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Mukherjee got his break in politics in 1969 when Prime Minister Indira Gandhi helped him get elected to the Rajya Sabha, the upper house of Parliament, on a Congress ticket.Following a meteoric rise, he became one of Indira Gandhi's most trusted lieutenants, and a minister in her cabinet by 1973.Mukherjee was active in the Indian cabinet during the controversial Internal Emergency of 1975–77.

In 2017, Mukherjee decided not to run for re-election and to retire from politics after leaving the presidency due to "health complications relating to old age". His father, Kamada Kinkar Mukherjee was active in the Indian independence movement and was a member of West Bengal Legislative Council between 19 as a representative of the Indian National Congress and was the member of AICC. He was an upper-division Clerk in the Office of the Deputy Accountant-General (Post and Telegraph) in Calcutta. Prof.)teaching Political Science at the Vidyanagar College (in South 24 Parganas) Mukherjee's political career began in 1969, when he managed the successful Midnapore by-election campaign of an independent candidate, V. Mukherjee's rise was rapid in the early phase of his career and he was appointed Union Deputy Minister of Industrial Development in Indira Gandhi's cabinet in 1973.

From then until his resignation in 2012, Mukherjee was practically number-two in Prime Minister Manmohan Singh's government.

He held a number of key cabinet portfolios—Defence (2004–06), External Affairs (2006–09) and Finance (2009–12)—apart from heading several Groups of Ministers (Go Ms) and being Leader of the House in the Lok Sabha.

The RSC had fared terribly in the 1987 Assembly polls in West Bengal.

Many analysts, over the years, have attributed the muting of Mukherjee's political aspirations as the supreme leader due to his inability to emerge as a magnetic mass leader.Mukherjee had viewed himself, and not the inexperienced Rajiv, as the rightful successor to Indira following her assassination in 1984. He formed his own party, the Rashtriya Samajwadi Congress, which merged with the Congress in 1989 after reaching a consensus with Rajiv Gandhi.