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List of Finance Ministers of India, Roles & Powers of Finance Ministers, About Current Finance Minister

List of Finance Ministers of India: Nirmala Sitharaman is the current and first full-time woman Finance Minister of India. He took charge on 31 May 2019. Let’s take a look at the list of Finance Ministers of India from 1947 to the present. Finance Minister Nirmala Sitharaman will present Budget 2022 today. Article 112 of the Constitution of India envisages the determination of the annual budget in the Parliament. Previously the Union Budget was presented on the last working day of February, but the BJP government has changed this tradition.

Since 2016, the Union Budget is presented on the first day of February so that it can be implemented before the start of the new financial year in April. The Ministry of Finance deals with taxation, financial law, financial institutions, capital markets, central and state finances and the union budget. The first finance minister of independent India was RK Shanmukham Chetty, who also presented the first budget.

In Hindi:

निर्मला सीतारमण भारत की वर्तमान और पहली पूर्णकालिक महिला वित्त मंत्री हैं। उन्होंने 31 मई 2019 को कार्यभार संभाला। आइए एक नजर डालते हैं 1947 से अब तक के भारत के वित्त मंत्रियों की सूची पर। वित्त मंत्री निर्मला सीतारमण आज 2022 का बजट पेश करेंगी। भारत के संविधान का अनुच्छेद 112 संसद में वार्षिक बजट के निर्धारण की परिकल्पना करता है। पहले केंद्रीय बजट फरवरी के अंतिम कार्य दिवस पर पेश किया गया था, लेकिन भाजपा सरकार ने इस परंपरा को बदल दिया है।

2016 से, केंद्रीय बजट फरवरी के पहले दिन पेश किया जाता है ताकि इसे अप्रैल में नए वित्तीय वर्ष की शुरुआत से पहले लागू किया जा सके। वित्त मंत्रालय कराधान, वित्तीय कानून, वित्तीय संस्थान, पूंजी बाजार, केंद्रीय और राज्य वित्त और केंद्रीय बजट से संबंधित है। स्वतंत्र भारत के पहले वित्त मंत्री आरके षणमुखम चेट्टी थे, जिन्होंने पहला बजट भी पेश किया था।

List of Finance Ministers of India
List of Finance Ministers of India

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List Of Finance Ministers from 1946 – To present

Finance MinisterTenure
Liaquat Ali Khan1946 to 1947
R. K. Shanmukham Chetty1947 to 1948
John Mathai1948 to 1950
1950 to 1950
1950 to 1950
C. D. Deshmukh1950 to 1952
1952 to 1956
Jawaharlal Nehru1956 to 1956
T. T. Krishnamachari1956 to 1957
1957 to 1958
Jawaharlal Nehru1958
Morarji Desai1958 to 1962
1962 to 1963
T. T. Krishnamachari 1963 to 1965
Sachindra Chaudhuri1966 to 1966
1966 to 1966
1966 to 1967
Morarji Desai1967 to 1969
Indira Gandhi1969 to 1970
Yashwantrao B. Chavan1970 to 1971
1971 to 1974
Chidambaram Subramaniam1974 to 1977
Haribhai M. Patel1977 to 1979
Charan Singh1979 to 1979
Hemvati Nandan Bahuguna1979 to 1979
R. Venkataraman1980 to 1982
Pranab Mukherjee1982 to 1984
1984 to 1984
V.P.Singh1984 to 1985
1985 to 1985
1985 to 1985
1985 to 1987
Rajiv Gandhi1987 to 1987
N.D.Tiwari1987 to 1988
Shankarrao B. Chavan1988 to 1989
Madhu Dandavate1989 to 1990
Yashwant Sinha1990 to 1991
Manmohan Singh1991 to 1996
Jaswant Singh1996
P. Chidambaram1996 to 1997
I.K.Gujral1997
P. Chidambaram1997 to 1998
Yashwant Sinha1998 to 1999
Jaswant Singh2002 to 2004
P. Chidambaram2004 to 2008
Manmohan Singh2008 to 2009
Pranab Mukherjee2009 to 2012
Manmohan Singh2012
P. Chidambaram2012 to 2014
Arun Jaitley2014 to 2019
Nirmala Sitharaman2019 to Incumbent
List of Finance Ministers of India
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About India’s Current Finance Minister: Nirmala Sitharaman

Nirmala Sitharaman is the first full-time woman finance minister of India. If she completes her term, she will be the first Indian woman to do so. On 5 July 2019, he presented his first Union Budget and second NDA government budget. The Department of Public Enterprises has been included under the Ministry of Finance, which will still be headed by Finance Minister Nirmala Sitharaman. This decision has been taken in the latest cabinet reshuffle. The move to include DPEs in FM is being touted as a step towards privatization and financial impact on state-run enterprises.

Current Finance Minister: Nirmala Sitaraman

Finance Ministers of India

The Ministry of Finance, Government of India is one of the senior-most offices in the Union Cabinet and is headed by the Finance Minister. The Finance Minister of India is responsible for the budgetary policy of the Government and within this framework, it is the duty and responsibility of the Finance Minister to prepare and present the annual Union Budget in Parliament. The Union Budget prepared by the Finance Minister of India gives details of the plan expenditure and taxation of the government in the coming financial year. With the help of this budget, the Finance Minister outlines the distribution of finance to various departments and ministries.

K. Shanmukham Chetty was the first Finance Minister of independent India and also presented the first Union Budget. Later, Indira Gandhi served in this position for a year from 1970 to 1971 and was the first woman finance minister. The current Finance Minister of India 2020 is Nirmala Sitharaman.

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Powers of Finance Ministers

The major duty of the Finance Minister is to present the annual Union Budget in Parliament, which details the government’s plan for taxation and spending in the coming financial year. Through the budget, the finance minister also outlines the allocation to all the ministries and departments.

Pranab Mukherjee
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Finance Minister Level Responsibilities

The Finance Minister has overall responsibility for the finance portfolio, and has special responsibility for the following:

  • Budget policy advice and process, and review of government programs.
  • Government financial accountability, governance and financial management framework, including grants and procurement policy and services.
  • So shareholder advice on government business enterprises (GBEs) and commercial entities are treated as GBEs.
  • And policy guidance and management of the task of grace requests and the waiver of debts due to the Commonwealth.
  • Policy guidance for Comcover, the government’s self-managed insurance fund and risk policy.
  • General Policy Guidelines for Commonwealth Statutory Authorities.
  • Retirement arrangements for civilian employees and MPs of the Australian Government, and retirement benefits for the Governor-General, Federal Judges and Federal Court Judges.
  • estate sale.
  • Policy advice on future funds and the Australian Government Investment Fund, and the authorization of payments to entities from the Australian Government Investment Fund.
  • Parliamentary Business Resources Act 2017 Expenditure Framework.
  • Members of Parliament (Staff) Act 1984 (MOP(s)) Act Employment Framework (Shared with Prime Minister).
  • Electoral policy.
Second Finance Minister of India: R.K. Sanmukham Chetty

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FAQs

Who is the first Finance Minister of India?

After independence, the first Finance Minister of India, Shri Shanmukham Chetty presented the first budget of independent India on November 26, 1947.

Who is the longest-serving Finance Minister of India?

Venkataraman and Pranab Mukherjee. Several prime ministers have also held the post of finance minister.

How do ministers communicate with finance?

  • Finance Minister
  • Name Mrs. Nirmala Sitharaman.
  • Residence 15, Safdarjung Road, New Delhi.
  • Contact No. 011- 23092810, 23093868, 011-23092510, 23094399, 011-23093289 Fax.
  • Email ID fmo@nic.in.

Who is the father of the budget in India?

K. Shanmukham Chetty presented the first budget of independent India on 26 November 1947. Before independence, it was the British economist James Wilson who presented the first budget for India in 1860.

Who is the first woman finance minister of India?

On 31 May 2019, Nirmala Sitharaman was appointed as the Minister of Finance and Corporate Affairs. She is the first full-time woman Finance Minister of India. He presented his first budget in the Indian Parliament on 5 July 2019.

Who was the best finance minister of India?

  • Indira Gandhi (1970–1971)
  • Morarji Desai (1967-1970)
  • T. T. Krishnamachari (1964–1966)
  • Morarji Desai (1959-1964)

How many departments are there in the Ministry of Finance?

The Finance Ministry already has five departments – Department of Economic Affairs, Department of Expenditure, Department of Revenue, Department of Investment and Public Asset Management (DIPAM) and Department of Financial Services.

Who controls the national finances?

Control of the corporation is vested in a board of directors, neither less than nine nor more than twelve, all of whom are appointed by the governor-general and one of whom is a representative of the Treasury.

List of Finance Ministers of India
Nirmala Sitaraman, Manmohan Singh, Arun Jaitley

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What are the three functions of the Ministry of Finance?

Formulation and monitoring of macroeconomic policies, including fiscal policy and issues relating to public finance, inflation, public debt management and the functioning of capital markets including stock exchanges.

What is the role of the finance minister in the budget?

Based on the estimated expenditure, the Finance Ministry in consultation with the Central Board of Direct Taxes and the Central Board of Indirect Taxes prepares the estimate of revenue. This work is also assisted by the Income Tax Department and the Central Excise and Customs Department.

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