• Tejas 128

• Jenis Sam 138

• Pranav 148
• Kaushalya 158
• Omkar 168
• Sejal 178
 Introduction
• The Ministry of Finance also known as(Vitta Mantralaya) is a ministry
concerned with economy of India serving as the Treasury of India.

• It is the Apex controlling authority of four central civil services namely.

-Indian Revenue Service,
-Indian Audit and Accounts Service,
-Indian Economic Service,
-Indian Civil Accounts Service.

• First Finance Minister : R. K. Shanmukham Chetty

• Current Finance Minister : Smt. Nirmala Sitharaman
 • Formulation of Budget

Rules and • Fiscal Policy Planning

responsibilities • Financial Regulation and Oversight

of Indian • Revenue Collection and Taxation

Ministry of • Financial Assistance and Grants
Finance
• International Financial Relations
 Formed – 29th
Indian October 1946

Ministry Jurisdiction –
of Government
of India
Finance​
Headquarters
– New Delhi
History 2017….
2016
2000
1991
1969
1961
1951
1947
1946
1860
1859
1st Finance Committee Green Revolution
1961

Renamed as Ministry of 1951

Finance
1947

1946
Indian Policy Resolution

1860

1st Budget of Independent India

1859

New Finance Department

 Demonetization
Fiscal Consolidation
2017….

2016
Nationalization of Banks
2000

1991 Introduction of GST

1969
Economic Liberalization
  Department of Expenditure

MINISTRY OF  Department of Economic Affairs

FINANCE  Department of Revenue

 Department of Financial Services
DEPARTMENTS
 Department of Investment and
Public Asset Management
 Department of Public Enterprises​
 1. Department of Expenditure
It is the nodal Department for overseeing the public financial management
system in the Central Government and matters connected with state finances.
Roles and Responsibilities:
• Formulates and reviews budgetary policies.
• Monitors government spending for fiscal discipline.
• Implements Finance Commission and Central Pay Commission recommendations.
• Prepares central government accounts for transparency.
• Assists Ministries in controlling costs and prices.
2. Department of Economic Affairs
It formulates policies and central budget related to economic issues and
international financial matters in the Finance Ministry
Roles and Responsibilities:
 Economic Policy Formulation
Develops and implements policies for sustainable economic growth and development.
 Foreign Investments
Promotes foreign investments to boost the economy and attract international business.
 International Cooperation
Engages in strategic collaborations with international organizations and other countries.
 3. Department of Revenue
• It exercises control in respect of matters relating to all the Direct and Indirect
Union Taxes through two statutory Boards namely,
1. Direct tax : the Central Bord of Direct Taxes (CBDT)
2. Inirect tax : the Central Board of Indirect Taxes and Customs (CBIC).
• Facilitates customs and excise duties(Customs Act, 1962)
• Implements policies related to goods and services tax (GST Act, 2017)
• Enforces tax compliance and combating tax evasion.
• Oversees financial intelligence and anti-money laundering activities (Prevention
of money-Laundering act 2002)
 4. Department of Public enterprises
The Department of Public Enterprises oversees the functions of the State’s
Public Sector Undertakings (PSUs) and advises on their efficient management
and control in the functional areas, such as finance, production, organisation
and marketing.
Roles and Responsibilities:
• Formulates policies for enhanced competitiveness and social impact of public
sector enterprises.
• Promotes transparency and responsible governance.
• Drives excellence, sustainability, and innovation in public sector entities.
• Contributes significantly to the nation's economic growth.
• Monitors and evaluates performance, ensuring ethical standards.
 5. Department of Investment and Public Asset Management
•(DIPAM)
It deals with all matters relating to management of Central Government
investments in equity including disinvestment of equity in Central Public
Sector Enterprises (CPSE).
• The three major areas of its work are :
1) Strategic Disinvestment & Privatization
2) Minority Stake Sales
3) Capital Management
HIGHLIGHTS ABOUT DIPAM
"During the Current Financial Year 2023-24 so far Rs. 28,553.61 crore has been
obtained through Dividend from the CPSEs
6. Department of Financial Services
• This Department Regulates and supervises financial institutions and markets
in India.
Roles and Responsibilities:
• Banking: Regulates and supervises the banking sector to ensure stability and
financial inclusion.
• Insurance: Oversees the insurance industry to protect policyholders' interests and
maintain industry standards.
• Pension: Develops policies and programs to support pension schemes and ensure
social security for retirees.
• Implements government schemes related to finance.
Fiscal Policy
• The policy of government spending and taxation to achieve
sustainable growth.

TYPES OF FISCAL POLICY

• Expansionary fiscal policy
• Contractionary fiscal policy
• Neutral fiscal policy
Impact on Indian Economy
1. Higher Economic Growth
2. Control Inflation
3. Reduction in Inequality
4. Control Debts
5. Price stability
 Union Budget
• RK Shanmukham Chetty
• 1st February
• Union Budget by MOF
• Preparation of budgetary estimates, consolidation of estimates of
revenues and expenditure.
• Budget is the annual financial statement of a government which
lays out fiscal roadmap for the country for the next one year.
• It is prepared by the ministry of finance in consultation with Niti
Aayog and other concerned ministries.
Initiatives and Policies

• Goods and Services Tax (GST)

• Economic Reforms
• Atmanirbhar Bharat Abhiyan
• Infrastructure Development
• COVID-19 Economic Response
• Digital Payments and Financial Inclusion
Challenges
• Unemployment and the Creation of Decent Jobs
• Banking Sector Development
• Improving the Health Infrastructure
• Increasing Consumer Confidence
• Controlling Inflation
• Optimizing the Balance of Payments
Conclusion
The Finance Minister oversees the finance portfolio, handling budget policy,
government program reviews, accountability, governance, and financial
management. They also formulate and monitor macroeconomic policies, addressing
fiscal policy, public finance, inflation, public debt management, and Capital Market
functionality.
Essentially, the Ministry of Finance plays a vital role in managing a nation's
finances, making prudent decisions, and planning for economic well-being.
THANK YOU