Blitz Bureau
NEW DELHI: India’s Finance Ministry is set to begin preparations for the 2025-26 annual budget in October, as the country’s economy continues its strong performance, maintaining a 7% growth rate for the fourth consecutive year, PTI reported.
The upcoming budget is expected to focus on reforms to further accelerate growth and implement measures to boost job creation and economic demand, as per the report.
A circular from the Department of Economic Affairs states, “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,” as quoted by the media report.
This will mark the second budget of Prime Minister Modi’s third term and Finance Minister Nirmala Sitharaman’s eighth consecutive budget presentation, a notable achievement in the Indian political sphere, the report added. The circular also directed Ministries and departments to provide information on autonomous bodies and implementing agencies with dedicated corpus funds, stating, “The reasons for their continuance and requirement of grant-in-aid support, and why the same should not be wound up, should be explained,” according to the report.
Budget meetings are scheduled from mid-October through November 2024, during which funding requirements and revenue estimates will be discussed. The final budget is expected to be presented in early February 2025, continuing the practice of early budget presentations initiated in 2017.
