Ministry of Finance
The Ministry of Finance is a key ministry within the Government of India, responsible for various aspects of the country's economy.
Departments under Ministry of Finance
- Department of Economic Affairs
- Department of Expenditure
- Department of Financial Services
- Department of Public Enterprises
- Department of Investment and Public Asset Management (DIPAM)
- Department of Revenue
- Direct Taxes
- Indirect Taxes
- Indian Audit and Accounts Department
- Interest Payments
- Repayment of Debt
- Pensions
- Transfers to States
Some of its primary functions include:
1. Union Budget Formulation and Presentation
The Department of Economic Affairs, a part of the Ministry of Finance, is responsible for formulating and monitoring the country's economic policies and programs. This includes the preparation and presentation of the Union Budget to the parliament and budget for the state governments under President's Rule and union territory administrations.
2. Financial Services and Regulatory Bodies
The Department of Financial Services, under the Ministry of Finance, covers banks, insurance, and financial services provided by various government agencies and private corporations. It also oversees pension reforms and the Pradhan Mantri Jan Dhan Yojana. Additionally, it has ownership over various central government establishments and regulatory bodies such as the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and others.
3. Public Financial Management
The Department of Expenditure, under the Ministry of Finance, oversees the public financial management system in the Central Government and matters connected with the state finances. Its activities include pre-sanction appraisal of major schemes/projects, managing the financial aspects of personnel management, and coordinating matters concerning the Ministry of Finance, including Parliament-related work.
4. Department of Revenue
Under the Ministry of Finance, the Department of Revenue exercises control over matters relating to all the Direct and Indirect Union Taxes through statutory Boards like the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC).
Budget 24-2025
For the fiscal year 2024-25, the Ministry has an estimated annual budget of Rs 18,50,228 crore.
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