Finance Minister of India

  Overall Rating: star ratingstar ratingstar ratingstar ratingstar rating[4/5]Total Votes [ 5 ]  
  Rate this page:
The Finance Minister of India is the highest authority in the Ministry of Finance, Government of India. The Finance Minister of India is the main authority for the act of omission and commission of the Ministry of Finance, Government of India. Further, he is the concerned person who presents the budget before the elected members of the parliament of India.

Finance Minister of India -Overview

After the economic renaissance of India there has been a sudden and solid growth of maturity in the outlook of Finance Ministry of India.

The have special sections to carry on research and development work of the industries. They provide training to the employees and executives of the companies for better management. They examine the risk involved in a new project, chalk out plans to fight with the problem successfully and thus ameliorate the percentage of risk to a great extent. For this they carry on thorough research into the respective industry. They have started offering services to the mutual fund sector through the application of fund utilization services. The major industries currently graded by the credit rating agencies include agriculture, health care industry, infrastructure, and maritime industry.

Further, the Indian Economic policy drafted in the early 1990's accelerated the growth of the financial markets of India. The Indian Minister of Finance, since then have done a stupendous job as far as framing of policies and its subsequent implementations are concerned. Ministry of Finance of India is the apex body for all financial matters. The Finance Minister of India along with his Ministry of Finance of India formulates the Union Budget and also formulates the necessary policies befitting India's economic growth. The Finance Minister of India along with his Ministry Of Finance India governs institutions, like -

  • Central Banks
  • Commercial Banks
  • Securities and Exchange Board India (SEBI)
  • Insurance Regulatory Authority of India (IRDA)
  • Credit Ratings Agencies like, CRISIL and ICRA.
  • Specialized Financial Institutions like, EXIM Bank, NABARD, SIDBI, NHB and BIFR
  • Insurance companies, both life and non-life insurance companies

Functions of the Finance Minister of India:

  • Prepare Union Budget
  • Collect Revenue
  • Control and allocate Center and State Finances
  • Regulate Financial Institutions
  • Regulate Capital Markets
  • Draft Acts and Rules
  • Regulate Foreign Investments and Foreign Investments Promotion Board (FIPB)

Departments under the Finance Minister of India:

  • Revenue
  • State Ministers
  • Minister of State (EB&B)
  • Economic Affairs
  • Expenditure
  • Disinvestment

Associates of Finance Minister of India:

  • Shri P. Chidambaram - Finance Minister
  • Shri S. Krishnan - Private Secretary
  • Minister of State for Finance (Revenue) - Shri S.S. Palanimanickam
  • Minister of State - Smt. Aruna Gupta
  • Minister of State for Finance - Shri Pavan Kumar Bansal
  • Adviser to Finance Minister - Shri Parthasarthi Shome
  • Department of Economic Affairs - Shri Dr. D. Subba Rao
  • Finance Secretary - Dr. Ashok Lahiri
  • Chief Economic Adviser - Smt. Sindhushree Khullar
  • Additional Secretary - Shri M.F. Farooqui
  • Department of Revenue - Shri P.V. Bhide
  • Secretary (Revenue) - Shri K. Mohandas
  • Additional Secretary (Revenue) - Shri Mukul Singhal
  • Department of Expenditure - Dr. Sanjiv Misra
  • Finance Secretary & Secretary (Expenditure) - Smt Rita Menon
  • Department of Banking & Insurance - Shri Vinod Rai
  • Secretary (Financial Sector) - Shri Amitabh Verma