The finance ministry will commence from October 10 its pre-Budget meetings with review of six ministries and departments, including new & renewable energy and skill development & entrepreneurship. The meetings, which will continue through November 11, are being held to firm up budgetary allocations for 2025-26 and finalise the revised estimates for the current fiscal year.
On the last day, Ministry of Railway and Department of Health and Family Welfare will be discussed.
The Union Budget 2025-26 is expected to focus on reforms to further accelerate growth and implement measures to boost job creation and economic demand.
“Pre-budget meetings chaired by Secretary (Expenditure) shall commence in the second week of October 2024. Financial Advisers shall ensure that necessary details…are properly entered in UBIS (Union Budget Information System) before/latest by October 7, 2024,” the Budget circular 2025-26 issued by Department of Economic Affairs said.
It will be the second Budget of the Modi 3.0 government and 8th straight Budget for Finance Minister Nirmala Sitharaman, a rare distinction in the Indian polity.
The Budget Estimates for 2025-26 will be provisionally finalised after completion of pre-Budget meetings, it said.
During pre-Budget meetings, requirement of funds for all categories of expenditures along with receipts of ministries/departments and expenditure estimates on net basis are discussed.
Besides, receipts of departmentally-run commercial undertakings, which are netted against gross expenditure and non-tax revenues, including arrears of non-tax revenue, are assessed during the meetings.
The Budget 2025-26 is likely to be presented on February 1 during the first half of Parliament’s Budget session which usually begins in the last week of January every year.
The Budget for the current fiscal had projected a nominal GDP growth of 10.5 per cent while fiscal deficit was pegged at 4.9 per cent of gross domestic product (GDP).
In 2017, Prime Minister Narendra Modi-led government scrapped a colonial-era tradition of presenting Budget at the end of February. Former finance minister Arun Jaitley for the first time presented Budget on February 1, 2017.
With the change in Budget presentation date, ministries are now allocated their budgeted funds from the start of financial year beginning April.
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