List of Finance Ministers of India 1946 to 2024

Finance Ministers of India

Finance Ministers of India: The Finance Minister of India is in charge of the Ministry of Finance under the Government of India. The Ministry of Finance is one the senior-most offices in the Union Cabinet and the Finance Minister of India is the head of the ministry.

The key duties of the Finance Ministers of India include managing the government’s fiscal policies and being responsible for formulating and presenting the annual Union Budget to Parliament. The inaugural Finance Minister of India, R. K. Shanmukham Chetty, was responsible for delivering India’s first budget.

First Finance Minister of India

R.K. Shanmukham Chetty was India’s inaugural Finance Minister, serving in Jawaharlal Nehru’s cabinet from 1947 to 1949. His primary responsibility entailed crafting the nation’s first budget and steering its economic policies. As the pioneer in this role, Chetty played a pivotal part in laying the groundwork for India’s fiscal management and economic strategy during its early years of independence.

Current Finance Minister of India 

Nirmala Sitharaman has been serving as the Finance Minister of India since her appointment on May 31, 2019, during Prime Minister Narendra Modi’s administration. She presented her inaugural Union Budget on July 5, 2019. Under her leadership, the Ministry of Finance has incorporated the Department of Public Enterprises, reflecting the government’s initiative towards privatization and enhanced fiscal management of government-owned corporations.

List of Finance Ministers of India

Functions of  Finance Minister

Here are the functions of finance minister of India:

• Formulating annual budgets and economic policies.
• Managing public finances and expenditures.
• Overseeing fiscal policies and taxation reforms.
• Monitoring financial stability and economic growth.
• Representing India in international financial institutions and negotiations.
• Directing financial institutions and regulatory bodies.
• Addressing issues related to banking, insurance, and capital markets.
• Facilitating foreign investments and trade policies.
• Presenting the Union Budget in Parliament and defending financial decisions.