Finance Ministers of India, List from 1947 to 2025, Tenure

The Ministry of Finance, known in Hindi as Vitta Mantralaya, functions as the central authority for managing public finances and acts as the national treasury. Its core responsibilities include the formulation and implementation of tax policies, financial laws, and economic regulations. The Ministry supervises financial institutions, manages currency and capital markets, and oversees both central and state government finances. 

A key function of the Finance Ministers of India is the preparation and presentation of the Union Budget. It also serves as the cadre-controlling authority for major civil services such as the Indian Revenue Service, Indian Audit and Accounts Service, Indian Economic Service, and Indian Civil Accounts Service. It also administers the Indian Cost and Management Accounts Service, which plays a significant role in the country’s commercial governance.

Finance Minister of India

Nirmala Sitharaman currently holds the position of Finance Minister of India, having taken charge of the Ministry of Finance and Corporate Affairs on May 31, 2019. She holds the distinction of being the country’s first woman to serve as a full-time Finance Minister. Her first Budget speech in Parliament was delivered on July 5, 2019. Between 2019 and 2024, she has tabled six Union Budgets, including the Interim Budget 2024. With the presentation of the Budget in February 2024, she became the First Finance Minister in India to present seven consecutive Union Budgets.

List of Finance Ministers of India

Sir Ramasamy Chetty Kandasamy Shanmukham Chetty, born on 17 October 1892, served as the independent First Finance Minister of India. He had the historic responsibility of presenting the nation’s first-ever Budget, which he delivered on 26 November 1947. His tenure marked the beginning of India’s financial planning in the post-colonial era.

‹ ›

First Finance Minister of India

K. Shanmukham Chetty served as First Finance Minister of India from 1947 to 1948. He delivered the First Union Budget of India, which projected total expenditure at Rs. 171.15 crore and a fiscal deficit of Rs. 24.59 crore. A prominent figure in India’s early political and economic landscape, Chetty was not only an economist and lawyer but also held the position of President of the Central Legislative Assembly from 1933 to 1935. His contributions laid the groundwork for India’s post-independence fiscal policy.

Female Finance Minister of India

Nirmala Sitharaman holds the position of first full-time Female Finance Minister of India, a role that entrusts her with key responsibilities, including the presentation of the Union Budget. However, she is not the first woman to present a Union Budget. That milestone was achieved by Prime Minister Indira Gandhi, who assumed charge of the Finance Ministry following Morarji Desai’s resignation in July 1969. Gandhi went on to present the Union Budget for the financial year 1970-71.

Finance Ministers of India Roles and Responsibility

• Holds a senior position in the Union Cabinet and leads the government’s fiscal policy and economic planning.
• Prepares and presents the annual Union Budget in Parliament, detailing projected expenditures and revenue for the upcoming financial year.
• Oversees the country’s public financial management system, ensuring effective financial control, transparency, and accountability.
• Supervises the formulation and implementation of tax policies, including direct taxes, indirect taxes, tariffs, and other government duties.
• Guides resource allocation across sectors in line with national development goals and financial priorities.
• Manages government revenues and expenditures, aligning them with long-term financial and economic objectives.
• Supports economic stability through policy decisions that influence inflation, growth, investment, and employment.