Do You Know All Those Finance Ministers Of India Who Have Presented The Union Budget Since Independence?
Also known as Annual Financial Statement, the Union budget is a process in which the budget and expenses of a financial year are proposed. It comes under article 112 of the constitution of India. The budget gets proposed by first February so that it may easily be implemented by 1st April till March 31st of next year. Also know some key facts of Union Budget.
The information and documentation of the budget can be easily found on the government website i.e. Information like key to budget, budget highlight, budget speech, financial statement, etc. can be found and downloaded on this website easily. These Union Budgets are always presented or proposed by Finance ministers. The last budget was proposed by Smt. Nirmala Sitharaman and will also propose the budget for the coming year on 1st February.
Union budget is proposed every year on 1st February, and if parliament passes the budget then it gets implemented all over India on April 1st.
Finance Ministers Of India Who Have Presented The Union Budget
R. K. Shanmukham :
The first union Budget was proposed on 26 November 1947 by R. K. Shanmukham Chetty of an amount of Rs.197.39 crores. Which proposed the new taxes.
John Mathai proposed the budget of 1948-50 that included food grain production, defense service and civil expenditure. Because our country lacked the production of grains to feed enough people and was very important decision to be taken.
Sir C. D. Deshmukh proposed the budget in1950-1956 that laid the base of planning commission, who decides the expenditure of resources for better utilization.
Pandit Jawaharlal Nehru:
Chacha Nehru proposed the budget in 1956 & 1958 which imposed strict regulations for import and export by initiating compulsory to have license. This hiked taxes for the first time.
Sir Krishnamachari proposed a budget in 1956-1958 whose main motive was to develop industrial sector like chemical industries promotion of small industries & he again proposed a budget plan in 1963-1965. The budget was given with the motive of building up the defense strength of the nation.
Sir Morari Desai gave his budget plan in 1958-1963 when industrial production seem to be low and agriculture sector had a good growth but the major factor was to stabilize the export of industrial stuff. And he again came up with a great plan in 1967-1969.the main problem of those days were scarcity of enough food to feed people so the government started ploughing back of profits for loan financing and investment to private industries. The main motive was to encourage and raise the individual saving capacity in order to get higher returns. The budget was considered as people centric budget.
Sir Sachindra Chaudhri was our Finance minister from 1966 to 1967.
Indira Gandhi proposed her budget plan in 1969-1970. She was the first women finance minister in Indian history. She helped banks to get nationalized during her period of time.
Yashwant Rao Chavan was out finance minister in time period of 1970-1974. The main purpose of this budget was to provide proper and adequate employment. The budget of 1973 was also called the black budget which promoted coal mine and industries to get enough coal for national usage.
From 1974-1977 sir Chidambaram Subhamaniam proposed his budget and the main purpose was agriculture sector, to increase yield and production and to have sufficient food production for every individuals.
Hirubhai M. Patel:
Sir Hirubhai M. Patel was our minister of finance from 1977-1979.
Charan Singh had been our minister of Union finance of India in 1979
Henwati Nandan Bahuguna:
Shree Henwati Nandan Bahuguna has took the seat of finance minister from 1979 to 1980.
R . Venkataraman managed the financial ministry of time period 1980-1982
Sir Pranab Mukherjee who gave his budget plan in 1982-1984 was an amazing human being.
V. P. Singh:
In 1984-1987, sir V. P. Singh proposed the budget that closed the license system, this also encourage the indirect taxes that lead to higher GST. It was also called carrot and stick budget.
Mr. Rajiv Gandhi proposed the budget in 1987 whose main motive was to get all the taxes that a highly profitable companies hide and don’t pay which was the main source for government.
N. D. Tiwari:
Took financial ministry seat from 1987-1988.
Sir Chavan was a great human and he manages India’s financial ministry in 1988-1989
Madhu Dandavate helped our finance by proposing his plan in 1989-1990.
Yashwant Sinha has been chosen as our finance minister multiple times. Once in 1990-1991 and then from 1998-2002.
Manmohan Singh who was also our prime minister for many years proposed his plan as a finance minister in 1991 proposed the budget that took Indian budget to international competition by removing the import licensing and promoting exports at optimal import compression. He also managed Union budget of India in 1996 & in 2008-2009 and again in 2012 he came forward to take responsibility and propose a budget plan.
Sir Jaswant Singh gave his plan for budget of India in 2002 that was the Millennium budget that promoted the software department, developing budget which took our IT industry to an unexpected height.
Sir Chidambaram in 1997-1998, proposed the budget which is also called the dream project which included development of Roads maps and lower corporate tax rates. He also served from 2004-2008 & again from 2012-2014.
Sir Arun Jaitley proposed the budget of year 2014 which was the first budget is given by the government of Narendra Modi. This budget has moto of development of smart cities, developing irrigation, building new IIM and IIT and AIIMS, sports development of the country, and new airport scheme for cities of Tier 1 and Tier 2. He again proposed the budget of 2018-2019 whose main purpose was to implement GST (Goods and Service Taxes) which could save a lot of useless taxes that a citizen pays.
Minister of Railways and Coal, Piyush Goyal was also appointed interim finance minister for Interim Budget 2019, a week ahead of the February 1 as the then Finance Minister Arun Jaitley was undergoing surgery in the US.
Smt. Nirmala Sitharaman gave the first budget of 2019-2020 which was made with 10 years vision. Some proposals were to increase custom taxes on items like gold and jewels, to boost public sector bank, to lower electrical automobile taxes from 12% to 5%, interchangeability of PAN and Adhaar card, and much more.
These were the budgets that shaped our India from the starting till now and they will do the same in the future. As we make our budget for a month of our house similarly the budget for whole India is also very carefully and properly decided. The budget also relates to the development of the country and the GDP of our country.
Due to the pandemic and lockdown all over the country and world, every country has faced disastrous destruction in every sector, and it is believed that the coming budget can boost the Indian economy and development at a very striking rate. It is not yet known the coming budget but the older budgets and the finance ministers that shaped the Indian economy are mentioned above. We are very thankful to them for making India so progressive and developed country.
List of Finance Ministers Of India By Office Terms