Complete List of Finance Ministers of India (1947 to 2026) with detailed tenure, Prime Ministers served under, major Union Budgets, economic reforms, policy initiatives, and key contributions to India's governance. Explore the Roles & Duties of the Finance Minister of India since Independence.
List of Finance Ministers of India (1947–2026). Check the complete chronology of Finance Ministers along with their tenure, party affiliation, major budget announcements, economic reforms and notable accomplishments. Various Finance Ministers have upscaled the nation’s economy since independence. They have ensured that India’s GDP grows at a steady rate. By presenting the nation’s annual budget and managing modern economic challenges, every finance minister plays an important role in guiding the country’s financial growth and development initiatives. Finance ministers are responsible for managing government finances, framing tax policies and supervising economic reforms that impact millions of citizens.
Currently, the Finance Minister of India is Nirmala Sitharaman who has held the position since 31st May 2019. She is India’s first female Finance Minister who also holds the position of Minister of Corporate Affairs. Since independence there have been many notable Finance Ministers such as P. Chidambram, R. Venkataraman, Arun Jaitley, Pranab Mukherjee and Jaswant Singh. The first Finance Minister of India was R. K. Shanmukham Chetty who targeted a resource roadmap for the newly partitioned India and helped revive the degraded economy of the country.
Who is Finance Minister of India?
The current Finance Minister of India is Nirmala Sitharaman who has held the position since 31st May 2019. She also serves as the Minister of Corporate Affairs and is India's first female Finance Minister. The Finance Minister of India is the head of the Ministry of Finance India and a senior Cabinet minister responsible for the nations’ overall economic development. They are responsible for presenting the annual Union Budget in Parliament, managing taxation, public spending, controlling inflation and managing the financial markets. Morarji Desai was India’s longest-serving Finance Minister, holding the portfolio across multiple terms and shaping key economic policies and reforms.
List of Finance Minister of India from 1947 to 2026
The first Finance Minister of India was R. K. Shanmukham Chetty who served from 15 August 1947 to 17 Aug 1948. Since then, many finance ministers have made enormous contributions to uplift the Indian economy. Some notable ministers are C. Subramaniam, Arun Jaitley, P. Chidambaram and Nirmala Sitharaman. Let’s take a look at the list of Finance Minister of India from 1947 to 2026: -
| S. No. |
Finance Minister |
Tenure |
| 1 |
R. K. Shanmukham Chetty |
15 Aug 1947-17 Aug 1948 |
| 2 |
Jawaharlal Nehru (additional charge) |
17 Aug 1948-22 Sep 1948 |
| 3 |
John Mathai |
22 Sep 1948-1 Jun 1950 |
| 4 |
C. D. Deshmukh |
1 Jun 1950-24 Jul 1956 |
| 5 |
Jawaharlal Nehru (additional charge) |
24 Jul 1956-30 Aug 1956 |
| 6 |
T. T. Krishnamachari |
30 Aug 1956-14 Feb 1958 |
| 7 |
Jawaharlal Nehru (additional charge) |
14 Feb 1958-22 Mar 1958 |
| 8 |
Morarji Desai |
22 Mar 1958-31 Aug 1963 |
| 9 |
T. T. Krishnamachari (second term) |
31 Aug 1963-31 Dec 1965 |
| 10 |
Sachindra Chaudhuri |
1 Jan 1966-12 Mar 1967 |
| 11 |
Morarji Desai (second term) |
13 Mar 1967-16 Jul 1969 |
| 12 |
Indira Gandhi |
16 Jul 1969-27 Jun 1970 |
| 13 |
Y. B. Chavan |
27 Jun 1970-10 Oct 1974 |
| 14 |
C. Subramaniam |
10 Oct 1974-24 Mar 1977 |
| 15 |
Morarji Desai (brief additional charge) |
24 Mar 1977-26 Mar 1977 |
| 16 |
H. M. Patel |
26 Mar 1977-24 Jan 1979 |
| 17 |
Charan Singh |
24 Jan 1979-16 Jul 1979 |
| 18 |
Hemvati Nandan Bahuguna |
16 Jul 1979-14 Jan 1980 |
| 19 |
R. Venkataraman |
14 Jan 1980-15 Jan 1982 |
| 20 |
Pranab Mukherjee |
15 Jan 1982-31 Dec 1984 |
| 21 |
V. P. Singh |
31 Dec 1984-24 Jan 1987 |
| 22 |
Rajiv Gandhi (additional charge) |
24 Jan 1987-25 Jul 1987 |
| 23 |
N. D. Tiwari |
25 Jul 1987-25 Jun 1988 |
| 24 |
S. B. Chavan |
25 Jun 1988-2 Dec 1989 |
| 25 |
Madhu Dandavate |
2 Dec 1989-10 Nov 1990 |
| 26 |
Yashwant Sinha |
10 Nov 1990-21 June 1991 |
| 27 |
Manmohan Singh |
21 Jun 1991-16 May 1996 |
| 28 |
P. Chidambaram |
1 Jun 1996-21 Apr 1997 |
| 29 |
I. K. Gujral (additional charge) |
21 Apr 1997-1 May 1997 |
| 30 |
P. Chidambaram (second term) |
1 May 1997-19 Mar 1998 |
| 31 |
Yashwant Sinha (second term) |
19 Mar 1998-1 Jul 2002 |
| 32 |
Jaswant Singh |
1 Jul 2002-22 May 2004 |
| 33 |
P. Chidambaram (third term) |
23 May 2004-30 Nov 2008 |
| 34 |
Manmohan Singh (additional charge) |
30 Nov 2008-24 Jan 2009 |
| 35 |
Pranab Mukherjee (second term) |
24 Jan 2009-26 Jun 2012 |
| 36 |
Manmohan Singh (additional charge) |
26 Jun 2012-31 Jul 2012 |
| 37 |
P. Chidambaram (fourth term) |
31 Jul 2012-26 May 2014 |
| 38 |
Arun Jaitley |
26 May 2014-30 May 2019 |
| 39 |
Nirmala Sitharaman |
31 May 2019- Present (2026) |
Note: Before India's independence in 1947, Liaquat Ali Khan served as the finance minister in the Interim Government of India.
Who is the First Women Finance Minister of India?
Nirmala Sitharaman is the first woman to be appointed as the Finance Minister of India. She took charge of the position on 31 May 2019 and since then reached unparalleled milestones such as presenting straight budgets, making India world’s fifth largest economy and introducing massive deductions in corporate tax. She is also the first woman to have held both the defence minister and Finance Minister portfolios. The current Finance Minister of India is Nirmala Sitharaman, who assumed office on May 31, 2019, and serves under Prime Minister of India Narendra Modi. She is the India’s first full-time female Finance Minister and leads the Ministry of Finance
Who was the First Finance Minister of Independent India?
R. K. Shanmukham Chetty was the first Finance Minister of independent India. He served as the finance minister in the cabinet of Prime Minister Jawaharlal Nehru from 15 August 1947 to 17 August 1948. He presented India's first Union Budget on 26 November 1947. The initial union budget for independent India targeted a resource roadmap for the newly partitioned nation and covered an economic period of just seven and a half months.
What is the Salary of Finance Minister of India?
The Finance Minister of India receives an estimated gross monthly salary of approximately ₹4,00,000, which includes a base salary and multiple parliamentary and cabinet allowances. The finance minister in India earns a base salary of ₹1.24 lakh per month with allowances such as constituency allowance, office expense allowance, cabinet sumptuary allowance and daily sitting allowance.
How to become Finance Minister of India?
To become the Finance Minister of India, candidates must first be appointed by the President of India on the explicit advice of the Prime Minister. There is no direct public election or competitive exam for this position and is a political appointment under Article 75 of the Indian Constitution. Interested candidates must either take the political route through Lok Sabha and Rajya Sabha. If the individual is an expert in economics, finance or administration then a ruling party can nominate them.
- Become a Parliament Member: Get elected to the Lok Sabha or Rajya Sabha.
- Build Political Experience: Gain expertise in governance, economics, and public administration.
- Earn Party Leadership Trust: Establish a strong reputation within your political party.
- Join the Union Cabinet: Be chosen as a Cabinet Minister by the Prime Minister.
- Receive Appointment: Be appointed Finance Minister by the President on the Prime Minister’s recommendation.
Roles and Duties of Finance Minister of India
The Finance Minister of India is responsible for union budget preparation, fiscal health index & taxation policy, creating financial stability and managing international economic relations. Let’s look at the duties of Finance Minister of India: -
Budget Preparation and Presentation
The finance minister is responsible for preparing the annual Union Budget in Parliament. It mentions the government's estimated revenues and expenditures for the upcoming financial year. The budget also includes allocations of resources to various ministries to align with national development and financial goals.
Fiscal and Taxation Policy
The finance minister oversees the country's direct and indirect tax structures such as Income Tax, GST and customs duties. They make policies related to fiscal deficits, public debt and the balance between government income and expenditures to ensure economic stability.
Creating Financial Stability
The finance minister works closely with financial regulatory bodies such as the Reserve Bank of India and the Securities and Exchange Board of India to regulate financial markets, create financial stability and control inflation.
Oversight of Five Key Departments
The Ministry of Finance is structured into five departments which are supervised by the finance minister such as Economic Affairs, Expenditure, Revenue, Financial Services, Investment and Public Asset Management.
International Economic Relations
The finance minister represents India on the global stage in various ways such as engaging with international forums such as the G20, BRICS and multilateral financial institutions such as the International Monetary Fund (IMF). They are responsible for maintaining international economic relations.
Finance Minister of India Contact Number & Address
The current Finance Minister of India, Nirmala Sitharaman, can be contacted through the Ministry of Finance. Official office numbers include 011-24012101, 011-24012102, and 011-24012103. Citizens may also reach the ministry through official email channels and government websites for information and assistance.
Office contact numbers- 011-24012101
Email- appointment.fm@gov.in
Office Address: - Kartavya Bhavan-I, New Delhi- 110001.
Conclusion
The current Finance Minister of India is Nirmala Sitharaman. Since independence, India has had many Finance Ministers who have enormous contributions to uplift the nation. They are responsible for budget preparation, fiscal and taxation policy, overseeing essential departments under the ministry of Finance, creating financial stability and maintaining international economic relations. Some famous Finance Ministers of India are P. Chidambaram, Pranab Mukherjee, Nirmala Sitharaman, Arun Jaitley and R. Venkataraman.