The Finance Ministry will kick off its pre-budget discussions on October 10, 2024, starting with the review of key ministries such as New & Renewable Energy and Skill Development & Entrepreneurship. These meetings, scheduled to run through November 11, are essential for determining budgetary allocations for the 2025-26 fiscal year and finalizing revised estimates for the current year.
The process will culminate on November 11, with discussions involving the Ministry of Railways and the Department of Health and Family Welfare. These consultations are aimed at ensuring all ministries’ funding needs, revenue projections, and non-tax revenues are accurately assessed and reflected in the upcoming Budget.
This will mark Finance Minister Nirmala Sitharaman's 8th consecutive Union Budget, an achievement that underscores her pivotal role in the Modi 3.0 administration. The Budget, expected to be presented on February 1, 2025, is likely to focus on reforms designed to boost job creation, enhance economic demand, and further accelerate India’s growth trajectory.
In preparation for these meetings, ministries and departments are required to submit essential details via the Union Budget Information System (UBIS) by October 7. These discussions are critical to finalizing expenditure requirements and projections, aligning with Prime Minister Modi’s vision of accelerating economic reforms and streamlining the Budget process, which has been advanced to February 1 since 2017.
For the current fiscal year, the Union Budget 2024-25 projected a nominal GDP growth rate of 10.5% and a fiscal deficit of 4.9%. These pre-Budget consultations will help set the stage for the new fiscal year, shaping fiscal policy and economic priorities for 2025-26.
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