SIXTH SEMESTER RUIA COLLEGE LECTURE THREE BUSINESS JOURNALISM SIXTH SEMESTER RUIA COLLEGE LECTURE THREE

What we need to know… As I said, as Business Journalists, we would need to know a couple of things Before we go to the field and prove our mettle to the world. And once we know these things, Business Journalism indeed becomes SEXY!!

TODAY’S AGENDA IN CLASS… FINANCE MINISTRY FINANCE MINISTER REST OF HIS BUREAUCRACY THE RESEVRE BANK OF INDIA THE RBI GOVERNOR THE FUNCTIONS

THE FINMIN The Finance Ministry and its Finance Minister are responsible for the administration of the finances of the Central Government. It is concerned with economic and financial matters affecting the country including mobilization of resources for development.

The Finance Minister The current Finance Minister of the country is Pranab Mukherjee. Born on 11th December, 1935. Has been serving the Finance Ministry as a cabinet minister elected from Indian National Congress (INC) since January 24, 2009.

Know your Finance Minister He has served as Finance Minister from Jan 1982 to Dec 1984 with additional charge of Ministry of Commerce and Supply, from September to December 31, 1984. One of the most important jobs that he has is to present the Union Budget. On February 28th, 2011, he will be presenting his sixth Union Budget. He is rated as one of the best five Finance Ministers of the world for the year 1984. He had also been conferred Best Parliamentarian Award for 1997 The recipient of Padma Vibhushan in 2008

He is assisted by… The two Ministers of State under the Finance Ministry are: S S Palanimanickam, Minister of State (Revenue) Namo Narain Meena, Minister of State (EB&I)

The Finance Minister is responsible for five Departments under him, namely Department of Economic Affairs – foreign exchange management, foreign aid and BUDGET Department of Expenditure – Financial powers given to different ministries relating to expenses Department of Revenue – Central Board of Excise & Customs and Central Board of Direct Tax Department of Disinvestment; and Department of Financial Services – Insurance, Banking and Pension Reforms Each of these departments is headed by Secretaries, usually belonging to the civil services cadre, and are called Bureaucrats.

Functions… Monitoring and focusing: On the collection of direct taxes, Indirect taxes, Goods and service taxes, Banking and the insurance sectors, The capital markets also known as the stock market, The different financial regulators,

Some more Functions… Externally aided projects like the ones funded by the World Bank or the Asian Development Bank (ADB), The Foreign Investment Promotion Board (FIPB), Presenting the Finance Bill every year, Coming up with the Economic Survey; and Initiating the Finance Commission

RESERVE BANK OF INDIA

RBI.. Short form hi kaafi hai The Reserve Bank of India (RBI) is the central bank of the country, the final authority on all banking regulations and policies.

RESERVE BANK OF INDIA ORGANISATIONAL STRUCTURE

STRUCTURE As Official Directors, it has the Governor and not more than four Deputy Governors and as Non-Official Directors, it has ten Directors from various fields and one government Official nominated by the Govt. Also, it has four Directors, one each from four local boards. The organizational structure is as shown in the slide. The current RBI governor is Dr D Subbarao. From among the known faces from the corporate world on the Board of Directors of RBI are Kumar Mangalam Bila and Azim Premji.

Its main functions are: Decisions on monetary policy Currency management Financial regulation and supervision Exchange rate and reserve management Management of foreign exchange Act as a baker to the government Act as a banker to the Banks

Few interesting facts… Its history Its logo Its other important jobs