Minister of Finance (India)

Minister of Finance
Vitta Mantrī
Emblem of India
Flag of India
Incumbent Nirmala Sitharaman since 31 May 2019
Ministry of Finance
Style	The Honourable
Abbreviation	FM
Member of	Cabinet Cabinet Committee on Security
Reports to	President of India Prime Minister of India Parliament of India
Appointer	President on the advice of the Prime Minister
Inaugural holder	R. K. Shanmukham Chetty
Formation	15 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		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			Vishwanath Pratap 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
–			Vishwanath Pratap Singh (1931–2008) MP for Fatehpur (Prime Minister)	2 December 1989	5 December 1989	3 days	Janata Dal	Vishwanath		Vishwanath Pratap 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, 200 days		Modi II
								Modi III

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
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
5			Bali Ram Bhagat (1922–2011) MP for Arrah (Coordination)	1 November 1963	27 May 1964	221 days	Indian National Congress	Nehru IV
				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
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 (1932–2024) 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 (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
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	9 June 2024	2 years, 338 days
53			Bhagwat Karad (born 1956) Rajya Sabha MP for Maharashtra
(52)			Pankaj Chaudhary (born 1964) MP for Maharajganj	10 June 2024	Incumbent	190 days		Modi III

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
				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
(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
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
				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		Vishwanath Pratap 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

External links

• Finance Ministry, Official website