Ministry of Finance (India)
| वित्त मंत्रालय | |
|
|
 North Block, Central Secretariat |
|
| Agency overview | |
|---|---|
| Formed | 29 October 1946 |
| Jurisdiction | Government of India |
| Headquarters |
Cabinet Secretariat Raisina Hill, New Delhi |
| Minister responsible | |
| Agency executives |
|
| Child agencies |
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| Key documents | |
| Website | finmin.nic.in |
The Ministry of Finance is an important ministry within the Government of India concerned with the economy of India. In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget.
The following cadre controlling authority of the Civil Services (including Indian Revenue Service, Indian Economic Service, Indian Cost Accounts Service and Indian Civil Accounts Service) are under the administration and supervision of the Finance Ministry.
Arun Jaitley is the current Finance Minister of India.
R. K. Shanmukham Chetty was the first Finance Minister of independent India. He presented the first budget of independent India on November 26, 1947.
The Union Finance Ministry of India comprises five departments.
The Department of Economic Affairs (DEA) is the nodal agency of the Union Government to formulate and monitor country's economic policies and programmes having a bearing on domestic and international aspects of economic management. A principal responsibility of this Department is the preparation and presentation of the Union Budget (including Railway Budget) to the parliament and budget for the state Governments under President's Rule and union territory administrations. Other main functions include:
Shaktikanta Das is the current Secretary of this Department.
The Foreign Investment Promotion Board (FIPB), housed in the Department of Economic Affairs, Ministry of Finance, was an inter-ministerial body, responsible for processing of FDI proposals and making recommendations for Government approval. FIPB is now abolished as announced by Finance Minister Arun Jaitley during 2017-2018 budget speech in Lok Sabha.
The Department of Expenditure is the nodal Department for overseeing the public financial management system (PFMS) in the Central Government and matters connected with the finances. The principal activities of the Department include pre-sanction appraisal of major schemes/projects (both Plan and non-Plan expenditure), handling the bulk of the Central budgetary resources transferred to States, implementation of the recommendations of the Finance and Central Pay Commissions, overseeing the expenditure management in the Central Ministries/Departments through the interface with the Financial Advisors and the administration of the Financial Rules / Regulations / Orders through monitoring of Audit comments/observations, preparation of Central Government Accounts, managing the financial aspects of personnel management in the Central Government, assisting Central Ministries/Departments in controlling the costs and prices of public services, assisting organisational re-engineering through review of staffing patterns and O&M studies and reviewing systems and procedures to optimize outputs and outcomes of public expenditure. The Department is also coordinating matters concerning the Ministry of Finance including Parliament-related work of the Ministry. The Department has under its administrative control the National Institute of Financial Management (NIFM), Faridabad.
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