Finance Minister of India

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The Finance Minister of India is the highest authority in the Ministry of Finance, Government of India. One of the senior-most officers in the Union Cabinet, he is responsible for the fiscal policy of the government. He is the concerned person who presents the Union Budget before the elected members of Parliament of India. The Budget details the government's plan for taxation and spending in the coming financial year. It also outlines the allocations to different ministries and departments.

Finance Minister of India -Overview

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

  • The Central Bank
  • Commercial Banks
  • The Securities and Exchange Board of India (SEBI)
  • The Insurance Regulatory Authority of India (IRDA)
  • The Credit Ratings Agencies like, CRISIL and ICRA.
  • The 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 Central 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

Organisational structure of the Finance Ministry:

  • Shri Arun Jaitley - Finance Minister
  • Shri Simanchal Dash - OSD to FM
  • Minister of State for Finance - Smt Nirmala Sitharaman
  • Senior Economic Adviser - Dr. H.A.C. Prasad
  • Secretary, Department of Economic Affairs - Dr. Arvind Mayaram (also Secretary, Finance)
  • Principal Economic Adviser – Smt Ila Patnaik
  • Additional Secretary - Shri Dinesh Sharma
  • Secretary (Revenue) – Shri Shaktikanta Das
  • Additional Secretary (Revenue) - Smt. Rashmi Verma
  • Secretary, Department of Expenditure - Shri Ratan P Watal
  • Secretary (Department of Financial Services) - Shri Gurdial Singh Sandhu

Last Updated on : July 24, 2014