arun jaitley was the minister of finance in india.
arun jaitley was the minister of finance in india.
who is the minister of finance in india?
arun jaitley
finance minister arun jaitley announced the frbm review committee to be set up in the budget speech of february 2016–17. the government of india had set up a review committee to evaluate the frbm act, 2003[5] in order to assess its functionality in the last 12 years. the five-member panel announced by the finance minister includes former revenue secretary and secretary to the prime minister of india n. k. singh as its chairman, former finance secretary sumit bose, chief economic adviser arvind subramanian, reserve bank of india governor urjit patel and national institute of public finance and policy director dr rathin roy. the committee had wide-ranging terms of reference (tor) to comprehensively review the existing frbm act in the light of contemporary changes, past outcomes, global economic developments, best international practices and to recommend the future fiscal framework and roadmap for the country. subsequently, the terms of reference were enlarged to seek the committee's views on certain recommendations of the fourteenth finance commission and the expenditure management commission. these primarily related to strengthening the institutional framework on fiscal matters as well as certain issues connected with new capital expenditures in the budget.
fiscal responsibility and budget management act, 2003
the minister of finance (or simply, finance minister) is the head of the ministry of finance of the government of india. one of the senior-most offices in the union cabinet, the finance minister is responsible for the fiscal policy of the government. as part of this, a key duty of the finance minister is to present the annual union budget in parliament, which details the government's plan for taxation and spending in the coming financial year. through the budget, the finance minister also outlines the allocations to different ministries and departments. occasionally, s/he is assisted by the minister of state for finance and the lower-ranked deputy minister of finance..she is also the second woman defense minister of india.first was indira gandhi.
minister of finance (india)