbent 4 years, 269 days Modi II

Ministers of State

Portrait Minister
(Birth-Death)
Constituency
Term of office Political party Ministry Prime Minister
From To Period
S. M. Krishna
(born 1932)
MP for Mandya
February
1984
31 October
1984
Indian National Congress Indira III Indira Gandhi
31 October
1984
31 December
1984
Rajiv Rajiv Gandhi
R. K. Kumar
(1942–1999)
MP for Tamil Nadu (Rajya Sabha)
20 March
1998
22 May
1998
63 days All India Anna Dravida Munnetra Kazhagam Vajpayee II Atal Bihari Vajpayee
Kadambur R. Janarthanan
(1929–2020)
MP for Tirunelveli
22 May
1998
8 April
1999
321 days
V. Dhananjay Kumar
(1951–2019)
MP for Mangalore
13 October
1999
30 September
2000
353 days Bharatiya Janata Party Vajpayee III
Balasaheb Vikhe Patil
(1932–2016)
MP for Kopargaon
1 July
2002
2 years, 261 days Shiv Sena
Gingee N. Ramachandran
(born 1944)
MP for Tindivanam
30 September
2000
24 May
2003
2 years, 236 days Marumalarchi Dravida Munnetra Kazhagam
Anant Geete
(born 1951)
MP for Ratnagiri
1 July
2002
26 August
2002
56 days Shiv Sena
Anandrao Vithoba Adsul
(born 1947)
MP for Buldhana
26 August
2002
22 May
2004
1 year, 270 days
Shripad Naik
(born 1952)
MP for Panaji
8 September
2003
257 days Bharatiya Janata Party
S. S. Palanimanickam
(born 1950)
MP for Thanjavur
25 May
2004
22 May
2009
4 years, 362 days Dravida Munnetra Kazhagam Manmohan I Manmohan Singh
Pawan Kumar Bansal
(born 1948)
MP for Chandigarh
29 January
2006
3 years, 113 days Indian National Congress
S. S. Palanimanickam
(born 1950)
MP for Thanjavur
28 May
2009
21 March
2013
3 years, 297 days Dravida Munnetra Kazhagam Manmohan II
Namo Narain Meena
(born 1943)
MP for Tonk–Sawai Madhopur
26 May
2014
4 years, 363 days Indian National Congress
Jesudasu Seelam
(born 1953)
MP for Andhra Pradesh (Rajya Sabha)
17 June
2013
343 days
Nirmala Sitharaman
(born 1959)
MP for Andhra Pradesh (Rajya Sabha)
26 May
2014
9 November
2014
167 days Bharatiya Janata Party Modi I Narendra Modi
Jayant Sinha
(born 1963)
MP for Hazaribagh
9 November
2014
5 July
2016
1 year, 239 days
Santosh Kumar Gangwar
(born 1948)
MP for Bareilly
5 July
2016
3 September
2017
1 year, 60 days
Arjun Ram Meghwal
(born 1953)
MP for Bikaner
Pon Radhakrishnan
(born 1952)
MP for Kanniyakumari
3 September
2017
30 May
2017
1 year, 269 days
Shiv Pratap Shukla
(born 1952)
MP for Uttar Pradesh (Rajya Sabha)
Anurag Singh Thakur
(born 1974)
MP for Hamirpur
31 May
2019
7 July
2021
2 years, 37 days Modi II
Pankaj Chaudhary
(born 1964)
MP for Maharajganj
7 July
2021
Incumbent 2 years, 232 days
Bhagwat Karad
(born 1956)
MP for Maharashtra (Rajya Sabha)

References