P Chidambaram was born on 16 September 1945 in the Sivaganga District, in the state of Tamil Nadu, India. He is married to Nalini Chidambaram, daughter of Justice (Retd.) P.S. Kailasam, Supreme Court, and Mrs. Soundra Kailasam, a renowned Tamil Poet and author, who is a Senior Advocate, practising in the Madras High Court and in the Supreme Court. He has a son, Karti P. Chidambaram, who graduated with a BBA degree from the University of Texas, Austin, and a Masters in Law from University of Cambridge, UK. His grand uncles and grand father were the Co-founders of Indian Overseas Bank, Indian Bank, United India Insurance and Annamalai University
Chidambaram did his schooling at the Madras Christian College Higher Secondary School and received a pre-university degree from Loyola College, Chennai. After graduating with a BSc degree in statistics from the Presidency College, Chennai, he completed his Bachelor of Laws from the Madras Law College and his MBA from Harvard Business School in the class of 1968. He also holds a master’s degree from Loyola College in Chennai. He enrolled as a lawyer in the Madras High Court. He became a senior advocate in 1984. He had offices in Delhi and Chennai and practised in the Supreme Court and in various high courts of India.
Chidambaram was elected to the Lok Sabha (Lower House) of the Indian Parliament from the Sivaganga constituency of Tamil Nadu in general elections held in 1984. He was re-elected from the same constituency in the general elections of 2004 and 2009.
P Chidambaram is an Indian politician affiliated with the Indian National Congress and the current Union Minister of Finance of the Republic of India. P. Chidambaram is a well known corporate lawyer and an important member of the last two Congress-led Governments. He also served as the Finance Minister from May 2004 to November 2008. However, after the resignation of Shivraj Patil in the wake of the Mumbai terror attacks in November 2008, Chidambaram was made the Home Affairs Minister. After a three and a half-year stint as Home Minister, Chidambaram returned as Finance Minister, succeeding Pranab Mukherjee, who demitted office to become the President of India
In the budget for 1996-97 ,Chidambaram brought discipline in government spending and launched an ambitious tax reform program to tackle an unwieldy fiscal deficit. While, in the Budget of 2008, his move to waive off Farmer debt has played a role in boosting aggregate demand in the Indian economy, thereby effectively insulating India from the impact of recession.
In 2009, Chidambaram was re-elected from Sivaganga Lok Sabha constituency in the Congress victory and retained the Home ministry. He was one of the representatives of the Central Government when a tri-party agreement was signed with the Gorkha Hill Council and the Government of West Bengal.