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List of Finance Ministers of India 1947 to 2024, Current Finance Minister

The Finance Minister of India plays a central role in steering the nation’s economy through policy reforms, budget allocations, and fiscal management. Since Independence in 1947, India has seen several visionary finance ministers who helped lay the foundation for the nation’s economic growth. Whether it was liberalization under Manmohan Singh, nationalization efforts during Indira Gandhi’s era, or recent privatization policies under Nirmala Sitharaman, each Finance Minister contributed significantly to India’s economic journey.

This article offers an exhaustive list of India’s Finance Ministers, including details about the first, the first woman, and the current Finance Minister, along with their roles, email contact, and FAQs.

Current Finance Minister of India

As of June 2025, Nirmala Sitharaman is the current Finance Minister of India. She assumed office on May 31, 2019, becoming India’s first full-time female Finance Minister. A member of the Rajya Sabha since 2014, she also previously served as the Defence Minister. Sitharaman has presented eight consecutive Union Budgets, including India’s first paperless budget in 2021. Under her leadership, India has sustained its status as the fastest-growing major economy. She plays a vital role in shaping fiscal policy, boosting investments, and implementing financial reforms. Her official email IDs are appointment.fm@gov.in and fmo@nic.in for public correspondence.

Title Details
Party Bharatiya Janata Party
Father’s Name Shri Narayanan Sitharaman
Mother’s Name Shrimati Savitri
Date of Birth 18 August 1959
Place of Birth Madurai (Tamil Nadu)
Educational Qualifications M.A. (Economics), M.Phil, Educated at Seethalakshmi Ramaswamy College, Tiruchirapalli, Tamil Nadu and Jawaharlal Nehru University, New Delhi
Position Held
2003-2005 Member, National Commission for Women
Since 2008 Member, BJP National Executive
2010-2014 National Spokesperson, B.J.P.
26 May 2014 – 9 Nov. 2014 Minister of State in the Ministry of Finance; and Minister of State in the Ministry of Corporate Affairs
26 May 2014 – 3 Sept. 2017 Minister of State (Independent Charge) of the Ministry of Commerce and Industry
June 2014 Elected to Rajya Sabha (resigned w.e.f. 17 June 2016)
July 2016 Elected to Rajya Sabha (second term)
3 Sept. 2017 – 30 May 2019 Minister of Defence
31 May 2019 – 9 June 2024 Minister of Finance and Minister of Corporate Affairs
July 2022 Re-elected to Rajya Sabha (third term)
10 June 2024 onwards Minister of Finance and Minister of Corporate Affairs

First Finance Minister: R.K. Shanmukham Chetty

R.K. Shanmukham Chetty (1892-1953) was India’s first Union Finance Minister. Although he was not known for public speaking, he made a notable statement during his first Budget reply, saying that with self-confidence and determination, one can overcome challenges. Chetty came from a wealthy background and had a successful career. He introduced the term “mixed economy” in the government’s Budget document, emphasizing the importance of both private and state enterprises in India’s economic development. In his 1947-48 Interim Budget, he highlighted the need to learn from private sector experience while building the country’s industrial economy.

  • Tenure: 15 August 1947 – 17 August 1948
  • Key Contributions: Presented the first budget of independent India on 26 November 1947, focusing on fiscal discipline, economic stabilization, and addressing post-partition challenges such as food shortages and refugee rehabilitation.

List of Finance Ministers of India

Here is complete Finance Ministers of India List:

Name Term of office from start till service end Prime Minister
Liaquat Ali Khan 29 October 1946 14 August 1947 Jawaharlal Nehru
R. K. Shanmukham Chetty 15 August 1947 17 August 1948 Jawaharlal Nehru
John Mathai 22 September 1948 26 January 1950
26 January 1950 6 May 1950
6 May 1950 1 June 1950
C. D. Deshmukh 1 June 1950 13 May 1952
13 May 1952 1 August 1956
Jawaharlal Nehru 1 August 1956 30 August 1956
T. T. Krishnamachari 30 August 1956 17 April 1957
17 April 1957 14 February 1958
Jawaharlal Nehru 14 February 1958 22 March 1958
Morarji Desai 22 March 1958 10 April 1962
10 April 1962 31 August 1963
T. T. Krishnamachari 31 August 1963 31 December 1965 Jawaharlal Nehru Lal Bahadur Shastri
Sachindra Chaudhuri 1 January 1966 11 January 1966 Lal Bahadur Shastri Indira Gandhi
11 January 1966 24 January 1966
24 January 1966 13 March 1967
Morarji Desai 13 March 1967 16 July 1969 Indira Gandhi
Indira Gandhi 16 July 1969 27 June 1970
Yashwantrao B. Chavan 27 June 1970 18 March 1971
18 March 1971 10 October 1974
Chidambaram Subramaniam 10 October 1974 24 March 1977
Haribhai M. Patel 26 March 1977 24 January 1979 Morarji Desai
Charan Singh 24 January 1979 16 July 1979
Hemvati Nandan Bahuguna 28 July 1979 19 October 1979 Charan Singh
R. Venkataraman 14 January 1980 15 January 1982 Indira Gandhi
Pranab Mukherjee 15 January 1982 31 October 1984
31 October 1984 31 December 1984
V. P. Singh 31 December 1984 14 January 1985 Rajiv Gandhi
14 January 1985 30 March 1985
30 March 1985 25 September 1985
25 September 1985 24 January 1987
Rajiv Gandhi 24 January 1987 25 July 1987
N. D. Tiwari 25 July 1987 25 June 1988
Shankarrao B. Chavan 25 June 1988 2 December 1989
Madhu Dandavate 5 December 1989 10 November 1990 V. P. Singh
Yashwant Sinha 21 November 1990 21 June 1991 Chandra Shekhar
Manmohan Singh 21 June 1991 16 May 1996 P. V. Narasimha Rao
Jaswant Singh 16 May 1996 1 June 1996 Atal Bihari Vajpayee
P. Chidambaram 1 June 1996 21 April 1997 H. D. Deve Gowda
I.K. Gujral 21 April 1997 1 May 1997 I. K. Gujral
P. Chidambaram 1 May 1997 19 March 1998
Yashwant Sinha 19 March 1998 13 October 1999 Atal Bihari Vajpayee
13 October 1999 1 July 2002
Jaswant Singh 1 July 2002 22 May 2004
P. Chidambaram 23 May 2004 30 November 2008 Manmohan Singh
Manmohan Singh 30 November 2008 24 January 2009
Pranab Mukherjee 24 January 2009 22 May 2009
23 May 2009 26 June 2012
Manmohan Singh 26 June 2012 31 July 2012
P. Chidambaram 31 July 2012 26 May 2014
Arun Jaitley 26 May 2014 30 May 2019 Narendra Modi
Nirmala Sitharaman 31 May 2019 Present Narendra Modi

Nirmala Sitharaman (2019 – Present)

  • Efforts to implement economic reforms and promote fiscal discipline.
  • Measures to address economic impact of COVID-19 pandemic.
  • Focus on financial sector reforms and improving economic management.

Arun Jaitley (2014 – 2019)

  • Introduction of Goods and Services Tax (GST).
  • Measures to address non-performing assets in the banking sector.
  • Promotion of economic growth, improved fiscal discipline, and financial sector reforms.

P. Chidambaram (1996-1998, 2004-2008, 2012-2014)

  • Key role in liberalizing the Indian economy.
  • Policies to promote economic growth, improve fiscal discipline, and enhance financial sector reforms.

Jaswant Singh (2002-2004, 2009)

  • Focus on economic stabilization and development.
  • Measures to control inflation and manage fiscal deficits.
  • Policies to promote industrial growth and improve financial management.

Manmohan Singh (1991-1996)

  • Renowned for liberalizing the Indian economy.
  • Policies to promote economic growth, reduce fiscal deficits, and improve financial management.
  • Later became Prime Minister of India.

Yashwant Sinha (1990-1991, 1998-2002)

  • Efforts to introduce economic reforms and liberalize the economy.
  • Policies to promote economic growth, improve fiscal discipline, and enhance financial sector reforms.

Madhu Dandavate (1989-1991)

  • Efforts to address fiscal deficits and inflation.
  • Policies aimed at stabilizing the economy and promoting industrial growth.
  • Focus on improving public sector enterprises.

Shankarrao Chavan (1988-1989)

  • Focus on economic stabilization and development.
  • Measures to control inflation and manage fiscal deficits.
  • Policies to promote industrial growth and improve financial management.

N.D. Tiwari (1986-1988)

  • Focus on economic development and fiscal discipline.
  • Policies to promote industrial growth and improve agricultural productivity.
  • Efforts to enhance economic planning and management.

Rajiv Gandhi (1987)

  • Continued economic reforms and promoted technological advancements.
  • Policies aimed at modernizing the economy and improving infrastructure development.

V.P. Singh (1984-1987)

  • Reforms aimed at reducing corruption and improving transparency.
  • Policies to promote industrial growth and economic development.
  • Later became Prime Minister of India.

Pranab Mukherjee (1982-1984, 2009-2012)

  • Efforts to liberalize the economy and introduce financial sector reforms.
  • Implementation of the Sixth Five-Year Plan.
  • Measures to promote economic growth and stability.

R. Venkataraman (1980-1982)

  • Focus on economic stabilization and development.
  • Measures to control inflation and improve fiscal discipline.
  • Efforts to enhance industrial growth and manage public expenditure.

Hemwati Nandan Bahuguna (1979-1980)

  • Efforts to address inflation and fiscal deficits.
  • Policies aimed at stabilizing the economy and promoting industrial growth.
  • Focus on improving financial management and economic planning.

Charan Singh (1979)

  • Advocacy for farmers and rural development.
  • Policies focused on agrarian reforms and improving agricultural productivity.

H.M. Patel (1977-1979)

  • Efforts to restore fiscal discipline and manage public expenditure.
  • Measures to control inflation and stabilize the economy.
  • Focus on improving efficiency of public sector enterprises.

C. Subramaniam (1975-1977)

  • Role in the Green Revolution as Agriculture Minister.
  • Policies to improve food security and rural development.
  • Efforts to control inflation and promote economic stability.

Yashwantrao B. Chavan (1970-1971)

  • Focus on economic stabilization and development.
  • Policies to improve agricultural productivity and support the Green Revolution.
  • Efforts to enhance industrial growth and manage fiscal deficits.

Indira Gandhi (1969-1970)

  • Nationalization of 14 major banks to ensure banking services reach rural and less privileged sections.
  • Policies aligned with socialist vision and state control over key sectors.

Sachindra Chaudhuri (1966-1967)

  • Managed economic challenges during drought and food shortages.
  • Focus on stabilizing the economy and curbing inflation.

Morarji Desai (1958-1963, 1967-1970)

  • Conservative fiscal policies focused on controlling public expenditure and promoting savings.
  • Introduction of several tax reforms.
  • Efforts to stabilize the economy and manage fiscal deficits.

T.T. Krishnamachari (1956-1958, 1964-1966)

  • Introduced measures to control inflation.
  • Involved in implementing the Second and Third Five-Year Plans.
  • Role in establishing financial institutions and reforms in tax structures.

Jawaharlal Nehru (1958, 1959-60)

  • Emphasized socialist-inspired economy with state-led industrialization.
  • Efforts to address economic disparities and promote public sector enterprises.

C.D. Deshmukh (1950-1956)

  • Implemented the First Five-Year Plan focusing on agrarian reform and industrialization.
  • Known for the nationalization of the Reserve Bank of India.
  • Policies aimed at stabilizing the economy post-independence.

Dr. John Mathai (1949-1950)

  • Introduced the Planning Commission.
  • Resigned in protest against the Planning Commission’s control over financial policies.
  • Significant steps towards economic structuring and policy formulation.

R.K. Shanmukham Chetty (1947-1949)

  • Presented the first budget of independent India.
  • Focus on fiscal discipline and economic stabilization.
  • Addressed challenges such as food shortages, inflation, and refugee rehabilitation post-Partition.

Liaquat Ali Khan (1946-1947)

  • Presented the “Poor Man’s Budget” focusing on welfare and poverty alleviation.
  • Laid groundwork for economic policies during pre-Partition.
  • Became the first Prime Minister of Pakistan post-Partition.

Roles and Responsibilities of the Finance Minister

The Finance Minister handles key tasks that impact every citizen of India. The main responsibilities include:

  1. Formulation and presentation of Union Budget

  2. Setting up fiscal policy and taxation framework

  3. Managing government borrowings and national debt

  4. Supervising departments under the Finance Ministry:

    • Revenue

    • Expenditure

    • Economic Affairs

    • Investment & Public Asset Management

    • Financial Services

  5. Planning economic strategies to tackle inflation, recession, or global crises

  6. Overseeing financial institutions like RBI, SEBI, LIC, and PSU banks

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Finance Ministers of India FAQs

Who is Current Finance Minister of India?

Nirmala Sitharaman is the current Finance Minister of India.

What is the name of Finance Minister of India 2024?

Nirmala Sitharaman is the name of Finance Minister of India 2024.

Who is the chairman of Finance Commission?

The Sixteenth Finance Commission was constituted on 31.12. 2023 with Shri Arvind Panagariya, former Vice-Chairman, NITI Aayog as its Chairman. Now the following members are appointed to the Commission with the approval of the President of India.

Who is the budget minister in India?

The current Finance Minister of India is Nirmala Sitharaman.

Who was the first finance minister of India?

Sir Ramasamy Chetty Kandasamy Shanmukham Chetty KCIE (17 October 1892 – 5 May 1953) was the first Finance Minister of independent India.

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