<Tr> <Th> Formation </Th> <Td> 29 October 1946 </Td> </Tr> <P> The Minister of Finance (or simply, Finance Minister) is the head of the Ministry of Finance of the Government of India . One of the senior-most offices in the Union Cabinet, the finance minister is responsible for the fiscal policy of the government . As part of this, a key duty of the Finance Minister is to present the annual Union Budget in Parliament, which details the government's plan for taxation and spending in the coming financial year . Through the Budget, the finance minister also outlines the allocations to different ministries and departments . Occasionally, he is assisted by the Minister of State for Finance and the lower - ranked Deputy Minister of Finance . </P> <P> The first Finance Minister of independent India was R.K. Shanmukham Chetty, who also presented its first Budget . The incumbent Arun Jaitley, of the Bharatiya Janata Party, has held office since 26 May 2014 . As of September 2017, Morarji Desai has presented 10 budgets which is the highest followed by P Chidambaram's 9 and Pranab Mukherjee's 8 . Yashwant Sinha, Yashwantrao Chavan and C.D. Deshmukh have presented 7 budgets each while Manmohan Singh and T.T. Krishnamachari have presented 6 budgets . As of February 2018, four Finance Ministers have gone on to become the Prime Minister who are: Morarji Desai, Charan Singh, V.P. Singh and Manmohan Singh . </P> <Table> <Tr> <Th> Name </Th> <Th> Portrait </Th> <Th_colspan="2"> Term of office </Th> <Th_colspan="2"> Political party (Alliance) </Th> <Th_colspan="2"> Prime Minister </Th> </Tr> <Tr> <Td> Liaquat Ali Khan (Interim government) </Td> <Td> </Td> <Td> 29 October 1946 </Td> <Td> 14 August 1947 </Td> <Td> All - India Muslim League </Td> <Td> </Td> <Td> Jawaharlal Nehru (Vice President of the interim govt) </Td> </Tr> <Tr> <Td> R.K. Shanmukham Chetty </Td> <Td> </Td> <Td> 15 August 1947 </Td> <Td> 1949 </Td> <Td> Indian National Congress </Td> <Td> </Td> <Td> Jawaharlal Nehru </Td> </Tr> <Tr> <Td> John Mathai </Td> <Td> </Td> <Td> 1949 </Td> <Td> 1950 </Td> </Tr> <Tr> <Td> C.D. Deshmukh </Td> <Td> </Td> <Td> 29 May 1950 </Td> <Td> 1957 </Td> </Tr> <Tr> <Td> T.T. Krishnamachari </Td> <Td> </Td> <Td> 1957 </Td> <Td> 13 February 1958 </Td> </Tr> <Tr> <Td> Jawaharlal Nehru </Td> <Td> </Td> <Td> 13 February 1958 </Td> <Td> 13 March 1958 </Td> </Tr> <Tr> <Td> Morarji Desai </Td> <Td> </Td> <Td> 13 March 1958 </Td> <Td> 29 August 1963 </Td> </Tr> <Tr> <Td> T.T. Krishnamachari </Td> <Td> </Td> <Td> 29 August 1963 </Td> <Td> 1965 </Td> <Td> Jawaharlal Nehru Lal Bahadur Shastri </Td> </Tr> <Tr> <Td> Sachindra Chaudhuri </Td> <Td> </Td> <Td> 1965 </Td> <Td> 13 March 1967 </Td> <Td> Lal Bahadur Shastri Indira Gandhi </Td> </Tr> <Tr> <Td> Morarji Desai </Td> <Td> </Td> <Td> 13 March 1967 </Td> <Td> 16 July 1969 </Td> <Td> Indira Gandhi </Td> </Tr> <Tr> <Td> Indira Gandhi </Td> <Td> </Td> <Td> 1970 </Td> <Td> 1971 </Td> </Tr> <Tr> <Td> Yashwantrao Chavan </Td> <Td> </Td> <Td> 1971 </Td> <Td> </Td> </Tr> <Tr> <Td> Chidambaram Subramaniam </Td> <Td> </Td> <Td> </Td> <Td> 1977 </Td> </Tr> <Tr> <Td> Haribhai M. Patel </Td> <Td> </Td> <Td> 24 March 1977 </Td> <Td> 24 January 1979 </Td> <Td> Janata Party </Td> <Td> </Td> <Td> Morarji Desai </Td> </Tr> <Tr> <Td> Charan Singh </Td> <Td> </Td> <Td> 24 January 1979 </Td> <Td> 28 July 1979 </Td> </Tr> <Tr> <Td> Hemvati Nandan Bahuguna </Td> <Td> </Td> <Td> 28 July 1979 </Td> <Td> 14 January 1980 </Td> <Td> Janata Party (Secular) </Td> <Td> </Td> <Td> Charan Singh </Td> </Tr> <Tr> <Td> R. Venkataraman </Td> <Td> </Td> <Td> 14 January 1980 </Td> <Td> 15 January 1982 </Td> <Td> Indian National Congress </Td> <Td> </Td> <Td> Indira Gandhi </Td> </Tr> <Tr> <Td> Pranab Mukherjee </Td> <Td> </Td> <Td> 15 January 1982 </Td> <Td> 31 December 1984 </Td> </Tr> <Tr> <Td> V.P. Singh </Td> <Td> </Td> <Td> 31 December 1984 </Td> <Td> 24 January 1987 </Td> <Td> Rajiv Gandhi </Td> </Tr> <Tr> <Td> Rajiv Gandhi </Td> <Td> </Td> <Td> 24 January 1987 </Td> <Td> 25 July 1987 </Td> </Tr> <Tr> <Td> N.D. Tiwari </Td> <Td> </Td> <Td> 25 July 1987 </Td> <Td> 25 June 1988 </Td> </Tr> <Tr> <Td> Shankarrao Chavan </Td> <Td> </Td> <Td> 25 June 1988 </Td> <Td> 2 December 1989 </Td> </Tr> <Tr> <Td> Madhu Dandavate </Td> <Td> </Td> <Td> 2 December 1989 </Td> <Td> 10 November 1990 </Td> <Td> Janata Dal (National Front) </Td> <Td> </Td> <Td> V.P. Singh </Td> </Tr> <Tr> <Td> Yashwant Sinha </Td> <Td> </Td> <Td> 10 November 1990 </Td> <Td> 21 June 1991 </Td> <Td> Samajwadi Janata Party (National Front) </Td> <Td> </Td> <Td> Chandra Shekhar </Td> </Tr> <Tr> <Td> Manmohan Singh </Td> <Td> </Td> <Td> 21 June 1991 </Td> <Td> 16 May 1996 </Td> <Td> Indian National Congress </Td> <Td> </Td> <Td> P.V. Narasimha Rao </Td> </Tr> <Tr> <Td> Jaswant Singh </Td> <Td> </Td> <Td> 16 May 1996 </Td> <Td> 1 June 1996 </Td> <Td> Bharatiya Janata Party </Td> <Td> </Td> <Td> Atal Bihari Vajpayee </Td> </Tr> <Tr> <Td> P. Chidambaram </Td> <Td> </Td> <Td> 1 June 1996 </Td> <Td> 21 April 1997 </Td> <Td> Tamil Maanila Congress (United Front) </Td> <Td> </Td> <Td> H.D. Deve Gowda </Td> </Tr> <Tr> <Td> I.K. Gujral </Td> <Td> </Td> <Td> 21 April 1997 </Td> <Td> 1 May 1997 </Td> <Td> Janata Dal (United Front) </Td> <Td> </Td> <Td> I.K. Gujral </Td> </Tr> <Tr> <Td> P. Chidambaram </Td> <Td> </Td> <Td> 1 May 1997 </Td> <Td> 19 March 1998 </Td> <Td> Tamil Maanila Congress (United Front) </Td> <Td> </Td> </Tr> <Tr> <Td> Yashwant Sinha </Td> <Td> </Td> <Td> 19 March 1998 </Td> <Td> 1 July 2002 </Td> <Td> Bharatiya Janata Party (National Democratic Alliance) </Td> <Td> </Td> <Td> Atal Bihari Vajpayee </Td> </Tr> <Tr> <Td> Jaswant Singh </Td> <Td> </Td> <Td> 1 July 2002 </Td> <Td> 22 May 2004 </Td> </Tr> <Tr> <Td> P. Chidambaram </Td> <Td> </Td> <Td> 22 May 2004 </Td> <Td> 30 November 2008 </Td> <Td> Indian National Congress (United Progressive Alliance) </Td> <Td> </Td> <Td> Manmohan Singh </Td> </Tr> <Tr> <Td> Manmohan Singh </Td> <Td> </Td> <Td> 30 November 2008 </Td> <Td> 24 January 2009 </Td> </Tr> <Tr> <Td> Pranab Mukherjee </Td> <Td> </Td> <Td> 24 January 2009 </Td> <Td> 26 June 2012 </Td> </Tr> <Tr> <Td> Manmohan Singh </Td> <Td> </Td> <Td> 26 June 2012 </Td> <Td> 31 July 2012 </Td> </Tr> <Tr> <Td> P. Chidambaram </Td> <Td> </Td> <Td> 31 July 2012 </Td> <Td> 26 May 2014 </Td> </Tr> <Tr> <Td> Arun Jaitley </Td> <Td> </Td> <Td> 26 May 2014 </Td> <Td> Incumbent </Td> <Td> Bharatiya Janata Party (National Democratic Alliance) </Td> <Td> </Td> <Td> Narendra Modi </Td> </Tr> </Table>

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