Who formulates fiscal policy in India?

In India, Fiscal Policy is formulated by the Ministry of Finance.

Fiscal policy is playing an important role on the economic and social front of a country. Traditionally, fiscal policy is concerned with the determination of state income and expenditure policy. But with the passage of time, the importance of fiscal policy has been increasing continuously for attaining rapid economic growth.

An effective fiscal policy is composed of policy decisions relating to the entire financial structure of the government including tax revenue, public expenditures, loans, transfers, debt management, budgetary deficit, etc.