Final answer:
The Parliament of India has significant powers including initiating money bills, impeachment, and electing the President in case of an Electoral College tie. They also regulate commerce, borrow money, declare war, raise armies, maintain the navy, and establish courts. The 'power of the purse' is a particularly important authority of the Parliament.
Step-by-step explanation:
The powers of the Parliament of India are broad and include a variety of responsibilities. They are not limited to, but include initiating money bills, impeachment processes, and electing the President if there is a tie in the Electoral College. Other notable powers of the Parliament include regulating commerce, borrowing money, declaring war, raising and maintaining an army and navy, and establishing inferior courts to the Supreme Court. The power to tax and spend, often described as 'the power of the purse', is one of its most significant authorities. Additionally, the Parliament has a role in law-making, approving taxes, and setting policies on war and peace. The combined powers of the Parliament are key to a parliamentary system, differentiating it from a presidential system where powers are more divided.