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The Ministry of Finance ( IAST: Vitta Maṃtrālaya) is a ministry within the Government of India concerned with the economy of India, serving as the Treasury of India. In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget. [1]
The Union Budget of India, also referred to as the Annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India set by Ministry of Finance for the following financial year, with the revenues to be gathered by Department of Revenue to identify planned government spending and expected government revenue and the expenditures gathered by ...
T. V. Somanathan (born 10 May 1965) is a 1987 batch Indian Administrative Service (IAS) officer of the Tamil Nadu cadre. [1] He is presently the Finance Secretary of India (Department of expenditure). [2] [3] [4] Earlier he was Additional Secretary and Joint Secretary in the Prime Minister's Office. Prior to this, he was working as Director at ...
Powers, responsibilities and postings. Finance Secretary is the administrative head of the Ministry of Finance, and is the principal adviser to the Finance Minister on all matters of policy and administration within the Finance Ministry. [9] The senior most Secretary among the five Secretaries of the five Departments of the Ministry of Finance ...
Status: In force. The Fiscal Responsibility and Budget Management Act, 2003 (FRBMA) is an Act of the Parliament of India to institutionalize financial discipline, reduce India's fiscal deficit, improve macroeconomic management and the overall management of the public funds by moving towards a balanced budget and strengthen fiscal prudence.
The constitution of Expenditure Management Commission (EMC) of India was announced in the Budget Speech by Finance Minister of India Arun Jaitley in the budget of 2014–15. The Commission was a recommendation body with the primary responsibility of suggesting major expenditure reforms that will enable the government to reduce and manage its ...
The defence expenditure for fiscal year 2023–2024 stood at ₹ 593,538 crore (US$74 billion). 2024–2025. The defence budget of India was increased to ₹ 621,541 crore (US$78 billion) in the 2024-2025 union budget from ₹ 593,538 crore (US$74 billion) during last year. This year’s defence budget accounts for 1.89% of the country’s ...
A secretary to the Government of India, a civil servant, generally an Indian Administrative Service (IAS) officer, is the administrative head of the ministry or department, and is the principal adviser to the minister on all matters of policy and administration within the ministry/department.