This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed.Find sources: "Minister of Finance" India – news · newspapers · books · scholar · JSTOR (May 2024) (Learn how and when to remove this message)

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. Of all finance ministers, Pranab Mukherjee and Nirmala Sitharaman had served as both cabinet ministers and ministers of state for finance.

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
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 I Gulzarilal Nanda
9 June
1964
31 December
1965
Shastri Lal 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 II Gulzarilal Nanda
24 January
1966
12 March
1967
Indira I Indira Gandhi
(6) 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)
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 days Janata Party Desai Morarji 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 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
13 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
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 I Rajiv Gandhi
15 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
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
V. P. Singh
(1931–2008)
MP for Fatehpur

(Prime Minister)
2 December
1989
5 December
1989
3 days Janata Dal Vishwanath V. P. 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 days Samajwadi Janata Party (Rashtriya) Chandra Shekhar Chandra 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 days Indian National Congress (I) Rao P. V. Narasimha Rao
21 Jaswant Singh
(1938–2020)
MP for Chittorgarh
16 May
1996
1 June
1996
16 days Bharatiya Janata Party Vajpayee I Atal Bihari Vajpayee
22 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
(22) P. Chidambaram
(born 1945)
MP for Sivaganga
1 May
1997
19 March
1998
322 days Tamil Maanila Congress
(19) 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
(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 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
(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 days Bharatiya Janata Party Modi I Narendra 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
Incumbent 5 years, 6 days Modi II

Ministers of State

No. Portrait Minister
(Birth-Death)
Constituency
Term of office Political party Ministry Prime Minister
From To Period
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 days Indian National Congress Nehru I Jawaharlal 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 Indian National Congress Nehru II Jawaharlal Nehru
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 days Indian National Congress Nehru III Jawaharlal Nehru
5 Bali Ram Bhagat
(1922–2011)
MP for Arrah

(Coordination)
1 November
1963
27 May
1964
221 days Indian National Congress Nehru IV Jawaharlal Nehru
27 May
1964
9 June
1964
Nanda I Gulzarilal Nanda
(5) Bali Ram Bhagat
(1922–2011)
MP for Arrah

(Coordination)
13 June
1964
11 January
1966
1 year, 212 days Indian National Congress Shastri Lal 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 days Nanda II Gulzarilal 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 days Indira I Indira Gandhi
7 Prakash Chandra Sethi
(1919–1996)
MP for Indore
14 February
1969
27 June
1970
1 year, 133 days Indian National Congress (R) Indira II Indira Gandhi
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
10 K. 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
12 Zulfiquarullah
MP for Sultanpur
14 August
1977
15 July
1979
1 year, 335 days Janata Party Desai Morarji Desai
13 Satish Chandra Agarwal
(1928–1997)
MP for Jaipur
14 August
1977
28 July
1979
1 year, 348 days
14 Nathuram Mirdha
(1921–1996)
MP for Nagaur
25 October
1979
14 January
1980
81 days Janata Party (Secular) Charan Charan Singh
15 Jagannath Pahadia
(1932–1991)
MP for Bayana
14 January
1980
6 June
1980
144 days Indian National Congress (I) Indira IV Indira Gandhi
16 Sawai Singh Sisodiya
(1919–2007)
Rajya Sabha MP for Madhya Pradesh

(Revenue and Expenditure)
19 October
1980
2 September
1982
1 year, 318 days
17 S. 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
19 Janardhana Poojary
(born 1937)
MP for Mangalore
31 December
1984
14 February
1988
3 years, 45 days Indian National Congress (I) Rajiv II Rajiv Gandhi
20 B. K. Gadhvi
(1937–2005)
MP for Banaskantha
12 May
1986
2 December
1989
3 years, 204 days
21 Brahm Dutt
(1926–2014)
MP for Tehri Garhwal
24 January
1987
25 July
1987
182 days
22 Ajit 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
24 Dalbir Singh
MP for Shahdol
21 June
1991
17 January
1993
1 year, 210 days Indian National Congress (I) Rao P. V. Narasimha Rao
25 Shantaram 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
27 M. V. Chandrashekara Murthy
(1939–2001)
MP for Kanakapura Lok Sabha constituency

(Revenue and Expenditure)
18 January
1993
16 May
1996
3 years, 119 days
28 Abrar 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 days Janata Dal Deve Gowda H. D. Deve Gowda
21 April
1997
9 June
1997
Gujral Inder Kumar Gujral
31 Satpal Maharaj
(born 1951)
MP for Garhwal
9 June
1997
19 March
1998
283 days All India Indira Congress (Tiwari)
32 R. K. Kumar
(1942–1999)
Rajya Sabha MP for Tamil Nadu

(Revenue, Banking and Insurance)
19 March
1998
22 May
1998
64 days All India Anna Dravida Munnetra Kazhagam Vajpayee II Atal Bihari Vajpayee
33 Kadambur 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 days Shiv Sena Vajpayee III Atal Bihari Vajpayee
35 V. Dhananjay Kumar
(1951–2019)
MP for Mangalore
13 October
1999
30 September
2000
353 days Bharatiya Janata Party
36 Gingee N. Ramachandran
(born 1944)
MP for Tindivanam
30 September
2000
24 May
2003
2 years, 236 days Marumalarchi Dravida Munnetra Kazhagam
37 Anant Geete
(born 1951)
MP for Ratnagiri

(Banking and Expenditure)
1 July
2002
26 August
2002
56 days Shiv 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 days Bharatiya 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 days Dravida Munnetra Kazhagam Manmohan I Manmohan Singh
41 Pawan Kumar Bansal
(born 1948)
MP for Chandigarh

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

(Revenue)
28 May
2009
21 March
2013
3 years, 297 days Dravida Munnetra Kazhagam Manmohan 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 days Indian 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 days Bharatiya Janata Party Modi I Narendra 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 days Modi II
52 Pankaj Chaudhary
(born 1964)
MP for Maharajganj
7 July
2021
Incumbent 2 years, 335 days
53 Bhagwat Karad
(born 1956)
Rajya Sabha MP for Maharashtra

Deputy Ministers

No. Portrait Minister
(Birth-Death)
Constituency
Term of office Political party Ministry Prime Minister
From To Period
1 Manilal Chaturbhai Shah
Rajya Sabha MP for Bombay State
12 August
1952
7 December
1954
2 years, 117 days Indian National Congress Nehru II Jawaharlal 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 Indian National Congress Nehru II Jawaharlal Nehru
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 days Indian National Congress Nehru IV Jawaharlal Nehru
(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 I Gulzarilal Nanda
5 Rameshwar Sahu
MP for Rosera
1 October
1964
11 January
1966
1 year, 102 days Indian National Congress Shastri Lal Bahadur Shastri
11 January
1966
24 January
1966
Nanda II Gulzarilal Nanda
6 Lalit Narayan Mishra
(1923–1975)
Rajya Sabha MP for Bihar
24 January
1966
13 March
1967
1 year, 48 days Indira I Indira Gandhi
7 Jagannath Pahadia
(1932–1991)
MP for Bayana
13 November
1967
17 October
1969
1 year, 338 days Indian National Congress Indira II Indira Gandhi
8 K. R. Ganesh
(1922–2004)
MP for Andaman and Nicobar Islands
26 June
1970
18 March
1971
310 days Indian National Congress (R) Indira II Indira Gandhi
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 days Indian National Congress (I) Indira IV Indira Gandhi
11 Janardhana 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 I Rajiv Gandhi
12 Anil Shastri
MP for Varanasi
23 April
1990
10 November
1990
201 days Janata Dal Vishwanath V. P. Singh
13 Digvijay Singh
(1955–2010)
Rajya Sabha MP for Bihar
21 November
1990
21 June
1991
212 days Samajwadi Janata Party (Rashtriya) Chandra Shekhar Chandra Shekhar

References