What is the apex authority responsible for overseeing economic and financial policies in India?

The apex authority responsible for overseeing economic and financial policies in India is the Ministry of Finance. This ministry holds a critical role in formulating and implementing policies related to the economy, including aspects like taxation, public expenditure, financial regulations, and economic planning. It is also responsible for the preparation of the Union Budget, which outlines the government's revenue and expenditure plans and economic strategy.

The effectiveness of the Ministry of Finance stems from its comprehensive mandate, which includes managing the financial resources of the government and ensuring the overall economic stability and growth of the nation. It coordinates with other ministries, such as the Reserve Bank of India, to ensure that monetary policies align with the government's fiscal strategies.

Other options, while significant in their respective areas, do not hold the same comprehensive responsibility. The Reserve Bank of India mainly deals with monetary policy and regulating the banking sector. The Indian Revenue Service focuses on tax collection and administration, and the Ministry of Economic Affairs, though important, does not have the same overarching authority in financial matters as the Ministry of Finance. Thus, the Ministry of Finance emerges as the primary body overseeing economic and financial policies in India.