As the countdown for the Union Budget 2024 has begun, with the Union Finance Minister Nirmala Sitharaman set to present the Annual Financial Statement in the Lok Sabha on July 23, 2024 (Tuesday), and also set to make history of presenting the highest number of budget in a row, surpassing Morarji Desai's record, let us take short look at the Finance Ministers of the country since independence and their serving period.
The presentation of the budget has undergone a significant changes since independence.
A Look Back: Finance Ministers of India
The Ministry of Finance plays a crucial role in managing the country’s economy and is responsible for taxation, financial legislation, financial institutions, capital markets, and both central and state finances
- Liaquat Ali Khan (1946-1947): The first Finance Minister of undivided India, serving under the interim government.
- R. K. Shanmukham Chetty (1947-1948): The first Finance Minister of independent India.
- John Mathai (1948-1950): Played a significant role in the early years of India’s economic planning.
- C. D. Deshmukh (1950-1956): Known for his work in establishing the Reserve Bank of India (RBI).
- Jawaharlal Nehru (1956): Served briefly as Finance Minister while being the Prime Minister.
- T. T. Krishnamachari (1956-1958, 1963-1965): Served two terms, known for his dynamic policies.
- Morarji Desai (1958-1963, 1967-1969): Holds the record for the most budget presentations until Sitharaman.
- Sachindra Chaudhuri (1966-1967): Oversaw the financial transition during Indira Gandhi’s early years as Prime Minister.
- Indira Gandhi (1969-1970): The only Prime Minister who also served as Finance Minister.
- Yashwantrao B. Chavan (1970-1974): Focused on industrial growth and rural development.
- Chidambaram Subramaniam (1974-1977): Known for his work in the agricultural sector.
- Haribhai M. Patel (1977-1979): Served during the Janata Party government.
- Charan Singh (1979): Brief tenure during a politically tumultuous period.
- Hemvati Nandan Bahuguna (1979): Served during Charan Singh’s tenure as Prime Minister.
- R. Venkataraman (1980-1982): Later became the President of India.
- Pranab Mukherjee (1982-1984, 2009-2012): Known for his extensive experience and contributions.
- V. P. Singh (1984-1987): Introduced several economic reforms and later became the Prime Minister.
- Rajiv Gandhi (1987): Served briefly while being the Prime Minister.
- N. D. Tiwari (1987-1988): Focused on economic liberalization.
- Shankarrao B. Chavan (1988-1989): Emphasised fiscal discipline.
- Madhu Dandavate (1989-1990): Served during the National Front government.
- Yashwant Sinha (1990-1991, 1998-2002): Known for liberalising the Indian economy in the 1990s.
Dr Manmohan Singh | File Photo
- Manmohan Singh (1991-1996): Architect of India’s economic reforms.
- Jaswant Singh (1996, 2002-2004): Focused on fiscal consolidation.
P Chidambaram | File Photo
- P. Chidambaram (1996-1998, 2004-2008, 2012-2014): Known for his budgets that aimed at high growth rates.
Arun Jaitley |
- Arun Jaitley (2014-2019): Key figure in implementing the Goods and Services Tax (GST).
In 2014, when Narendra Modi's first became the PM of the country, the cabinet's first-ever Union Budget was presented by then FM, late Arun Jaitley. The full budget for FY15 was presented on July 10. On that day, the markets had a lukewarm day as BSE Sensex, which opened at 25,513.74 points, hit a high of 25,920.46, only to slump to the low of 25,117.00 before closing at 25,372.75 points, with a decline of 72.06 points or 0.28 per cent.
Nirmala Sitharaman | File
- Nirmala Sitharaman: Assumed office on May 31, 2019, and presented 5 full budget and one interim budget. On July 23, she will present the 7th budget in a row, setting a record of Finance Minister with the highest number of Budget presentation.
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