Do you know how our Finance Ministry works ?
While watching parliament sessions or on television screens, seeing a large amount of wealth being allocated.
How do they manage ?
How do they function ?
All we know is, it is regarding money and tax.
Ask anyone near you, the answer would be minimal and short.
Finance is all related to how much the government is spending; tax systems, revenue, banking, investments, Budget, asset management and overall economic review.
The Ministry of Finance has 6 departments internally, through which their operations work effectively.
* Department of Economic Affairs: Their role and responsibilities are preparing the Budget, macro and micro economic policies, public debt, stocks, dealing with the World Bank and overall economic affairs of the country.
* Department of Expenditure: Working of public financial management systems, how much money is being spent by the government, implementing finance commission recommendations.
* Department of Revenue: Managing national and state financial resources with Tax Administration. Like GST, Indirect and Direct taxes. Also Investigation into financial crimes.
* Department of Investment and Public Asset Management: The major work of this department is to handle the government's investments and check its maintenance of all assets.
* Department of Financial Services: Are linked to banking operations, financial institutions like SBI, SIDBI and insurance and pensions.
* Department of Public Enterprises: They are looking into government-owned companies and monitoring assets to be working effectively.
The Ministry of Finance effectively works and coordinates its financial work through these departments. It is one of the most powerful and complex ministries to work in.
