Question : Which one of the following formulates the fiscal policy in India?
Option 1: Planning Commission
Option 2: Finance Commission
Option 3: Reserve Bank of India
Option 4: Ministry of Finance
Correct Answer: Ministry of Finance
Solution : The correct answer is the Ministry of Finance
A government uses fiscal policy to monitor a country's economy by adjusting its tax and expenditure rates. The Union Ministry of Finance is responsible for creating it. Fiscal policy governs the decisions made by the government on taxes and spending. Money supply and interest rates are two topics covered by the monetary policy. The Ministry of Finance in India developed the country's proposed annual budget.
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