Role of a Finance Minister of India

Without any doubt the Finance Minister of India is having one of the highest authority and status in Indian government. He is responsible for approving all the decisions of the Ministry of Finance. Pranab Mukherjee is the finance minister of India at present. He takes the decisions for the activation of the commission and omission of the Finance Ministry of India. Moreover, he is the man who presents the budget report in front of the parliament elected members. The economic Renaissance period was a turnover for the Indian finance ministry. Why? After this period there has been a solid and sudden development in the outlook maturity of the fiscal department.

The finance minister of India along with the other officers and executives in the department, work towards the success of the country. This department holds special parts in order to perform development work and research. There are special institutions for providing the best training to the executives and employees of different companies in order to manage the finances in a better way. The finance minister of India analyzes the risk factors involved in the finances of the country. He works with other members of the ministry to create and finalize plans so that the management can fight efficiently with the financial issues.

It is the duty of the finance minister of India to carry out a complete research inside the finance industry to check if there are some pitfalls. The finance ministry has been providing its services to the mutual fund sector via the fund usage services. He is the person who is responsible for the ups and downs in the budget of common people around the country. The finance minister of India has to approve beneficial financial plans and investment programs for the common citizens of India.

Further, the growth and development of the fiscal markets of India have been accelerated by the Indian Economic policy which was drafted and introduced in the early 1990s. The finance minister of India has done a marvelous job in terms of policy framing and its immediate implementation in the respective areas. The finance ministry of India is actually the apex body of the entire financial sector. Other than formulating the Union budget, the finance minister of India with the fiscal ministry is also responsible for formulating the essential policies that are advantageous for the growth of Indian economy. The finance ministry of India governs several institutions of the country and some of the major institutions have been named below:

Central Banks
Isurance companies including all the life as well as non life insurance agencies
Commercial Banks
Specialized fiscal institutions such as NHB, SIDBI, NABARD, BIFR, and EXIM bank
Securities and Exchange Board India (SEBI)
Credit Ratings agencies such as ICRA and CRISIL.
Insurance Regulatory Authority of India (IRDA)
Various Functions of the Finance Minister of India:

The finance minister of India performs several functions all together for the welfare of Indian citizens and the Indian companies and businesses. He is responsible for following works:

Creates the Union Budget
Drafts the Acts and Rules
Controls the financial institutions
Collects the Revenue
Regulates the Capital Markets
Allocates and controls the center and state finances in India
Modulate and determine the Foreign Investments a well as the Foreign Investments Promotion Board (FIPB)