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Ministry of Finance (India): Difference between revisions

Ministry of Finance (India) (edit)

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===Department of Economic Affairs===
===Department of Economic Affairs===
The Department of Economic Affairs 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 to the parliament and budget for the state Governments under President's Rule and union territory administrations.  Other main functions include:
The Department of Economic Affairs 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 to the parliament and budget for the state Governments under President's Rule and union territory administrations.  Other main functions include:


* Formulation and monitoring of macroeconomic policies, including issues relating to fiscal policy and public finance, inflation, public debt management and the functioning of Capital Market including [[Stock exchange|Stock Exchanges]]. In this context, it looks at ways and means to raise internal resources through taxation, market borrowings and mobilisation of small savings;
* Formulation and monitoring of macroeconomic policies, including issues relating to fiscal policy and public finance, inflation, public debt management and the functioning of Capital Market including [[Stock exchange|Stock Exchanges]]. In this context, it looks at ways and means to raise internal resources through taxation, market borrowings and mobilisation of small savings;
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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.<ref>{{cite web |url=http://www.fipbindia.com/index.php |title=Archived copy |access-date=2011-05-16 |url-status=dead |archive-url=https://web.archive.org/web/20110828111509/http://www.fipbindia.com/index.php |archive-date=28 August 2011 |df=dmy-all }}</ref>
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.<ref>{{cite web |url=http://www.fipbindia.com/index.php |title=Archived copy |access-date=2011-05-16 |url-status=dead |archive-url=https://web.archive.org/web/20110828111509/http://www.fipbindia.com/index.php |archive-date=28 August 2011 |df=dmy-all }}</ref>


Shri tarun bajaj is the current [[Secretary to Government of India|secretary]] of this department.<ref>{{Cite web|url=https://dea.gov.in/secretary-department-economic-affairs|title=Meet the Secretary {{!}} Department of Economic Affairs {{!}} MoF {{!}} GoI|website=dea.gov.in|access-date=2020-03-03}}</ref>[[File:Bush meets Pranab Mukherjee.jpg|thumb|[[Pranab Mukherjee]], Former [[Finance Minister of India]] with Former [[US President]] [[George W. Bush]] .]]
Shri tarun bajaj is the current [[Secretary to Government of India|secretary]] of this department.<ref>{{Cite web|url=https://dea.gov.in/secretary-department-economic-affairs|title=Meet the Secretary {{!}} Department of Economic Affairs {{!}} MoF {{!}} GoI|website=dea.gov.in|access-date=2020-03-03}}</ref>[[File:Bush meets Pranab Mukherjee.jpg|thumb|[[Pranab Mukherjee]], Former [[Finance Minister of India]] with Former [[US President]] [[George W. Bush]].]]


===Department of Expenditure===
===Department of Expenditure===
The Department of Expenditure is the nodal Department for overseeing the public financial management system [https://knowledgeinhindi.co.in/pfms-kya-hai-or-yeh-kaise-kaam-karta-hai-in-hindi/ ('''PFMS''')] in the Central Government and matters connected with the state finances. The principal activities of the Department include a 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 Commission]]s, 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 organizational re-engineering thorough 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.
The Department of Expenditure is the nodal department for overseeing the public financial management system [https://knowledgeinhindi.co.in/pfms-kya-hai-or-yeh-kaise-kaam-karta-hai-in-hindi/ ('''PFMS''')] in the Central Government and matters connected with the state finances. The principal activities of the department include a 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 Commission]]s, 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 organizational re-engineering thorough 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.


The business allocated to the Department of Expenditure is carried out through its Establishment Division, Plan Finance I and II Divisions, Finance Commission Division, Staff Inspection Unit, Cost Accounts Branch, Controller General of Accounts, and the Central Pension Accounting.
The business allocated to the Department of Expenditure is carried out through its Establishment Division, Plan Finance I and II Divisions, Finance Commission Division, Staff Inspection Unit, Cost Accounts Branch, Controller General of Accounts, and the Central Pension Accounting.
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