Yashwant Sinha

Finance Minister : Yashwant Sinha
Budget Year :1998

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Yashwant Sinha

 

Yashwant Sinha was the finance minister until July 1, 2002, when he exchanged jobs with foreign minister Jaswant Singh. Sinha, during his tenure, was forced to roll back some of his government’s major policy initiatives for which he was much criticised . Still, Sinha is widely credited for pushing through several major reform measures that put the Indian economy on a firm growth trajectory. Among them are lowering of real interest rates, introducing tax deduction for mortgage interest, freeing up the telecommunications sector, helping fund the National Highways Authority, and deregulating the petroleum industry. Sinha is also known for being the first Finance Minister to break the 53 year tradition of presenting the Indian budget at 5 pm local time, , a practice held over from British Rule days that sought to present the Indian budget at a time convenient to the British Parliament (1130a GMT) rather than India’s Parliament.

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