The finance ministry will kick-start the exercise to prepare the annual Budget for 2023-24 from October 10, in the backdrop of revival of the Indian economy and fears of recession in developed countries. The budget for the next year will have to address critical issues of high inflation, job creation, boosting demand, and putting the economy on a sustained 8 per cent-plus growth path. On Wednesday, finance minister Nirmala Sitharaman said inflation is no longer "red-lettered" and the priority for the government now is job creation and boosting growth.
The finance ministry will kick-start the exercise to prepare the Union Budget for financial year 2022-23 (FY23) from October 12, according to an official notification released on Monday. "The pre-Budget meetings as well as the meetings to discuss the revised estimates will start from October 12 and will continue till the second week of November," according to the Budget circular of the Department of Economic Affairs' Budget Division. The Union Budget is expected to be announced on February 1, as has been the practice of the past few years.
As per practice a vote-on-account or approval for essential government spending for a limited period is taken in the election year and a full-fledged budget presented by the new government.
Traditionally, the Budget making exercise begins from mid-October.
Determined to imbibe austerity in its policies, the government has asked various departments to scrap or downsize expenses on insignificant activities by up to 10 per cent when they submit proposals for Budget 2010-11.
The Niti Aayog is preparing 15-year vision document that will replace the Five-Year Plan from the next financial year
The Finance Ministry has started preparations for Budget 2014-15 by asking different central ministries and departments to come out with their estimates of receipts as well as expenditure for the next financial year.
Poor predictability, credibility and effectiveness of fiscal performance have been key reasons for successive governments failing to deliver on their promises.