The finance ministers of India make policies focused on making India the greatest economy. Indian economy is the world’s 5th largest economy with the Maharashtra state contributing the most to the country’s GDP. Indian economic history is full of reforms, flexibility, and growth. Behind the world’s 5th largest economy lies the great wisdom of its leaders who have run its financial policies and the hard work and great efforts of its financial leaders and the finance ministers of India. Indian finance ministers have a pivotal role in the current status of the Indian economy.

List of 10 Most Popular Finance Ministers of India

The following is the list of the 10 most popular finance ministers of India;

• Jawaharlal Nehru
• Manmohan Singh
• P. Chidambaram
• Arun Jaitley
• Pranab Mukherjee
• Nirmala Sitharaman
• Morarji Desai
• T. T. Krishnamachari
• Yashwant Sinha
• Indira Gandhi

1) Jawahar Lal Nehru

Mr. Jawaharlal Lal Nehru was born in Allahabad on 14th November 1889 in the Utter Pradesh state of India.  Mr. Jawaharlal was a member of the Indian National Congress political party. He remained the Prime Minister of India from 1947 to 1960. During his tenure as prime minister, Mr. Nehru was also given additional charge of finance minister. Mr. Nehru was the founding father of the Indian Economy and he was the first person who shaped a roadmap of the Indian economy.  

He was a person of great visionary leadership, his policies were mainly focused on making the India world’s greatest economy, and he emphasized greatly the role of public sector organizations in achieving his goal. He provided the first five-year plan of the country’s development which focused mainly on improving India’s agriculture sector along with the establishment of Industries. He provided the mixed economy system which focused mainly on the balance in growth of the public and private sectors jointly. 

During his tenure, Mr. Jawaharlal was also very much criticized by his opponents for his policies being incapable and being too centralized however time proved that both of these were very necessary for the newborn economy. Other than the criticism mentioned Mr. Jawaharlal Nehru was not charged with any political or criminal charges against him. He died on 27th May 1964 in New Delhi, India. 

2) T.T Krishnamachari

Mr. Tiruvellore Thattai Krishnamachari was born in Tamil Nadu on 15th June 1899. Mr. T.T. was a member of the Indian National Congress political party. He remained finance minister of India in a total of two tenures, his first tenure was from August 1956 to February 1958 and his second tenure was from August 1963 to December 1965. He provided the second five-year plan for the country’s development which also focused on the footsteps of the first five-year plan along with the advancement of the newly developing scenarios. He is the founding member of two of India’s great institutions, the Industrial Finance Corporation and Unit Trust of India. The purpose of creating these two institutions was to encourage investments in the country.

During his tenure, he also contributed to the development of the Industrial Development Bank of India and the Life Insurance Corporation of India. Mr T.T resigned in his first tenure due to the Mundhra scandal which involved financial irregularities in Mundhra companies. However, later on proved that he was not directly involved in these. Mr T.T Krishanamachari died on 17th February 1974 in Tamil Nadu India.

3) Morarji Desai

Mr. Morarji Desai was born in the village of Bhadeli, located in the Gujrat Province of India, on 29th February 1896. Mr. Morarji Desai initially was a member of the Indian National Congress later on, he joined the Janata Party. He remained finance minister of India in a total of two tenures, his first tenure was from March 1958 to August 1963 and his second tenure was from March 1967 to July 1969. 

He was the first person who brought the first long-term fiscal reforms in India. He not only strengthened the taxation authority infrastructure and administration but also brought the rationalizing tax structures. He abolished the payments to the Royal families of Princely states of India, who joined their states with India at the time of Independence. He was criticized for his conservative economic policies among his party members along with the opposition party members. Mr. Morarji Desai died on 10 April 1995 in Mumbai, Maharashtra state of India, at the age of 99.

4) Indira Gandhi

Indira Gandhi was born in Allahabad on 19th November 1917 in the Utter Pradesh state of India. Mrs. Indira Gandhi was a member of the Indian National Congress political party. She remained the Prime Minister of India from January 1966 to March 1977 during her tenure as prime minister she also held the charge of finance minister from July 1969 to June 1970. 

She also introduced socialist policies in India under which she nationalized 14 Banks and also played an important role in bringing them to rural areas. She mainly focused on removing the capitalist policies to remove the inequalities in wealth from society. She also supported the farmers through agriculture financing and rural development. Indira Gandhi was assassinated on 31st October 1984 in New Delhi by her Sikh bodyguards.

5) Pranab Mukherjee

Mr. Pranab Mukherjee was born in Mirati village on 11th December 1935 in the state of Bengal. Mr. Pranab was a member of the Indian National Congress political party. He remained the finance minister of India for two tenures, his first tenure was from January 1982 to December 1984 and his second tenure was from January 2009 to June 2012. He is the first finance minister to present a union budget in the post-liberalization period.

He brought tax reforms on a larger scale, he performed the groundwork for the creation and implementation of Goods and services tax. He successfully navigated his country during the 2008 global crisis. Mr. Pranab Mukherjee was named by Euromoney magazine in 1984 as the Best Finance Minister in the World. Mr. Pranab Mukherjee died on 31 August 2020 in New Delhi India, by Covid-19.

6) Yashwant Sinha

Mr. Yashwant Sinha was born in Patna on 6th November 1937 in the Bihar state of India. Mr Yashwant initially was a member of the Janata Party later on he joined the Bharatiya Janata Party. In 2018, Mr Yashwant joined the Trinamool Congress. He remained the finance minister of India for two tenures, his first tenure was from November 1990 to June 1991 and his second tenure was from March 1998 to July 2002. He brought path-breaking economic reforms which helped India move towards liberalization and globalization. 

He played a key role in the creation and implementation of the Fiscal Responsibility and Budget Management Act 2003. He also contributed greatly towards the creation of a public-private partnership model and managed the economy efficiently in international sanctions imposed after the 1998 nuclear tests. Yashwant Sinha is still alive and is actively participating in the Indian politics.

7) Manmohan Singh

Mr. Manmohan Singh was born in Gah village on 26th September 1932 in the Punjab state of British India (Now in Pakistan). Mr. Manmohan is a member of the Indian National Congress political party. He remained the finance minister of India for two tenures, his first tenure was from June 1991 to May 1996 and his second tenure was from November 2008 to January 2009. 

He continued and also contributed towards Yashwant Sinha’s economic reforms of moving India towards liberalization. Manmohan sigh played a vital role in bringing measures to resolve the balance in the payment crisis. He also played a vital role in privatization, simplifying tax structures, and dismantling of License Raj. Manmohan Singh has retired from active politics, however, he still provides his economic and political viewpoints on different television channels and other platforms.

8) P. Chidambaram

Mr. P. Chidambaram was born in Kanadukathan on 16th September 1945 in the Tamil Nadu state of India. Mr. P. Chidambaram is a member of the Indian National Congress political party. He remained the finance minister of India for three tenures, his first tenure was from May 1997 to March 1998, his second tenure was from May 2004 to November 2008 and his third term was from July 2012 to May 2014. He presented the famous “Dream Budget” in the year 1997 in which he significantly reduced the tax rates on personal income tax and corporate tax. 

During his tenure from 2004 to 2008 Indian economy faces a robust phase of high GDP growth. He brought reforms to Foreign Direct Investment policies which attracted foreign investment, especially in telecommunication and infrastructure. During his tenure in 2012, he successfully tackled inflation and high fiscal deficit. Mr. P. Chidambaram was arrested in 2019, on money laundering and corruption charges, however later on he got bailed out. Mr. P. Chidambaram is currently alive and actively taking part in the Indian politics.

9) Arun Jaitley

Mr. Arun Jaitley was born in New Delhi on 28th December 1952 India. Mr . Arun Jaitley is a member of the Bharatiya Janata Party. He remained finance minister of India from May 2014 to May 2019. He spearheaded the implementation of India’s one of the most significant tax reforms Goods and Services Tax. 

He played an important role in the Insolvency and Bankruptcy Code. He also simplified the tax compliance system and reduced corporate taxes along with the demonization of ₹500 and ₹1,000 currency notes. Mr. Arun Jaitley died on 24 August 2019 in New Delhi India, due to a prolonged kidney illness. 

10) Nirmala Sitharaman

Nirmala Sitharaman was born in Madurai on 18th August 1959 in the Tamil Nadu state of India. Nirmala Sitharaman is a member of Bharatiya Janata Party. Nirmala Sitharaman holds the title of India’s first full-time female finance minister. She played a vital role in the recovery of the Indian economy during the COVID-19 pandemic and post-pandemic period.

She also announced many relief packages under the Atmanirbhar Bharat Abhiyan to support the businesses, laborers, and farmers of India. She implemented a production-linked incentive scheme to promote domestic manufacturing along with that she also took initiatives to increase the ease of doing business to attract foreign direct investment. She is currently serving as the Finance Minister of India (2024).

Conclusion

Finance Ministers are very important for every country in the modern-day era. The Finance Ministers of India have a history of shaping the nation’s economic policies and putting it on the track of growth through various opportunities and difficulties. Many finance ministers have brought many contributions towards national economic growth from Jawaharlal Nehru to Nirmala Sitharaman their efforts reflect the dynamic revolution in the Indian economy making it a Global economic powerhouse.

FAQs

Who Are the Ministers of Finance of India?

Nirmala Sitharaman is an Indian politician, economist,  and senior leader of the Bharatiya Janata Party (BJP) serving as the Minister of Finance.

Who Is the Current Revenue Minister of India?

Nirmala Sitharaman not just only serves as the finance minister of India, but also she is the revenue minister of India. 

Who Will Be the Finance Minister of Delhi in 2024?

Ms Atishi, the Finance Minister of Delhi presented the Budget for Delhi for the fiscal year 2024-25 on March 4, 2024.