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Finance minister

From Wikipedia, the free encyclopedia

A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. It may also be a junior minister in the finance department, the British Treasury, for example has four junior ministers.

A finance minister's portfolio has a large variety of names across the world, such as "treasury", "finance", "financial affairs", "economy" or "economic affairs". The position of the finance minister might be named for this portfolio, but it may also have some other name, like "Treasurer" or, in the United Kingdom, "Chancellor of the Exchequer".

The duties of a finance minister differ between countries. Typically, they encompass one or more of government finance, fiscal policy, and financial regulation, but there are significant differences between countries:

  • in some countries the finance minister might also have oversight of monetary policy (while in other countries that is the responsibility of an independent central bank);
  • in some countries the finance minister might be assisted by one or more other ministers (some supported by a separate government department) with respect to fiscal policy or budget formation;
  • in many countries there is a separate portfolio for general economic policy in the form of a ministry of "economic affairs" or "national economy" or "commerce";
  • in many countries financial regulation is handled by a separate agency, which might be overseen by the finance ministry or some other government body.

Finance ministers are also often found in governments of federated states or provinces of a federal country. In these cases their powers may be substantially limited by superior legislative or fiscal policy, notably the control of taxation, spending, currency, inter-bank interest rates and the money supply.

The powers of a finance minister vary between governments. In the United Kingdom and Australia, the finance minister (called the "Chancellor  of the Exchequer" and the "Treasurer" respectively) is in practice the most important cabinet post after the Prime Minister.

In the United States, the finance minister is called the "Secretary of the Treasury", though there is a separate and subordinate Treasurer of the United States, and it is the director of the Office of Management and Budget who drafts the budget.

In the United Kingdom, the equivalent of the finance minister is the Chancellor of the Exchequer. Due to a quirk of history, the Chancellor of the Exchequer is also styled Second Lord of the Treasury with the Prime Minister also holding the historic position of First Lord of the Treasury. This signals the Prime Minister's seniority and superior responsibility over the Treasury.

In Hong Kong the finance minister is called the Financial Secretary, though there is a Secretary for the Treasury subordinate to him.

In Australia, the senior minister is the Treasurer, although there is a Minister for Finance who is more junior and, as of 2018, heads a separate portfolio of Finance and the Public Service.

Finance ministers can be unpopular if they must raise taxes or cut spending. Finance ministers whose key decisions had directly benefited both the performance and perception of their country’s economic and financial achievements are recognised by the annual Euromoney Finance Minister of the Year award.

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Transcription

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

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This page was last edited on 10 December 2018, at 11:54
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