Ministry of finance of any country plays a major role in the development of the country. The ministry of finance is related with most of the financial decisions which are taken by the government. Primarily the ministry has the responsibility of developing the economy of the respective country. For the purpose, the ministry of finance prepares the fiscal budget of the country. Once the budget is passed by the authorities, the ministry is again responsible for the implementation of the same.
The budget can be said as an balance sheet of the income and the expenditure of the country. All the debts of the government and each and every type of deficit should be considered before making the budget. Farsightedness of the ministry of finance helps the country to gain a better economic position in the future.
The Ministry of finance is also responsible for imposing and collecting the taxes in the respective country. The customs duty and the excise duties are also imposed and collected by the ministry. The allotment of this money for various development and other purposes is also done by the ministry of finance through the budget. At the same time, the development of the infrastructures is also an important part of the budget prepared by the ministry.
The ministry of finance is also responsible for regulating the capital market of the respective country and the ministry prepares several rules and regulation for the market so that it can grow smoothly. There are a number of countries where the inflation is going out of control. The ministry has the responsibility of controlling the inflation. Although there are the central banks to take care of the factor but the ministry has also some responsibility in the process.
There are certain countries where the ministry is concerned with some other subjects. There are several countries which are passing through the transitional phases. The ministry of finance in these countries are related to the process of development in these countries. Again there are countries where the finance ministry is related with certain other sectors like savings and insurance and many more.
Last Updated on : 1st August 2013