Nirmala Sitharaman
The finance ministry will hold month-long pre-budget meetings beginning October 10 in preparation for the yearly budget for 2024-25.
According to a meeting notice circulated by the Budget Division of the Finance Ministry, pre-budget discussions to finalize RE (Revised Estimate) 2023-24 and BE (Budget Estimate) 2024-25 in respect of the Grants/appropriations will commence with effect from 10.10.2023 under the Chairmanship of Finance Secretary and Secretary (Expenditure).
A timetable of meetings with them is included in the notice dated September 20, 2023, which was distributed to all ministries and departments.
“The schedule for pre-budget meetings has been prepared to take into account various exigencies and is being circulated well in advance”, the ministry continued.
As a result, it stated, that ministries and departments should ensure that all relevant details are delivered by October 5, 2023.
According to the schedule, the pre-budget meeting will start on October 10 and will last through November 14. Following the completion of pre-budget meetings, the Budget Estimates for 2024-25 will be provisionally finalized.
It will be an interim Budget because the Lok Sabha elections are scheduled for early next year. The full Budget for Fiscal Year 25 will be issued upon the formation of the new government following the general elections.
This will be Finance Minister Nirmala Sitharaman’s sixth Budget, having presented her first comprehensive Budget in July 2019.
The current fiscal year’s budget projected a nominal growth rate of 10.5 percent, with a fiscal deficit of 5.9 percent of GDP.
The interim Budget for 2024-25 will most likely be presented on February 1, 2024.
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