R. K. Shanmukham Chetty
He was the first Finance Minister of Independent India. The very first Budget was tabled on November 26, 1947. The Planning Commission was introduced during his tenure.January 1, 1949 — January 12, 1950
John Mathai
Five-year plans were introduced during his tenure. He, however, resigned protesting against the increasing power of the Planning Commission.
January 1, 1950 — January 1, 1957
C. D. Deshmukh
He presented the first interim Budget for 1951-52. It during his tenure the NCAER, the National Council of Applied Economic Research, was established and he was a founding member of its Governing Body.
January 1, 1957 — February 13, 1958
T. T. Krishnamachari
He introduced the wealth tax and expenditure tax. NLC, IDBI, ICICI, and Damodar Valley Corporation were established during his tenure. He was the first minister to quit after his name surfaced in the Mundhra scandal, wherein his complicit involvement was discovered.
February 13, 1958 — March 13, 1958
Pandit Jawaharlal Nehru
As the Prime Minister of India held the Finance Portfolio. He became the first Prime Minister to present the Union Budget. He introduced the gift tax.
March 13, 1958 — August 29, 1963
Morarji Desai
Moraji Desai has presented the most number of Budgets so far, 10, including an interim budget. He boosted agro-based R&D and setting up of Indian Council of Agricultural Research. He also sowed the seeds for Green Revolution. He established the import licensing system.
August 29, 1963 — January 1, 1965
T. T. Krishnamachari
He introduced the voluntary disclosure of concealed income scheme in India for the first time.
January 1, 1965 — March 13, 1967
Sachindra Chaudhuri
A member of the Indian delegation to the United Nations, expenditure tax was abolished during his tenure.
March 13, 1967 — July 16, 1969
Morarji Desai
In 1968, he introduced the system of self-assessment of goods by small and big manufacturers. He also removed the spouse allowance, which resulted in making husband and wife as individual tax assesses. He introduced the Gold Control Act 1962, now repealed, which recalled all gold loans given by banks and banned forward trading in gold. He eventually resigned in protest after 14 major banks were nationalised by Indira Gandhi without consulting him.
July 16, 1969 — January 1, 1971
Indira Gandhi
As the Prime Minister of India, she held the Finance Portfolio. Green revolution was followed by White Revolution, commonly known as Operation Flood. National Dairy Development Board was set up.
January 1, 1971 — January 1, 1975
Y.B.Chavan
He nationalised general insurance companies and coal mines
January 1, 1975 — January 1, 1977
C. Subramaniam
Social security schemes such as ESI, EPF and family pension schemes were established.
March 24, 1977 — January 24, 1979
H.M.Patel
THe first non-Congress Finance Minister. He has given the shortest Budget speech till date - 800 words! He introduced the policy of Indian companies holding a 50 per cent stake in foreign companies operating business in India.
January 24, 1979 — July 28, 1979
Charan Singh
He introduced heavy excise duties on fast moving consumer goods (FMCG).
July 28, 1979 — January 14, 1980
H.N.Bahuguna
Though he was a Finance Minister, he never presented a Budget.
anuary 14, 1980 — January 15, 1982
R. Venkataraman
He exempted excise duty for life-saving medicines, cycles, sewing machines and pressure cookers. He also removed licence fee on radio.
January 15, 1982 — December 31, 1984
Pranab Mukherjee
He concentrated on remittances and investments from public, especially NRIs. Social Security Certificate and Capital Investment Bond were introduced to mobilise private savings for public use.
December 31, 1984 — January 24, 1987
V. P. Singh
He is credited with the setting up of a Small Industries Development Bank. He came up with several pro-poor schemes such as accident insurance scheme for municipal sweepers and subsidised bank loans for rickshaw pullers. He also introduced export incentives and the modified value-added tax (MODVAT), a major tax reform.
January 24, 1987 — July 25, 1987
Rajiv Gandhi
Corporate tax, later known as Minimum Alternate Tax, was first introduced by Rajiv Gandhi.
July 25, 1987 — June 25, 1988
N. D. Tiwari
He provided 100 per cent income tax exemption to export profits and reduced interest rate from 12 to 9 per cent on export credit to boost import of machinery and raw materials.
June 25, 1988 — December 2, 1989
S.B.Chavan
Jawaharlal Nehru Rojgar Yojana for rural emplyment was launched. Equity-Linked Savings Scheme (ELSS) was introduced. Earnings from mutual funds and investments were exempted from tax upto a certain limit.
December 2, 1989 — November 10, 1990
Madhu Dandavate
SEBI was set-up in the period Madhu Dandavate took charge of the Finance portfolio.
November 10, 1990 — June 21, 1991
Yashwant Sinha
He laid the building blocks of the economic reforms in his interim-budget in 1991.
June 21, 1991 — May 16, 1996
Dr.Manmohan Singh
The man who opened up India's market through his LPG (Liberalisation, Privatisation and Globalisation) policy, with focus on increasing foreign exchange reserves, reducing fiscal deficit, and introduced trade policy reforms.
May 16, 1996 — June 1, 1996
Jaswant Singh
Jaswant Singh has the "distinction" of serving as the Finance Minister for the shortest span of time.
June 1, 1996 — April 21, 1997
P. Chidambaram
He launched the tax reform programme to tackle rising fiscal deficit. He also brought discipline in government spending.
April 21, 1997 — May 1, 1997
I. K. Gujral
As the Prime Minister of India held the Finance Portfolio.
May 1, 1997 — March 19, 1998
P. Chidambaram
Labelled as the 'Dream Budget', it presented a road map for economic reforms in India and included lowering income tax rates, removal of the surcharge on corporate taxes, and reduced corporate tax rates.
March 19, 1998 — July 1, 2002
Yashwant Sinha
He phased out tax holiday for IT sector. MODVAT was replaced with CENVAT. He also introduced Special Economic Zones to promote industrial growth. He also initiated debt market restructuring.
July 1, 2002 — May 22, 2004
Jaswant Singh
Electronic filing of income tax was introduced. He provided relief to tax payers by marginally increasing the standard deduction and exempting VRS upto Rs. 5 lakh from income tax. Tax break on education expenses upto Rs. 12,000 for two children was introduced.
May 22, 2004 — November 30, 2008
P. Chidambaram
MGNREGS to falicitate 100 days of employment for rural labourers was introduced. Tax-free infrastructure bonds were issued. He waived off farm loans worth over Rs. 7 lakh crores.
November 30, 2008 — January 24, 2009
Dr.Manmohan Singh
As the Prime Minister of India held the Finance Portfolio.
January 24, 2009 — June 26, 2012
Pranab Mukherjee
Food Security Bill was introduced. 3G spectrum airwaves were auctioned to generate income. Income Tax Act was amended with retrospective effect to make transactions involved in purchase of assets of an Indian Company taxable. Pranab Mukherjee also brought in austerity in government spending to reduce deficit.
June 26, 2012 — July 31, 2012
Dr.Manmohan Singh
As the Prime Minister of India held the Finance Portfolio.
July 31, 2012 — May 26, 2014
P. Chidambaram
He introduced surcharge of 10 per cent for taxable incomes above Rs. 1 crore. Direct Benefit Transfer (DBT) Scheme was rolled out during his tenure. Bhartiya Mahila Bank, the first PSU bank exclusively for women was introduced.
May 26, 2014
Arun Jaitley
He is set to present his maiden Budget on July 10, 2014
source: The Hindu
