27-680: The Investment Commission of India (ICI) was a three-member investment commission, set up in the Ministry of Finance in December 2004 by the Government of India . Ratan Tata was the Chairman and Deepak Parekh and Dr. Ashok Sekhar Ganguly , former Hindustan Lever chairman, were members. The Investment Commission had been set up to enhance and facilitate investment in India. The Commission made recommendations to
54-531: A decision aimed at the proper management of Centre's investments in equity including its disinvestment in central public sector undertakings. Finance Minister Arun Jaitley had announced the renaming of the Department of Disinvestment in his budget speech for 2016–17. Initially set up as an independent ministry (The Ministry of Disinvestment) in December 1999, the Department of Disinvestments came into existence in May 2004 when
81-408: Is also the apex controlling authority of one of the central commerce services namely Indian Cost and Management Accounts Service . Sir Ramasamy Chetty Kandasamy Shanmukham Chetty KCIE (17 October 1892 – 5 May 1953) was the first Finance Minister of independent India. He presented the first budget of independent India on 26 November 1947. The Department of Economic Affairs is the nodal agency of
108-430: Is essential that he should have time to grasp the overall picture, size up the problems facing the government in the field allotted to his charge, and think and plan ahead. All these are his proper functions and must be efficiently performed. Failure to make adequate provision in this respect cannot be compensated by a mere increase in the establishment under his control." The Administrative Reforms Commission visualised
135-933: Is the current secretary of this department. This department has ownership over the following central government establishments . Presently there are 13 nationalised banks in India. These are government owned scheduled commercial banks of India that operate at regional level in different states. Andhra Pradesh Arunachal Pradesh Assam Bihar Chhattisgarh Gujarat Haryana Himachal Pradesh Jammu and Kashmir Jharkhand Karnataka Kerala Madhya Pradesh Maharashtra Manipur Meghalaya Mizoram Nagaland Odisha Puducherry Punjab Rajasthan Tamil Nadu Telangana Tripura Uttar Pradesh Uttarakhand West Bengal 3. Nationalised Insurance Companies 4. Nationalised Financial Market Exchanges The Department of Disinvestment has been renamed as Department of Investment and Public Asset Management or 'DIPAM',
162-687: The Appointments Committee of the Cabinet . In the functioning of the Government of India , a secretary is the administrative head of a ministry or department, and is equivalent to chief secretaries or additional chief secretaries of state governments and Vice Chief of the Army Staff , General Officers Commanding in Chief of Army Commands, and their equivalents in the Indian Armed Forces , In
189-732: The Department of Military Affairs , the Chief of Defence Staff is currently designated as Secretary (GoI), similarly in the National Security Council Secretariat, the National Security Advisor is currently designated as Secretary (GoI). Secretaries (GOI) rank 23rd on Order of Precedence of India . In mid-1930s, the Central Secretariat contained only twenty-nine secretaries, who were all members of
216-654: The Indian Civil Service . The salary for a member of this rank and post was fixed at ₹ 48,000 (equivalent to ₹ 12 million or US$ 140,000 in 2023) annum in the 1930s. As per warrant or precedence of 1905, secretaries to the Government of India was listed together with joint secretaries to the Government of India and were ranked above the rank of chief secretaries of provincial governments. N. Gopalaswami Ayyangar had once suggested "[a] secretary should not be immersed in files and burdened with routine. It
243-681: The Ministry of Heavy Industries and Public Enterprises was shifted to Ministry of Finance. Resulting in Finance Ministry having six departments while the Ministry of Heavy Industries and Public Enterprises was renamed to the Ministry of Heavy Industries. This shift was carried out to help in efficient monitoring of the capital expenditure, asset monetisation and financial health of the Central Public Sector Undertakings (CPSUs). Secretary to Government of India Secretary to
270-702: The Ministry of Housing and Urban Affairs ' Directorate of Estates. The salary and emolument in this rank is equivalent to chief secretaries of state governments and to Vice Chief of the Army Staff , General Officers Commanding in Chief of Army Commands, and their equivalents, in the Indian Armed Forces , which is to say Level 17 of the Central Pay Matrix. Secretary (Economic Affairs) Media articles and others have argued in favour of lateral entrants being recruited to this rank/post to infuse fresh energy and thinking into an insular, complacent and archaic bureaucracy. Non-IAS civil services have complained to
297-534: The Cabinet is the final authority on posting and transfer of officers of secretary level. Secretaries report to their ministerial cabinet minister and to the prime minister . In the Indian government , secretaries are the head of the ministries of the government and hold positions such as Finance Secretary , Defence Secretary , Foreign Secretary , Home Secretary , Chairperson of the Railway Board and members of
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#1732856060684324-485: The Department of Economic Affairs, Ministry of Finance, was an inter-ministerial body, responsible for processing of FDI proposals and making recommendations for Government approval. FIPB is now abolished as announced by Finance Minister Arun Jaitley during 2017-2018 budget speech in Lok Sabha. Shri Ajay Seth is the current secretary of this department. The Department of Expenditure is the nodal department for overseeing
351-884: The Government of India , often abbreviated as Secretary, GoI , or simply as Secretary , is a post and a rank under the Central Staffing Scheme of the Government of India . The authority for the creation of this post solely rests with the Union Council of Ministers . The position holder is generally a career civil servant , usually from the Indian Administrative Service , and a government official of high seniority. The civil servants who hold this rank and post are either from All India Services (on deputation; on tenure, after empanelment) or Central Civil Services (Group A; on empanelment). All promotions and appointments to this rank and post are directly made by
378-435: The Government of India because of lack of empanelment in the rank/post of secretary on numerous occasions. From 1998 to 1999, Vijay Kelkar served as Finance Secretary as a lateral entry. During the term of Atal Bihari Vajpayee and Manmohan Singh as Prime Minister of India , Ram Vinay Shahi served as Secretary (GOI) in the Ministry of Power from 2002 to 2007 as a lateral entry. The Indian government in 2024 asked
405-424: The Government of India on policies and procedures to facilitate investment, recommends projects and investment proposals that should be fast-tracked/mentored, and promotes India as an investment destination. ICI is now abolished. Ministry of Finance (India) The Ministry of Finance ( IAST : Vitta Maṃtrālaya ) is a ministry within the Government of India concerned with the economy of India , serving as
432-525: The Government of India. Members of CBDT are as follows: Shri Sanjay Malhotra (IAS) is the current secretary of this department. The Department of Financial Services covers Banks, Insurance, and Financial Services provided by various government agencies and private corporations. It also covers pension reforms and Industrial Finance and Micro, Small and Medium Enterprise. It started the Pradhan Mantri Jan Dhan Yojana . Nagaraju Maddirala
459-584: The National Institute of Financial Management (NIFM), Faridabad. The business allocated to the Department of Expenditure is carried out through its Establishment Division, Plan Finance I and II Divisions, Finance Commission Division, Staff Inspection Unit, Cost Accounts Branch, Controller General of Accounts, and the Central Pension Accounting. Manoj Govil is the current secretary of this department. The Department of Revenue function under
486-528: The Railway Board and Telecom Commission . According to the report of the Seventh Central Pay Commission of India, seventy-one out of ninety-one secretaries to the Government of India are from the Indian Administrative Service . All secretaries to the Government of India are eligible for a Diplomatic passport or Official passport. Secretaries are allotted either type-VII or type-VIII bungalows in areas like New Moti Bagh and Lutyens' across Delhi by
513-567: The Treasury of India. In particular, it concerns itself with taxation , financial legislation, financial institutions, capital markets, currency regulation, banking service, centre and state finances, and the Union Budget . The Ministry of Finance is the apex controlling authority of four central civil services namely Indian Revenue Service , Indian Audit and Accounts Service , Indian Economic Service and Indian Civil Accounts Service . It
540-588: The Union Government to formulate and monitor country's economic policies and programmes having a bearing on domestic and international aspects of economic management. A principal responsibility of this department is the preparation and presentation of the Union Budget to the parliament and budget for the state Governments under President's Rule and union territory administrations. Other main functions include: The Foreign Investment Promotion Board (FIPB), housed in
567-412: The costs and prices of public services, assisting organizational re-engineering thorough review of staffing patterns and O&M studies and reviewing systems and procedures to optimize outputs and outcomes of public expenditure. The department is also coordinating matters concerning the Ministry of Finance including Parliament-related work of the Ministry. The department has under its administrative control
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#1732856060684594-668: The expenditure management in the Central Ministries/Departments through the interface with the Financial Advisors and the administration of the Financial Rules / Regulations /Orders through monitoring of Audit comments/observations, preparation of Central Government Accounts, managing the financial aspects of personnel management in the Central Government, assisting Central Ministries/Departments in controlling
621-570: The levy and collection of all Direct taxes are looked after by the CBDT whereas those relating to levy and collection of GST, Customs Duty, Central Excise duties and other Indirect taxes fall within the purview of the CBIC. The two Boards were constituted under the Central Board of Revenue Act, 1963. At present, the CBDT has six Members and the CBIC has five Members. The Members are also ex officio Secretaries to
648-464: The ministry was turned into a department of the Ministry of Finance. The department took up all the functions of the erstwhile ministry which broadly was responsible for a systematic policy approach to disinvestment and privatisation of Public Sector Units (PSUs). Tuhin Kanta Pandey is the current secretary of this department. The Department of Public Enterprises (DPE) which was earlier part of
675-598: The overall direction and control of the Secretary (Revenue). It exercises control in respect of matters relating to all the Direct and Indirect Union Taxes through two statutory Boards namely, the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC). Each Board is headed by a chairman who is also ex officio Special Secretary to the Government of India (Secretary level). Matters relating to
702-523: The public financial management system in the Central Government and matters connected with the state finances. The principal activities of the department include a pre-sanction appraisal of major schemes/projects (both Plan and non-Plan expenditure), handling the bulk of the Central budgetary resources transferred to States, implementation of the recommendations of the Finance and Central Pay Commissions , overseeing
729-425: The role of secretary, primarily as one of a "coordinator, policy guide, reviewer, and evaluator." A secretary to the Government of India is the administrative head of a ministry or department and is the principal adviser to the minister-in charge on all matters of policy and administration within the ministry or department. The role of a secretary is as follows: The prime minister -led Appointments Committee of
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