The Department of Economic Affairs (DEA) is a key institution within the Union Government of India, serving as one of the six departments under the Ministry of Finance. It is the nodal agency responsible for formulating and monitoring the country's economic policies and programs, covering both domestic and international economic management.
The DEA's origin is linked to the early administration of economic laws; for instance, an 'Enforcement Unit' was formed in the Department of Economic Affairs on May 1, 1956, to handle violations of the Foreign Exchange Regulation Act, 1947 (FERA '47), which later evolved into the Enforcement Directorate (ED). Today, the DEA's core mechanism involves preparing and presenting the Union Budget to Parliament, including the budgets for Union Territories without legislatures and states under President's Rule. It also administers the Fiscal Responsibility and Budget Management Act (FRBM), 2003, and the Government Securities Act, 2006.
The DEA is closely connected to several concepts and institutions: it manages the cadre control and career planning for the Indian Economic Service (IES) officers, who provide economic advice across ministries. The DEA's Economic Division anchors the publication of the annual Economic Survey, which is laid before Parliament prior to the Union Budget. It works with the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) for financial stability and policy coordination, though the RBI is an autonomous body. A recent change occurred when the Foreign Investment Promotion Board (FIPB), which was under the DEA, was abolished following the Budget speech in 2017-2018. The DEA also deals with matters related to the Finance Commission under Article 280 of the Constitution.