DEPARTMENT OF ECONOMIC AFFAIRS (Complete Article)

The Department of Economic Affairs (DEA) 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. The main responsibility of this Department is the preparation of the Union Budget annually excluding the Railway Budget.  It also formulates and monitors the internal and external aspects of the

economic life of the country. This monitoring of economic system of the country is highly linked with the Capital market, which includes Stock Exchange. It plays a cardinal role in increasing the external resources with the help of multilateral and bilateral official development assistance, and manufacturing of bank notes and coins. The department of economic affairs also works for raising the internal resources with the help of taxation, market lending and so on. Other main functions include:

·         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. In this context, it looks at ways and means to raise internal resources through taxation, market borrowings and mobilisation of small savings;

·         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;

·         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).

·         It is highly responsible for the disbursement of loans as well debt servicing of the loans

Units working under the Department of Economic Affairs

·         Administrative Division

·         Bilateral Cooperation Division

·         Budget Division

·         Capital Market Division

·         Economic Division

·         Finance Division

·         Foreign Trade Division

·         Fund Bank Division

·         Infrastructure Division

·         Aid, Accounts, and Audit Division