The government has decided to rename National Institute of Financial Management (NIFM), Faridabad as Arun Jaitley National Institute of Financial Management (AJNIFM).
NIFM, Faridabad, was set up in 1993 as a registered society under Department of Expenditure, Ministry of Finance, Government of India with the mandate to train officers of various Finance and Accounts Services recruited by the Union Public Service Commission (UPSC) through the Civil Services Examination as also officers of Indian Cost Accounts Service (ICoAS). The Union Finance Minister is the President of the NIFM Society.
Over a period of time, the institute has become a resource centre to meet the training needs of Central Government for senior and middle level of management in the fields of public policy, financial management, public procurement and other governance issues for promoting highest standards of professional competence and practice.
NIFM also caters to the State Governments, Defence establishments, Banks, other Financial Institutions and PSUs. It has ventured beyond training into the field of management education and runs certain AICTE-approved programmes leading to Post Graduate Diplomas in Management, in various areas of Financial Management.
Former finance minister Arun Jaitley oversaw the introduction of the path-breaking Goods and Services Tax (GST) which brought the country under one tax regime. Under his stewardship the merger of Railway budget with general budget was effected. He also ensured the introduction of the Insolvency and Bankruptcy Code.