Maharashtra based Paediatric Surgeon Dr Bhagwat Kishanrao Karad takes charge as MoS Ministry of Finance

In his 40-year-long distinguished medical career, Dr Karad holds an MBBS degree, an MS in General Surgery, MCh in Paediatric Surgery and an FCPS in General Surgery from Dr Babasaheb Ambedkar Marathwada University and Mumbai University.

He also runs Dr Karad Multi Speciality Hospital and Research Centre in Aurangabad.

64-year-old Dr Karad is a first time member of the Rajya Sabha. Active in public service, he has served as Mayor of Aurangabad Municipal Corporation and also as Chairman of Marathwada Legal Development Corporation. He had been a Member, Committee on Petroleum and Natural Gas Member, Consultative Committee for the Ministry of Power and Ministry of New and Renewable Energy.

Broad Scope of Finance Ministry

The Ministry of Finance is a ministry within the Government of India concerned with the economy of India, serving as the Indian Treasury Department. In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget.

The Union Finance Ministry of India comprises 5 departments.

The Department of Expenditure is the nodal Department for overseeing the public financial management system in the Central Government and matters connected with state finances. It is responsible for the implementation of the recommendations of the Finance Commission and Central Pay Commission, monitoring of audit comments/ observations, preparation of Central Government Accounts. It further assists central Ministries/ Departments in controlling the costs and prices of public services, reviewing systems and procedures to optimize outputs and outcomes of public expenditure. The principal activities of the Department include overseeing the expenditure management in the Central Ministries/ Departments through the interface with the Financial Advisers and the administration of the Financial Rules/ Regulations/ Orders, pre-sanction appraisal of major schemes/ projects, handling bulk of the central budgetary resources transferred to State.

The mandate of the Department of Financial Services covers the functioning of Banks, Financial Institutions, Insurance Companies and the National Pension System. The Department is headed by the Secretary (FS) who is assisted by three Additional Secretary (AS), seven Joint Secretaries (JS), one Economic Advisers (EA) and a Deputy Director General (DDG). The Department oversees several key programs/initiatives and reforms of the Government concerning the Banking Sector, the Insurance Sector and the Pension Sector in India. Initiatives and reforms relating to Financial Inclusion, Social Security, and Insurance as a Risk Transfer mechanism; Credit Flow to the key sectors of the economy/ farmers/ common man are some of the key focus areas being dealt with by the Department. This Department deals with legislative and policy issues about the concerned regulatory bodies i.e. the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA). DFS also deals with the legislative framework relating to debt recovery. Matters relating to International Banking relations are also dealt by the Department.

Department of Investment and Public Asset Management (DIPAM) deals with all matters relating to the management of Central Government investments in equity including disinvestment of equity in Central Public Sector Undertakings. The Four major areas of its work related to Strategic Disinvestment, Minority Stake Sales, Asset Monetisation and Capital Restructuring. It also deals with all matters relating to the sale of Central Government equity through offer for sale or private placement or any other model in the erstwhile Central Public Sector Undertakings. DIPAM is working as one of the Departments under the Ministry of Finance.

The Department of Revenue functions under 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. Matters relating to the levy and collection of all Direct taxes are looked after by the CBDT whereas those relating to levy and collection of Customs and 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 six Members. The Members are also ex-officio Special Secretaries to the Government of India.

The Department of Economic Affairs is the nodal agency of the Union Government to formulate and monitor the 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 (including Railway Budget) to the parliament and budget for the state Governments under President's Rule and union territory administrations. Other main functions include Formulation and monitoring of macroeconomic policies, including issues relating to fiscal policy and public finance, inflation, public debt management and the functioning of Capital Market including Stock Exchanges; Monitoring and raising of external resources through multilateral and bilateral Official Development Assistance, sovereign borrowings abroad, foreign investments and monitoring foreign exchange resources including balance of payments; Production of banknotes and coins of various denominations, postal stationery, postal stamps; and Cadre management, career planning and training of the Indian Economic Service (IES).