Finance Minister: Duties and Responsibilities

by Arpita Wadhawan
Nirmala Sitharaman

Finance minister or minister of finance is the head of the ministry of finance of the Central government of India. He leads one of the senior most offices in the Union Cabinet which is responsible for the fiscal decisions of the nation.

Role of Finance Minister

Ministry of finance is responsible for all the fiscal policies made in the nation. Being the head, finance minister presents the annual Union budget in the parliament, which includes all the policies of revenue and expenditures of the Central government and also includes allocation of funds to different ministries of Central as well as state government. It may be said as the treasury department of the government of India as it collects and spends the money of the Union government.

Finance Minister makes all the fiscal policies in such a way that leads to the economic growth and development of the entire nation while keeping in view the betterment of all the citizens of the nation. He’s responsible for taking the decisions which directly or indirectly affects the economy of the nation. The growth and international position and control depend a lot on the decisions of the Finance Minister. He takes all such decisions which are related to the economic affairs of the nation. It includes the decision of expenditure (where to spend the money for the welfare of entire nation), revenue (how to acquire the required money, it mainly deals with taxation policy), investment (on which assets the government should spend for betterment of entire nation) and other financial decisions.

Finance ministers of India

In India, the Finance Minister is appointed by the President of the nation on the recommendation of the Prime Minister of the nation. The first Finance Minister of India was R.K. Shanmukham Chetty while Arun Jaitley is currently heading the Finance ministry as the Finance Minister. Morarji Desai has presented 10 (maximum till date) budgets which are followed by P. Chidambaram (9) and Pranab Mukherjee (8).

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