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The correct answer is Option 4: 1, 2, 3, and 4.
1. V.P. Singh: V.P. Singh served as the Finance Minister of India from 1984 to 1987. He played a significant role in implementing economic reforms during his tenure. One of his notable contributions was the introduction of the Modified Value Added Tax (MODVAT) system, which aimed to simplify and modernize the indirect tax structure in India. Additionally, he also focused on fiscal consolidation and introduced measures to address the country`s fiscal deficit.
2. R. Venkataraman: R. Venkataraman served as the Finance Minister of India from 1980 to 1982. Prior to becoming the Finance Minister, he held various other important positions in the government, including the post of the Minister of Defense. As the Finance Minister, Venkataraman focused on promoting stability in the Indian economy. He worked towards reducing inflation and implemented measures to strengthen the financial sector, such as introducing the Financial Institutions (Amendment) Bill.
3. Y.B. Chavan: Y.B. Chavan served as the Finance Minister of India from 1971 to 1975. He was a prominent political leader and played a crucial role in shaping India`s economic policies during his tenure. Chavan`s term as Finance Minister witnessed significant challenges, including the global oil crisis and economic difficulties arising from the Bangladesh Liberation War. He implemented measures to tackle these challenges, such as promoting energy conservation and adopting austerity measures to control government expenditure.
4. Pranab Mukherjee: Pranab Mukherjee served as the Finance Minister of India from 1982 to 1984 and again from 2009 to 2012. He was one of the longest-serving Finance Ministers in India`s history. Mukherjee made several key contributions to the Indian economy, including the introduction of the Financial Sector Reforms and the implementation of the Goods and Services Tax (GST). He also played a vital role in managing the Indian economy during the global financial crisis of 2008-2009.
Therefore, considering the information provided, the correct answer is Option 4: 1, 2, 3, and 4, as all four individuals mentioned have served as Union Finance Ministers of India at different points in history.