List of Finance Ministers of India 1947 to 2024

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.