In India, which of the following formulates the fiscal policy?

Reserve Bank of India

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Ministry of Finance

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Planning Commission

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Finance Commission

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Solution

The correct option is B Ministry of Finance
A) Reserve Bank of India formulates and regulated the monetary policy
B) Ministry of finance has the responsibility for developing the government's fiscal and economic policy framework.
C) Planning Commission sets the five year plans for the overall development if the country
D) Finance commission basically recommends how the Union government should share taxes with the states .This is also done for a period of five years.

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