Finance Ministers of India: As our Finance Minister Nirmala Sitharaman gave her sixth Budget presentation on 1 February 2024, let's take a trip down memory lane and explore the list of Finance Ministers who have shaped India's money matters. Nirmala Sitharaman made history on 31 May 2019 as India's first full-time female Finance Minister, adding a special touch to the nation's financial leadership.
Article 112 of the Indian Constitution says we need to present the annual budget in the Parliament. This used to happen on the last working day of February, but the BJP government changed it in 2016. Now, the Union Budget comes on the first day of February, just before the new financial year starts in April.
The Ministry of Finance, led by the Finance Minister, deals with taxes, money laws, banks, stock markets, and budgets. The first Finance Minister after India gained independence was R. K. Shanmukham Chetty, and he also presented the first Budget.
Nirmala Sitharaman, our current Finance Minister, is the first woman to take on this role full-time. If she completes her whole term, she'll be the first Indian lady to do so. She presented her first Union Budget on 5 July 2019.
In the latest government changes, they decided to include the Department of Public Enterprises (DPE) under the Ministry of Finance, which is led by Nirmala Sitharaman. This move is seen as a step toward privatization and having more financial control over government-run businesses.
This article will help you get to know more about the Finance Ministers of India and how they've influenced the country's money matters over the years. Join us in exploring the simple yet impactful history of India's Finance Ministers and how they've shaped our country's financial journey.