The Finance Ministry – New Structure and Policies .

The Rising India Party takes the position that the Finance Ministry, as the very heart of the nation’s economic life, must be staffed with absolutely the best talent from across the socio-economic spectrum. It’s core aim must be to put in place policies that would bring into use the entire wealth, hidden or otherwise, into play so as to create a socio-economic prototype that consciously and deliberately, as a matter of policy, aims to bring in an environment that is free of stress and threat; within which the entire population can identify and avail opportunities for personal and financial growth.

It must be programmed and set to function as a partnership, and with full accountability to the people of India, such that the country moves to take the pole leadership position in the world economy, surpassing the developed economies such as those of US, Chinese, Japanese and European union, whom we have been willy-nilly copying; and in the process set an example that the world once again emulates.

The core objective of the Finance Ministry would be to put in place a Policy and Functioning Framework that identifies and unleashes the inherent human and natural resource wealth of the nation. The following are proposed for the Indian citizens to consider and vote upon:

  1. The staff of the Finance Ministry would be a mix of government inducted civil servants to be no more than 50% and ideally 25%.
  2. The balance staff would be inducted from the private-social sectors with qualifications and experience commensurate with the in-place demand at any given point of time within the Ministry of Finance.
  3. These would be picked from backgrounds such as in Finance, CA’s, economic strategists, social sciences, export industries, international finance and economy strategists, and other fields as needed.
  4. These would be inducted for tenures under contracts for varying renewable periods and to varying compensation or pay scales as required for a given role or need within the Finance Ministry at any given point of time.
  5. The Ministry would induct members of the public to be part of various ministry groups, both for ensuring public engagement and public oversight and contribution. These individuals would be chosen at random for one year tenures or for presence on demand when the groups they are a part of are in session.
  6. The Finance Ministry would form various interlinked Plans Board Groups that would function to constantly look at the state of the economy of the nation, identifying any blockages, holdups, problems and issues etc. and come up with solutions as an on-going exercise.
  7. The Finance Ministry would create within its architecture a “foreign economies” cell that would be tasked with studying the economies of the major world nations, their respective interlinkages and possible impacts on India.
  8. These cells would continuously look for opportunities for Indian investments in these economies and will become a nodal body and focal point for working with various Indian industry groups with the aim of helping operationalize these opportunities quickly to ensure that the country’s penetration of world economies are in no way less than any other power’s in ours own.
  9. The Ministry would be tasked with identifying initiatives that can be taken by the country to ensure a build-up of its foreign exchange reserves and a positive balance of payments outlook.
  10. Powerful data gathering and data analytics teams would be formed within the ministry to support the work of the ministry and these would include the gathering and analyzing data of from nations across the world
  11. Members of these teams would also be undertaking field work wherein they would disperse to live with communities for specified periods of time to study and report on the impact of policies and to assess what may be missing from the government’s action lists and to propose methods to alleviate such situations.
  12. International teams would be formed wherein a member would be posted as economy secretary embedded within key embassies in various world capitals.
  13. These would be tasked to tap into available data as well as study these economies as an on-going exercise in real time.
  14. The Ministry would form Tax Watch Group to watch and assess the impact and functioning at ground level of various Tax initiatives and policies of the government, and to study how the public is responding to these, identifying potential or real issues, and propose changes that may be required for the central plans board groups to consider to carry out policy adjustments as required.
  15. The Ministry of Finance, Ministry of Industries, Ministry of commerce and other related ministries would be brought under the umbrella of the Finance Ministry for easier coordination and functioning.
  16. The Finance Ministry would depute a senior staff member(s) to all key ministries of the government of India to ensure speedy resolution of all matters related to their budget allocations and / or budgetary planning.

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