The Union Finance Ministry will kick off consultations for the Union Budget 2024-25 on October 10. In meetings with individual ministries, the finance ministry will finalise the Revised Estimates for 2023-24 and the Budget Estimates for 2024-25 and will continue till the middle of November.
“The schedule for pre-budget meetings has been prepared taking into account various exigencies and is circulated well in advance,” said a circular by the Ministry of Finance. It has also directed administrative Ministries and Departments to ensure that the data for pre-Budget discussion is filled in the Union Budget Information System (UBIS) portal by October 5.
Pre-Budget consultations with ministries will continue till November 14, according to the scheduled prepared by the ministry.
Prior to this, the finance ministry had issued the Budget circular 2024-25 on September 1. The Budget circular lays the groundwork and spell out the timelines for the next Budget and seeks details on actuals and projected expenditure and outlays as well as revenue by government ministries.
However, with General Elections slated for early 2024, the Budget preparations for now are likely to be for an interim Budget that would have a vote on accounts to ensure that government expenditure does not get impacted. It is likely to be presented on February 1. However, a formal statement from the government on the issue is awaited.
Typically, during an election year, a full Union Budget 2024-25 is presented only after the General Elections by the new government that is voted into power.
A full Economic Survey will also be tabled later in the year when the full Budget is presented. It is likely that the government may table an update on the economy along with the interim Budget.
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