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Ministry of Finance’s 2023 Report – What You Should Know?

Ministry of Finance's 2023 Report

The Ministry of Finance of the Government of India has released a summary report highlighting their activities, achievements, and targets for the calendar year 2023. The report showcases the remarkable progress made by various departments in managing the finances of the central government.

Six departments of the Ministry of Finance, responsible for various financial affairs, have shown remarkable progress in achieving their targets for 2023. These include the Department of Revenue, Department of Investment and Public Asset Management, Department of Financial Services, and Department of Public Enterprises.

The Department of Revenue has achieved a significant milestone by successfully e-filing 1.61 crore statutory forms on the e-filing portal, providing a breakdown of income tax return filings for different categories.

The Department of Investment and Public Asset Management (DIPAM) has demonstrated exceptional performance in creating value in central public sector enterprises (CPSEs) and dividend distribution.

The Ministry of Finance has been working on achieving International Monetary Fund (IMF)-recommended Data Gaps Initiative (DGI) framework compliant Government Finance Statistics (GFS), aimed at improving the timeliness, comprehensiveness, and comparability of fiscal data. The collaboration with IMF’s South Asia Regional Training and Technical Assistance Centre (SARTTAC) for this purpose is a significant step.

The Directorate of Analytics and Risk Management (DGARM) has played a vital role in data analytics and data mining for Goods and Services Tax (GST) administration. The results of data analytics in detecting fake invoice cases and augmenting GST collection have been impressive.]

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With these remarkable achievements, India’s Ministry of Finance has not only surpassed its own targets but has also set new benchmarks in managing and administering the finances of the Central Government. The report indicates that the Ministry of Finance has been working tirelessly towards improving the financial governance of the country and has taken significant steps in this direction.

In conclusion, the Ministry of Finance has achieved several financial milestones in 2023, which are a testament to the hard work and dedication of its departments. These achievements serve as an inspiration for the entire financial sector, showcasing the impact of good governance, smart policies, digital transformation, and innovative financial models.

Ministry of Finance’s 2023 Report Summary

  1. The Ministry of Finance presented the Interim Budget 2024-25 to Parliament on 1st February, 2024 [Page no. 5].
  2. The Ministry of Finance is responsible for the administration of the finances of the Central Government and comprises six departments [Page no. 5].
  3. The e-filing portal successfully processed 1.61 crore statutory forms by December 31, 2023 [Page no. 27].
  4. The Department of Investment and Public Asset Management (DIPAM) focuses on value creation in CPSEs and dividend distribution [Page no. 27].
  5. The Budget Division is responsible for the administration of the “Fiscal Responsibility and Budget Management Act, 2003” [Page no. 10].
  6. The Budget Division also provides statements of fiscal policy and monitors the performance of major markets [Page no. 10].
  7. The Department of Public Enterprises conducts surveys and initiatives in the insurance sector and digital payments [Page no. 9].
  8. The Economic Division analyses macroeconomic parameters, drafts economic performance overviews, and compiles public finance data [Page no. 9].
  9. The Ministry of Finance appraises PPP projects and manages the National Infrastructure Pipeline (NIP) [Page no. 21].
  10. The Department of Expenditure focuses on additional borrowing linked to performance in the power sector [Page no. 21].

Source: https://dea.gov.in/sites/default/files/Summary%20Report%202023%20%28English%29.pdf

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