Fiscal policy refers to the use of government spending, taxation and borrowing to influence the economy. In India, fiscal policy is formulated by the Ministry of Finance.

Ministry of Finance:
The Ministry of Finance is a cabinet-level body of the Government of India. It is responsible for the formulation and administration of fiscal policy, financial legislation, and the management of public finances in India. The ministry comprises five departments, namely, the Department of Economic Affairs, the Department of Revenue, the Department of Expenditure, the Department of Financial Services, and the Department of Investment and Public Asset Management.

Functions of Ministry of Finance:
The Ministry of Finance has the following functions:

1. Formulation and implementation of fiscal policies:
The Ministry of Finance formulates and implements fiscal policies to achieve the objectives of economic growth, price stability, and employment generation.

2. Management of public finances:
The ministry is responsible for managing public finances, including the preparation and presentation of the Union Budget.

3. Revenue mobilization:
The Ministry of Finance is responsible for mobilizing revenue through taxation, non-tax sources, and borrowings.

4. Management of government debt:
The ministry manages the government's debt through the issuance of government securities and the management of the government's debt portfolio.

5. Financial sector regulation:
The ministry regulates the financial sector in India through various institutions such as the Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority of India, and Pension Fund Regulatory and Development Authority.

Conclusion:
To sum up, fiscal policy in India is formulated by the Ministry of Finance, which is responsible for the management of public finances, revenue mobilization, formulation and implementation of fiscal policies, management of government debt, and financial sector regulation.