Formulation of fiscal policy in India: Identify the authority primarily responsible for framing the Union Government’s fiscal policy (taxation, expenditure, budgeting). Choose the correct institution.

Given data

• We need the institution that formulates fiscal policy (tax and spend decisions) for the Union.

Concept / Approach
Fiscal policy is a sovereign function anchored in the Union executive. The Ministry of Finance leads budgeting, taxation proposals, expenditure management, and FRBM targets.RBI handles monetary policy; the Finance Commission recommends tax devolution formulas; NITI Aayog is a policy think-tank/advisory body.

Final Answer
The fiscal policy formulator is the Ministry of Finance, Government of India.