Ministry of Finance (India):
Ministry of Finance is an important ministry of the Government of India. The economy of the entire country is managed by the Ministry of Finance only. The Ministry of Finance of India is made up of various departments which include: Department of Economic Affairs, Department of Expenditure, Department of Revenue, Department of Financial Services and Department of Disinvestment etc.
Major functions of the Ministry of Finance:
The Ministry of Finance deals with all matters relating to taxation, financial laws, financial institutions, capital markets, central and state finances and the Union budget.
Who is the finance minister?
The Finance Minister is the head of the Finance Ministry of the Government of India. The Finance Minister is responsible for the fiscal policy of the government. The Finance Minister presents the annual Union Budget (Article 112) in the Parliament and is the main operator of the country's economy. Since India's independence (15 August 1947), so far 26 ministers have held the post of Finance Minister in the country.
Morarji Desai holds the record for presenting the maximum number of budgets, he has presented the annual Union Budget in the Parliament 10 times. Of these, 8 are full and 2 are interim budgets. After him comes the name of P. Chidambaram, who has presented the Parliament budget 09 times.
Current Finance Minister of India 2021:
The current Finance Minister of India is Nirmala Sitharaman. She assumed office as the Finance Minister on 30 May 2019. She has been a member of the Rajya Sabha, the upper house of the Parliament of India since 2014. Sitharaman formerly served as the Defense Minister of India, making her the second woman Defense Minister of India and the second woman Finance Minister after Indira Gandhi and the first full-time woman Finance Minister before Nirmala Sitharaman Arun Jaitley May 26, 2014 Was working on this post from 30 May 2019. The first finance minister of independent India, R. Of. Shanmukham Chetty, who presented the country's first budget. He served on his post from 15 August 1947 to 1949.
What is financial system?
Financial system refers to the system that enables the transaction of money between investors and borrowers. The term "system" in "financial system" refers to a complex set and closely related set of institutions, agents, processes, markets, transactions, claims within the economy. Following are the main components of the financial system:
Components of the Indian Financial System:
- Financial institution
- Financial market
- Money market
- Capital market
- Foreign exchange market
- Credit market
List of Finance Ministers of India: (1947-2022)
|Name of the Finance Minister||Term||Political parties (coalitions)|
|Liaquat Ali Khan||29 October 1946 to 14 August 1947||All India Muslim League|
|R. Of. Shanmukham Chetty||15 August 1947 to 1949||Indian National Congress|
|John Mathai||From 1949 to 1950|
|C. D. Deshmukh||May 29 1950 to 1957|
|T. T. Krishnamachari||1957 to 13 February 1958|
|Jawahar Lal Nehru||13 February 1958 to 13 March 1958|
|Morarji Desai||13 March 1958 to 29 August 1963|
|T. T. Krishnamachari||29 August 1963 to 1965|
|Sachindra Chowdhary||1965 to March 13, 1967|
|Morarji Desai||13 March 1967 to 16 July 1969|
|Indira Gandhi||From 1970 to 1971|
|Yashwantrao Chauhan||1971 to 1975|
|Chidambaram Subramaniam||From 1975 to 1977|
|Haribhai M. Patel||24 March 1977 to 24 January 1979||Janata Party|
|Chowdhary Charan Singh||24 January 1979 to 28 July 1979|
|Hemwati Nandan Bahuguna||28 July 1979 to 14 January 1980||Janata Party (Secular)|
|R. Venkataraman||14 January 1980 to 15 January 1982||Indian National Congress|
|Pranab Mukherjee||15 January 1982 to 31 December 1984|
|V. P. Singh||31 December 1984 to 24 January 1987|
|Rajiv Gandhi||24 January 1987 to 25 July 1987|
|N. D. Tiwari||25 July 1987 to 25 June 1988|
|Shankar Rao Chauhan||25 June 1988 to 02 December 1989|
|Madhu Dandavate||From 02 December 1989 to 10 November 1990||Janata Dal (National Front)|
|Yashwant Sinha||10 November 1990 to 21 June 1991||Samajwadi Janata Party (National Front)|
|Manmohan Singh||21 June 1991 to 16 May 1996||Indian National Congress|
|Jaswant Singh||16 May 1996 to 01 June 1996||Bharatiya Janata Party|
|P. Chidambaram||01 June 1996 to 21 April 1997||Tamil Manila Congress (United Front)|
|I. Of. Gujral||21 April 1997 to 01 May 1997||Janata Dal (United Front)|
|P. Chidambaram||01 May 1997 to 19 March 1998||Tamil Manila Congress (United Front)|
|Yashwant Sinha||19 March 1998 to 01 July 2002||Bharatiya Janata Party (NDA)|
|Jaswant Singh||July 01, 2002 to May 22, 2004|
|P. Chidambaram||May 22, 2004 to November 30, 2008||Indian National Congress (UPA)|
|Manmohan Singh||30 November 2008 to 24 January 2009|
|Pranab Mukherjee||24 January 2009 to 26 June 2012|
|Manmohan Singh||26 June 2012 to 31 July 2012|
|P. Chidambaram||31 July 2012 to 26 May 2014|
|Arun Jaitley||26 May 2014 to 30 May 2019||Bharatiya Janata Party (NDA)|
|Nirmala Sitharaman||May 30, 2019 to date||Bharatiya Janata Party (NDA)|