The finance ministry will begin its pre-Budget meetings on October 10, reviewing six ministries and departments, including New & Renewable Energy and Skill Development & Entrepreneurship. These meetings, which will run until November 11, aim to finalize budget allocations for the 2025-26 fiscal year and revise estimates for the current year.
The discussions will conclude with the Ministry of Railways and the Department of Health and Family Welfare. The Union Budget for 2025-26 is anticipated to emphasize reforms that will further stimulate growth and enhance job creation and economic demand.
According to the Budget circular issued by the Department of Economic Affairs, “Pre-Budget meetings chaired by the Secretary (Expenditure) will commence in the second week of October 2024. Financial Advisers must ensure that necessary details are entered into the Union Budget Information System (UBIS) by October 7, 2024.”
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This will mark the second Budget for the Modi 3.0 government and the eighth consecutive Budget for Finance Minister Nirmala Sitharaman, a notable achievement in Indian politics. The provisional Budget Estimates for 2025-26 will be finalized following the completion of the pre-Budget discussions.
During these meetings, funding requirements for all types of expenditures, as well as receipts from ministries and departments, will be reviewed along with net expenditure estimates. Additionally, the meetings will assess receipts from departmentally-run commercial undertakings, which are offset against gross expenditures, and evaluate non-tax revenues, including any arrears.
The Budget for 2025-26 is expected to be presented on February 1, within the first half of Parliament’s Budget session, which typically starts in the last week of January. The current fiscal year’s Budget projected a nominal GDP growth of 10.5%, with a fiscal deficit set at 4.9% of the GDP.
In 2017, the government led by Prime Minister Narendra Modi eliminated the colonial-era tradition of presenting the Budget at the end of February. Former Finance Minister Arun Jaitley introduced the new presentation date of February 1, 2017. This change allows ministries to receive their allocated budget funds at the start of the financial year, beginning in April.
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