![]() ![]() Pranab Mukherjee, Former Finance Minister of India with Former US President George W. Shri Ajay Seth is the current secretary of this department. FIPB is now abolished as announced by Finance Minister Arun Jaitley during 2017-2018 budget speech in Lok Sabha. The Foreign Investment Promotion Board (FIPB), housed in 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. Production of bank notes and coins of various denominations, postal stationery, postal stamps and Cadre management, career planning and training of the Indian Economic Service (IES).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.In this context, it looks at ways and means to raise internal resources through taxation, market borrowings and mobilisation of small savings 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.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. The Department of Economic Affairs is the nodal agency of the Union Government to formulate and monitor country's economic policies and programmes having a bearing on domestic and international aspects of economic management. He presented the first budget of independent India on 26 November 1947. Shanmukham Chetty was the first Finance Minister of independent India. 6 Department of Investment and Public Asset Management. ![]()
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