Fiscal policy refers to the government's use of spending and taxation to influence the economy. In India, the formulation of the Union Budget, which is the primary instrument of fiscal policy, is the responsibility of the executive government, specifically the Ministry of Finance. - Planning Commission (now NITI Aayog) is involved in strategic planning and policy recommendations across various sectors. - Finance Commission is a constitutional body that makes recommendations on the distribution of tax revenues and grants between the Union and the states, as well as principles for grants-in-aid. It does not formulate the annual fiscal policy. - Reserve Bank of India (RBI) is the central bank and is responsible for monetary policy, which involves managing interest rates, credit supply, and inflation. - Option C, "Ministry Commission", is not a standard or formally recognized body name for the entity that formulates fiscal policy. However, considering the other options, and knowing that the Ministry of Finance is responsible for fiscal policy, option C is the only one that vaguely refers to a governmental 'Ministry'. It is highly likely that "Ministry Commission" is a misnomer or typo intended to refer to the Ministry of Finance or a related governmental body involved in the formulation process.