India's Finance Ministers: From Independence to Emergency

by A.K. Bhattacharya

Independent India has so far witnessed twenty-eight finance ministers. But only a handful of them could leave their mark on the exchequer or North Block, the headquarters of the Indian finance ministry. From Independence to India's Finance Ministers 1947-1977 is the story of India's unforgettable finance ministers who shaped India's economy in the first thirty years after Independence. The book highlights the significant difference that these finance ministers made to the management of the Indian economy and to the policy evolution of the government, and who thus left an indelible mark on the psyche of Indian citizens. It attempts to measure the impact these decisions left, not only on India's economic system but also on its political system, and looks at to what extent the decisions were influenced by the socio-economic backgrounds of the finance ministers.

Full of interesting anecdotes, the book is the first in-depth account of the crucial role these finance ministers have played in the functioning of India's economy.

Genres: History, India

580 pages, Kindle Edition

Published May 22, 2023

Reviews

[Hrishav Dasgupta · Rating 4 out of 5]

A book on India's Finance Ministers that provides a largely unbiased account of Independent India's economic policy in the first 30 years and of the Ministers who steered the Indian economy through tumultuous times. Very detailed and informative, it is also full of interesting anecdotes from people who were witness to important events, it is really well-written. The author often looks at the bygone era where the nascent Indian democracy was full of idealism and people with integrity with nostalgia. Overall it is an extremely enriching read which shows that the approach to economic policy has to be more nuanced than we think.

[Mohan Prashanth · Rating 4 out of 5]

Positives:
1. The author did a good job of providing the political background for each of the finance minister's tenures
2. Great historical context on some of the financial institutions we have today (like IDBI, ICICI

Negatives:
1. There were too many unnecessary details and data points which could have been avoided (for example, goods that get taxed and exempted)
2. Felt the author took a less critical view of Nehru/ Congress government's tendency to have tight control of industries/ business and its impacts on the economy