Ministry of finance has the most important role and responsibilities in government. Finance minister work to look out for every finance-related problem. Finance related work such as fiscal policy, budget preparation, tax collection, annual economic review, economic survey and India banking system policy .finance minister ensure government having a minimum fiscal deficit. In finance ministry have five departments are :
1.Department of economic affairs 2. Department of expenditure 3. Department of Revenue 4. Department of financial service 5. Department of investment and public assist management
The finance minister gives financial adviser to the cabinet and government. Does such activity like produce, implement, monitor the Annual Budget of the government, the announcement of budget(budget speech)etc. Its Represent government in dealing with financial institutions such as the International Monetary Funds and the World Bank. It–™s also a review of the ongoing scheme, the new project including in the budget, government programs, predict and spending in the coming financial year. Through the Budgets, the finance minister also outlines the allocations to different ministries and department.
| Sr No |
Name |
Term of Office |
Party |
| 1. |
Sir Ramasamy chetty kandasamy shanmukham Chetty |
15 August 1947 to 17 August 1949 |
Swaraj party |
| 2. |
Jawaharlal Nehru |
17 August 1949 to 22 September 1949 |
Indian National Congress |
| 3. |
John Matthai |
22 September 1949 to 1 June 1950 |
Indian National Congress |
| 4. |
Sir Chintaman Dwarakanath Deshmukh |
1 June 1950 to 1 August 1956 |
Indian National Congress |
| 5. |
Jawaharlal Nehru (2nd Term) |
1 August 1956 to 30 August 1956 |
Indian National Congress |
| 6. |
Tiruvellore Thattai krishnamachar |
30 August 1956 to 14 February 1958 |
Indian National Congress |
| 7. |
Jawaharlal Nehru(3rd Term) |
14 February 1958 to 13 March 1958 |
Indian National Congress |
| 8. |
Morarji Desai |
13 March 1958 to 29 August 1963 |
Janata dal |
| 9. |
Tiruvellore Thattai krishnamacharm
(2nd Term) |
30 August 1963 to 31 December 1965 |
Indian National Congress |
| 10. |
Sachindra Chaudhuri |
1 January 1966 to 13 March 1967 |
Indian National Congress |
| 11. |
Morarji Desai(2nd Term) |
13 March 1967 to 16 July 1969 |
Janata Dal |
| 12. |
Indira Gandhi |
16 July 1969 to 27 June 1970 |
Indian National Congress |
| 13. |
Yashwantrao Balwantrao Chavan |
27 June 1970 to 10 October 1975 |
Indian National Congress |
| 14. |
Chidambaram Subramaniam |
10 October 1975 to 24 March 1977 |
Indian National Congress |
| 15. |
Haribhai M. Patel |
26 March 1977 to 24 January 1979 |
Swatantra party |
| 16. |
Chaudhary Charan Singh |
24 January 1979 to 28 July 1979 |
Janata Dal |
| 17. |
Hemwati Nandan Bahuguna |
28 July 1979 to 14 January 1980 |
Congress party |
| 18. |
Ramaswamy Venkataraman |
14 January 1980 to 15 January 1982 |
Indian National Congress |
| 19. |
Pranab Mukherjee |
15 January 1982 to 31 December 1984 |
Indian National Congress |
| 20. |
Vishwanath prathap Singh |
31 December 1984 to 24 January 1987 |
Indian National Congress |
| 21. |
Rajiv Gandhi |
24 January 1987 to 25 July 1987 |
Indian National Congress |
| 22. |
Narayan Datt Tiwari |
25 July 1987 to 25 June 1988 |
Indian National Congress |
| 23. |
Shankarrao B. Chavan |
25 June 1988 to 2 December 1989 |
Indian National Congress |
| 24. |
Madhu Dandavate |
2 December 1989 to 10 November 1990 |
Janata Dal |
| 25. |
Yashwant Shina |
10 November 1990 to 24 January 1991 |
Samajwadi Janata party |
| 26. |
Manmohan Singh |
21 January 1991 to 16 may 1996 |
Indian National Congress |
| 27. |
Jaswant Singh |
16 may 1996 to 1 June 1996 |
Bharatiya Janata party |
| 28. |
Pallaniappan Chidambaram |
1 June 1996 to 21 April 1997 |
Tamil Mannila Congress |
| 29. |
Inder kumar Gujral |
21 April 1997 to 1 May 1997 |
Janata Dal |
| 30. |
Pallaniappan Chidambaram(2nd Term) |
1 May 1997 to 19 March 1998 |
Tamil Mannila Congress |
| 31. |
Yashwant Singh(2nd Term) |
19 March 1998 to 1 July 2002 |
Samajwadi Janata party |
| 32. |
Jaswant Singh(2nd Term) |
1 July 2002 to 22 May 2004 |
Bharatiya Janata party |
| 33. |
Pallaniappan Chidambaram(3rd Term) |
22 May 2004 to 30 November 2008 |
Indian National Congress |
| 34. |
Manmohan Singh(2nd Term) |
30 November 2008 to 24 January 2009 |
Indian National Congress |
| 35. |
Pranab Mukherjee(2nd Term) |
24 January 2009 to 26 June 2012 |
Indian National Congress |
| 36. |
Manmohan Singh(3rd Term) |
26 June 2012 to 31 July 2012 |
Indian National Congress |
| 37. |
Pallaniappan Chidambaram(4th Term) |
31 July 2012 to 26 May 2014 |
Indian National Congress |
| 38. |
Arun Jaitley |
26 May 2014 to 14 may 2018 |
Bharatiya Janata party |
| 39. |
Piyush vedprakash Goyal |
14 May 2018 to 22 August 2018 |
Bharatiya Janata party |
| 40. |
Arun Jaitley(2nd Term) |
23 August 2018 to 23 January 2019 |
Bharatiya Janata party |
| 41. |
Pyush Vedprakash Goyal(2nd Term) |
23 January 2019 to 16 February 2019 |
Bharatiya Janata party |
| 42. |
Arun Jaitley(3rd Term) |
16 February 2019 to 13 May 2019 |
Bharatiya Janata party |
| 43. |
Nirmala Sitharaman |
13 May 2019 –“ present |
Bharatiya Janata party |
⦿Did you know?
1.James Wilson is a father of budget in India. James Wilson, the British economist who presented India–™s first budget in 1860.
2.Indira Gandhi was first Female finance minister of India.
3.Sir Chintaman Dwarakanath Deshmukh is first Finance minister which is awarded Padma vibushan in 1975.
4.The shortest Budget speech consisted of just 800 words presented by Hirubhai Mulljibhai Patel in 1977 and The longest speech was presented by Nirmala Sitharaman while presenting the 2019-20 Union Budget.
5.Nirmala Sitharaman holds the record for the longest budget speech ever which has 2 hours 42 minutes.
Stay Tuned...
Knowledge
