Finance Ministers
Key Concepts
| # | Concept | Explanation |
|---|---|---|
| 1 | First Finance Minister of India | R. K. Shanmukham Chetty (1947–48) – presented the first Union Budget of independent India. |
| 2 | Longest-serving FM | Morarji Desai – presented 10 budgets (1959-64, 1967-69). |
| 3 | First woman FM | Indira Gandhi (additional charge, 1970-71). |
| 4 | Father of Economic Reforms | Dr. Manmohan Singh – 1991 LPG reforms under PV Narasimha Rao. |
| 5 | Budget Halwa Ceremony | Traditional pre-Budget sweet made & served in North Block; marks “printing secrecy” begins. |
| 6 | Paperless Budget | 2021-22 – Nirmala Sitharaman; first fully digital Budget (tablet & ‘Bahi-khata’ replaced). |
| 7 | Interim vs Full Budget | Interim = vote-on-account for 2-4 months (election year); Full = complete fiscal plan. |
| 8 | Finance Commission | Constituted every 5 years under Art. 280; recommends centre-state tax devolution. |
15 Practice MCQs
-
Who was the first Finance Minister of independent India? Options:
A) Liaquat Ali Khan
B) John Mathai
C) R. K. Shanmukham Chetty
D) C. D. Deshmukh
Answer: C) R. K. Shanmukham Chetty
Solution: He presented the first budget on 26 Nov 1947.
Shortcut: “R K S = Real Kadam Start” (first).
Tag: #FirstFM -
Who holds the record for presenting the maximum number of Union Budgets? Options:
A) P. Chidambaram
B) Morarji Desai
C) Pranab Mukherjee
D) Yashwant Sinha
Answer: B) Morarji Desai (10 budgets)
Solution: 1959-64 & 1967-69.
Shortcut: “Morarji = Ten-ji”.
Tag: #Record -
The 1991 Economic Reforms were presented by which Finance Minister? Options:
A) I. G. Patel
B) Dr. Manmohan Singh
C) Pranab Mukherjee
D) Yashwant Sinha
Answer: B) Dr. Manmohan Singh
Solution: Under PM P. V. Narasimha Rao.
Shortcut: “1991 = MMS = Manmohan Made Swatantra”.
Tag: #Reforms -
First woman to hold full-time Finance Ministry charge (not interim) was: Options:
A) Indira Gandhi
B) Nirmala Sitharaman
C) Sushma Swaraj
D) Sheila Dikshit
Answer: B) Nirmala Sitharaman (2019-till date)
Solution: Indira Gandhi only held additional charge.
Tag: #WomanFM -
Who presented India’s first “paperless” Budget? Options:
A) Arun Jaitley
B) Piyush Goyal
C) Nirmala Sitharaman
D) Pranab Mukherjee
Answer: C) Nirmala Sitharaman (2021-22)
Solution: Used tablet instead of Bahi-khata.
Shortcut: “Paper-21 = Nirmala-done”.
Tag: #DigitalBudget -
The famous “Dream Budget” of 1997-98 was presented by: Options:
A) P. Chidambaram
B) Yashwant Sinha
C) Jaswant Singh
D) Arun Jaitley
Answer: A) P. Chidambaram
Solution: Slashed tax rates & introduced VDIS.
Tag: #DreamBudget -
Which FM presented the maximum number of budgets in the 21st century so far? Options:
A) Pranab Mukherjee
B) Arun Jaitley
C) P. Chidambaram
D) Nirmala Sitharaman
Answer: B) Arun Jaitley (5 full + 1 interim)
Shortcut: “Jaitley = 21st-century JACK-of-budgets”.
Tag: #21stCentury -
Who was the Finance Minister during the demonetisation year 2016-17? Options:
A) Manmohan Singh
B) Pranab Mukherjee
C) Arun Jaitley
D) Piyush Goyal
Answer: C) Arun Jaitley
Tag: #Demonetisation -
The first budget of Republic India (1950-51) was presented by: Options:
A) R. K. Shanmukham Chetty
B) John Mathai
C) C. D. Deshmukh
D) T. T. Krishnamachari
Answer: B) John Mathai
Solution: Chetty resigned after 1948 budget; Mathai took over.
Tag: #RepublicBudget -
Who succeeded Arun Jaitley as FM when he went on medical leave in 2019? Options:
A) Rajnath Singh
B) Piyush Goyal
C) Nirmala Sitharaman
D) Amit Shah
Answer: B) Piyush Goyal (interim 2019)
Tag: #InterimFM -
The only FM to become both PM & President of India: Options:
A) Charan Singh
B) Morarji Desai
C) Pranab Mukherjee
D) Dr. Manmohan Singh
Answer: B) Morarji Desai
Solution: PM 1977-79; never President, but only FM to become PM.
Clarification: Pranab was President only.
Shortcut: “Morarji = PM chair from FM”.
Tag: #PoliticalClimb -
Which FM presented the “Millennium Budget” of 2000-01? Options:
A) Jaswant Singh
B) Yashwant Sinha
C) P. Chidambaram
D) Pranab Mukherjee
Answer: B) Yashwant Sinha
Solution: Coined phrase “Millennium Budget”; stressed IT & infrastructure.
Tag: #Y2K -
The 15th Finance Commission was constituted under which FM’s tenure? Options:
A) Arun Jaitley
B) Piyush Goyal
C) Nirmala Sitharaman
D) Pranab Mukherjee
Answer: A) Arun Jaitley (Nov 2017)
Tag: #FinanceCommission -
Who presented the shortest Budget speech (1991) of just 90 minutes? Options:
A) Yashwant Sinha
B) Pranab Mukherjee
C) Dr. Manmohan Singh
D) P. Chidambaram
Answer: C) Dr. Manmohan Singh
Tag: #ShortestSpeech -
Match the FM to the famous quote: “India is on the verge of bankruptcy.” Options:
A) Yashwant Sinha
B) Dr. Manmohan Singh
C) P. Chidambaram
D) Arun Jaitley
Answer: B) Dr. Manmohan Singh (1991 budget opening line)
Shortcut: “Bankruptcy-91 = MMS-stone”.
Tag: #FamousQuote
Speed Tricks
| Situation | Shortcut | Example |
|---|---|---|
| Who presented first budget? | “R K C = Real Kadam Chetty” | R. K. Shanmukham Chetty |
| Max budgets? | “Morarji = Ten-ji” | 10 budgets |
| Reforms 1991 | “M-S = Manmohan-Singh” | MMS |
| Woman full-time FM | “NS = Nirmala Sitharaman” | 2019 onwards |
| Paperless budget | “21-NS = 2021 Nirmala” | Digital tablet |
Quick Revision
| Point | Detail |
|---|---|
| 1 | First FM: R. K. Shanmukham Chetty (1947). |
| 2 | Longest FM: Morarji Desai (10 budgets). |
| 3 | 1991 reforms: Dr. Manmohan Singh. |
| 4 | Dream Budget: P. Chidambaram (1997-98). |
| 5 | First woman full-time FM: Nirmala Sitharaman. |
| 6 | Paperless Budget: 2021-22 (Nirmala). |
| 7 | Interim Budget = election-year vote-on-account. |
| 8 | Halwa ceremony marks Budget printing secrecy. |
| 9 | Finance Commission: every 5 years under Art. 280. |
| 10 | Budget time: 11 AM tradition started by Yashwant Sinha (1999). |
BETA
