List of Finance Ministers of India

India’s Finance Ministers play a very important role in shaping the country’s economy. Their decisions affect taxes, prices, jobs, savings, and overall growth. Knowing who handled the nation’s finances helps citizens understand why certain policies exist today. From 2016 to 2026, India went through major economic events such as demonetization, GST rollout, COVID-19 recovery, and digital expansion. This article is important because it helps readers understand who made these decisions, when they were made, and how they impact everyday life.

Over the last decade, Finance Ministers have guided India through both growth periods and economic challenges. Their policies influenced Union Budgets, GST reforms, pandemic relief packages, and long-term development plans. Below is a clear and easy-to-understand overview of the last 10 Finance Ministers of India, their tenures, and their key contributions.

Role of the Finance Minister

The Finance Minister leads the Ministry of Finance and is responsible for managing the country’s money. One of the main duties is presenting the Union Budget every year. The minister also handles taxation, government spending, loans, and economic planning.

This role directly affects GDP growth, inflation, employment, and public welfare schemes. In recent years, Finance Ministers have managed major challenges such as demonetization, global economic slowdown, COVID-19, and the rise of the digital economy.

List of Last 10 Finance Ministers of India (2016–2026)

Below is a chronological list of India’s Finance Ministers based on official records available up to January 2026. Currently, Nirmala Sitharaman holds the position.

Note: P. Chidambaram served multiple non-consecutive terms. The list mainly focuses on individuals active in the last decade, with slight extensions for clarity.

Know More About Finance Ministers of India

Nirmala Sitharaman: A Historic Tenure (2019–Present)

Nirmala Sitharaman became India’s first full-time woman Finance Minister in May 2019. By 2026, she presented eight consecutive Union Budgets. During the COVID-19 pandemic, she announced the Atmanirbhar Bharat package worth ₹20 lakh crore to support businesses and citizens.

She extended GST compensation to states, introduced Production Linked Incentive (PLI) schemes, and focused on manufacturing growth. Her 2025-26 Budget highlighted green energy, digital infrastructure, and tax relief for the middle class, aligned with the Viksit Bharat 2047 vision.

She handled high fiscal deficits during COVID-19 but still achieved 8.2% GDP growth in FY 2023-24. While critics point to unemployment issues, supporters highlight record infrastructure spending crossing ₹100 lakh crore.

Arun Jaitley: The Mind Behind GST (2014–2019)

Arun Jaitley served as Finance Minister from 2014 to 2019 and is best known for implementing the Goods and Services Tax (GST) in 2017. GST replaced multiple indirect taxes with a single national tax system.

He also played a key role in demonetization in 2016, aimed at reducing black money. Jaitley introduced the Insolvency and Bankruptcy Code (IBC) to resolve corporate failures faster. His budgets increased income tax exemption up to ₹5 lakh and launched Ayushman Bharat, providing health insurance to 50 crore people.

Under his leadership, FDI rules were relaxed in sectors like defense and railways. He passed away in 2019, leaving behind a strong reform-focused legacy.

P. Chidambaram: A Veteran with Multiple Terms

P.Chidambaram served several times as Finance Minister, with his latest term from 2012 to 2014. He worked on tax reforms, Aadhaar expansion, and economic stability during slow growth.

Earlier, he introduced the FRBM Act, promoted VAT, and presented the famous “Dream Budget” of 1997, which boosted the stock market. After the 2008 global crisis, he introduced stimulus packages to support the economy. His policies helped the IT and service sectors grow, though his tenure also faced controversy.

Pranab Mukherjee: The Crisis Handler (2009–2012)

Pranab Mukherjee managed India’s finances during the global financial crisis. He presented five budgets and announced a ₹60,000 crore farm loan waiver. He worked on banking reforms and drafted the Direct Taxes Code.

His leadership helped India maintain 8–9% growth when many global economies were struggling. He later served as President of India from 2012 to 2017.

Manmohan Singh: Economist at the Helm (2008–2009)

Manmohan Singh briefly served as Finance Minister while also being Prime Minister. During this time, he approved stimulus measures after the 26/11 attacks and the Satyam crisis.

Earlier, as Finance Minister in 1991, he introduced historic economic reforms that ended the License Raj and opened India to global markets.

Yashwant Sinha

Yashwant Sinha served as India’s Finance Minister from 1998 to 2002 during the early years of the NDA government. He focused strongly on fiscal discipline and worked to reduce India’s rising budget deficit. His budgets aimed at controlling government spending while supporting economic growth. Sinha encouraged privatization of public sector undertakings (PSUs) and improved transparency in government finances. He also played an important role in strengthening India’s banking and financial systems. His policies helped restore investor confidence at a time when India was recovering from regional and global economic uncertainties.

Jaswant Singh

Jaswant Singh served as Finance Minister from 2002 to 2004 and briefly in 1996. His tenure focused on infrastructure development and long-term economic stability. He supported large national projects like the Golden Quadrilateral highway program, which improved road connectivity across India and boosted trade. Singh also pushed forward the disinvestment of government-owned companies, helping the government raise funds and reduce financial burden. Known for his calm and balanced approach, Jaswant Singh emphasized policy continuity and economic confidence, contributing to the strong growth momentum of the early 2000s.

Conclusion

India’s Finance Ministers have played a key role in shaping the country’s economic journey. From major reforms like GST and liberalization to handling crises such as demonetization and the COVID-19 pandemic, each minister contributed in their own way. Understanding their work helps citizens see how past decisions affect today’s taxes, jobs, and growth. This knowledge not only builds awareness but also helps people make better financial and civic decisions for the future.