Press the Bell Icon to never miss a video from Testbook.com
Hello Friends, and welcome to this video
Before we begin today's video, here's a quick question.
The annual budget of India is prepared by which department of Finance Ministry?
You may pause the video and drop your answer in the comments.
I will disclose the correct answer at the end of the video.
If you are done commenting then let's move towards our today's topic.
Today we will discuss the portfolio of India's Finance Minister.
Who's a Finance Minister?
The Finance Minister is the head of the Ministry of Finance of India.
He is a key members in the Union Cabinet and one of the most trusted men of the Prime Minister.
Among all the responsibilities of the Finance Minister,
presenting the Annual Union Budget is the most important function.
In accordance with article 74 of the Indian Constitution Finance Minister is appointed
which provides for a Council of Ministers to assist the Prime Minister.
Come let's know about Current Finance Minister
The current Finance Minister of India is Piyush Goyal
who started office as Finance minister on 14th May 2018.
Previous Finance minister, Arun Jaitley is currently under treatment for a kidney ailment.
In the absence of Arun Jaitley, Piyush Goyal has been appointed as the Finance Minister.
Arun Jaitley has held office from 2014
and is most likely to resume office as Finance Minister as soon as he gets back to normal health.
Who appoints Finance minister?
The President appoints the Finance Minister on recommendation of the Prime Minister.
The Finance Minister has to be a member of the Rajya Sabha
and holds office as long as the Prime Minister holds office because
he is a part of the Prime Minister's cabinet.
Now let's know about the Roles and Responsibilities of Finance Minister
To manage the Finances of the Government
Propose bills related to the financial management of government employees
Co-ordinate all financial activities of the country within his authority
Exercise all powers and rights given to him by the Central Bank Law
Participate in the negotiation of international free trade and financial agreements
and
Be aware of any Financial initiative involving public Expenditure.
These are the roles of Finance minister
Come let's know about some facts on our previous Finance ministers
The first Finance Minister of Independent India was R.K.Shanmukham Chetty
who also presented the first Annual Budget.
The highest number of Annual Budgets have been presented by Morarji Desai who presented 10 budgets.
He is followed by P. Chidambaram who presented 9 and
Pranab Mukherjee who presented 6.
Morarji Desai, Charan Singh, V.P Singh and Manmohan Singh
are the 4 Finance Ministers who went on to become Prime Ministers.
So now it's time to answer the question we asked in the beginning.
So the question was, which department of Ministry of Finance prepares the Annual Union Budget of India.
The correct answer is Department of Economic Affairs.
yes, you heard it right
Under the Ministry of Finance, there is a department named Economic Affairs
The Budget Division of Department of Economic Affairs, prepares the budget.
So this was about Fiance Minister
Tell us in the comment section what other portfolio we can cover
Tell us about your view on this video in the comment section
If you like this video give it a like
and share it with your friends
Subscribe to Testbook's YouTube channel
and if you want English Subtitles on this video then click to cc button
Thank you for watching this video
Không có nhận xét nào:
Đăng nhận xét