The President of India is the fiscal head and has a critical role in the administration of finance. One of the primary responsibilities of the President of India is to ensure financial stability. The article is going to focus on the financial power of the President, his role, as well as the importance of financial powers. The President of India can be a member of both Rajya Sabha as well as Lok Sabha. He is a member of the “Union Executive” including the Prime Minister, Vice-President, and Council of Ministers.
Financial Power of President
The primary duty of the Indian President is to defend, preserve, and protect the Constitution of India as per Article 60 of the Indian Constitution. The President of India plays a critical role in the financial administration of the country. The financial powers of the Indian President are:
- There is a requirement for his prior recommendation in order to introduce a money bill
- In India, the “Contingency Fund” of the country is under the control of the President of India
- The President of India maintains the annual statements of the finance before the parliament for instance the Union Budget
- The Indian president has the power to appoint a “finance commission” in order to recommend the dispensation of revenue between the centre and the states
The President of India has the power of introducing the money bills for the country. The concept of a money bill is defined effectively in Article 110 of the Constitution of India. A money bill in the country comprises the proposals of tax of government as well as delivers information on new taxes and variation or rates changes of present taxes. It also comprises the borrowings, revenues as well as expenditure of the government.
Role of President
The President of India plays a critical role in running the activities of the government of India. The major responsibility of the Indian President relies on protecting and defending the Indian Constitution as well as the laws of India. The roles of the Indian President are commander in chief, chief administrator, chief of state, chief legislator, as well as a chief citizen. There is an availability of different powers for the President of India such as legislative power, financial power, executive powers, military power, as well as emergency power. On the concept of financial power, the President has control over the Contingency Fund of India and appoints the Finance Commission. The President receives the reports of the Comptroller and Auditor-General of India after the examination by the Public Accounts Committee. The President has the authority and responsibility of protecting the Indian Constitution.
Importance of Financial Powers
The President of India is the fiscal head and is an essential part of financial administration. The Indian President has to make multiple decisions in terms of running the activities of the Indian government smoothly. He has the responsibility to ensure the financial stability of the nation as well as exercise the financial powers effectively. In the concept of financial powers, the president has the control over the Contingency Fund of India as per Article 267 of the Indian Constitution. As per Article 280 of the Constitution of India, the President of India appoints the Finance Commission.
There is an effective importance of the financial powers in terms of maintaining stability in the field of finance of the nation. The President receives the reports of the Comptroller and Auditor-General of India effectively. The powers of the Indian Presidents assist in defending and protecting the Indian constitution effectively. The President of India appoints the Finance Commission which consists of almost four members and one chairman appointed by the president. The Indian President has effective control over the Contingency Fund of India in order to achieve unforeseen expenses. Powers are essential in maintaining the practices of the President of India and developing stability in the financial management of the nation.
Based on the above discussion it can be concluded that the President of India has the power to control the Contingency Fund of India and appoints the Finance Commission as per Article 267 and Article 280 of the Constitution of India. The president is the head of the state and plays an important role in the financial administration. The article discussed the financial power of the President, his role, as well as the importance of financial powers. The President is the first citizen of the country and works for the integrity and unity of the nation.