• Tejas 128

• Jenis Sam 138

• Pranav 148
• Kaushalya 158
• Omkar 168
• Sejal 178
 Introduction
• The Ministry of Finance, serving as the Treasury of India.
• Apex controlling authority of four central civil services namely
-Indian Revenue Service,
-Indian Audit and Accounts Service,
-Indian Economic Service and
-Indian Civil Accounts Service
• R. K. Shanmukham Chetty
• Nirmala Sitharaman
 • Formulation of Budget
Rules and • Fiscal Policy Planning
• Financial Regulation and Oversight
responsibilities • Revenue Collection and Taxation
•
of Indian •
Economic Planning and Policy Analysis
Management of Public Debt
Ministry of •
•
Financial Assistance and Grants
International Financial Relations
Finance • Implementation of Economic Reforms
 Formed – 29th
October 1946
Indian
Ministry Jurisdiction –

of Finance​
Government of
India

Headquarters –
New Delhi
History 2000
2016
2019….

1991
1969
1961
1951
1947
1946
1860
1859
Roots of Finance department Green Revolution
1st Finance Committee 1961

1951
Renamed as Ministry of Finance
1947

Planning Commission
1946 Indian Policy Resolution

1860 1st Finance Minister

1st Budget of Independent India

1859
New Finance Department
 Introduction of GST
Fiscal Consolidation

2019….

Nationalization of Banks 2016

2000
Department of Financial
1991 Services merged with
Banking Insurance and other
Financial Services

1969
Economic Liberalization
 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.
Growth rate for the period ending 2022 was 6.3%

The business allocated to the Department of Expenditure is carried out through,

Personnel &Establishment Division, Public Finance (States)
Public Finance (Central) Divisions , Office of Controller General of Accounts , Office
of Chief Adviser Cost , Office of Central Pension Accounting.
The principal activities of the Department :
• overseeing the expenditure management in the central Ministries.
• pre-sanction appraisal of major schemes/ projects.
• handling bulk of the central budgetary resources transferred to State.

Responsibilities :
• Implementing the recommendations of the Finance Commission and Central
Pay Commission.
• monitoring of audit comments/ observations.
• preparation of Central Government Accounts.
• assisting central Ministries/ Departments in controlling the costs and prices of
public services.
 2. Department of Economic Affair s

It Formulates policies related to economic issues and international financial matters.

Growth rate for the period ending 2022 was 6.2%
Functions:
• Economic policy analysis and research.
• Monitoring and analysis of global economic trends.
• Management of bilateral and multilateral economic cooperation.
• Facilitating foreign investment and trade agreements.
• Coordination with international financial institutions like IMF, World Bank, etc.
Focus Areas:
• Fiscal policy and budgetary reforms.
• Trade and investment policy.
• International financial cooperation.
• Financial market regulations and reforms.
• Economic research and analysis.
It3. The control
exercises Department of Revenue
in respect of matters relating to all the Direct and Indirect
Union Taxes
Growth rate for the period ending 2022 was 6.6%
• through two statutory Boards
• the Central Bord of Direct Taxes (CBDT)
• Has 6 members
• Looks after the matters relating to the levy and collection of all Direct Taxes

What is Central Board of Indirect Taxes and Customs (CBIC)?

• It has 6 members and the board looks after the matters relating to levy and
collection of Customs and Central Excise duties and other Indirect Taxes
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
• Optimising the Balance of Payments
Conclusion
• Responsible : Budget policy and policy advice, and review of government
programs.
• Accountability for finance, governance and financial management structures,
including grants and procurement policy.
• Formulation and monitoring of macroeconomic policies.