Explain in brief the important functions played by the Ministry of Finance, the Ministry of Corporate Affairs and the Ministry of Law and Justice in…

The Ministry of Finance The Ministry of Finance (Vitta Mantralaya) is a Ministry within the Government of India concerned with the economy of India, serving as the Treasury of India.In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget.One of the important functions of the Finance Ministry is the presentation of the Union Budget. This annual event is eagerly awaited by professionals and the common man as it provides for the rates of taxes and budget allocations for the ensuing year. The Ministry of Corporate Affairs The Ministry of Corporate Affairs is an Indian Government Ministry.It is primarily concerned with administration of the Companies Act2013, the Companies Act1956, the Limited Liability Partnership Act,2008, and the Insolvency and Bankruptcy Code,2016.It is responsible mainly for the regulation of Indian enterprises in the industrial and services sector. The Ministry of Law and Justice The Ministry of Law and Justice in the Government of India is a Cabinet MinistryIt deals with themanagement of the legal affairs, through the Department of Legal Affairslegislative activities through the Legislative Departmentadministration of justice in India through the Department of JusticeThe Department of Legal Affairs is concerned with advising the various Ministries of the Central Government while the Legislative Department is concerned with drafting of principal legislation for the Central Government.