On October 12, the Finance Ministry is Expected to Begin a Budgeting Exercise.
The finance ministry will begin the process of preparing the annual budget for 2022-23 from October 12, according to signs of a comeback in India’s economy battered by COVID-19. The finance ministry will start the process to prepare the 2022-23 Budget on October 12, as India’s economy rebounds from COVID-19.
The following year’s budget will have to address key concerns of demand creation, employment generation, and establishing an 8 percent growth rate for the economy. It will be Finance Minister Nirmala Sitharaman’s fourth budget. The Budget Circular (2022-23) of the Department of Economic Affairs Budget Division, dated September 16, 2021, states that the pre-Budget/RE (Revised Estimate) meetings will begin on October 12, 2020. “All financial advisers should make sure that the requisite information regarding these meetings is entered in Appendices I to VII of the UBIS (Union Budget Information System).”
After the expenditure secretary concludes negotiations with other secretaries and financial experts, the Budget Estimates (BE) for 2022-23 will be provisionally finalized. Pre-Budget meetings will begin on October 12 and continue until November 2, according to the statement. “Given this year’s special circumstances, the basis of the final budgetary allocations will be overall fiscal position, with absorption capacity being considered dependent on that,” it added. India’s GDP has grown at a robust rate of 10.5 percent in real terms, according to the government’s budget plan for this year. According to the 2019 Budget document, published on February 1, 2018, India’s GDP is expected to grow at 9.4% in real terms and 6.8% in nominal terms over the next five years (2018-20). The previous finance minister Arun Jaitley had presented the annual accounts for the first time on February 1, 2017.
Previously, when the Budget was presented at the end of February, the three-stage Parliamentary approval process was required to be completed months ahead of the start of monsoon rains. This meant that government agencies could only begin spending on initiatives in August or September after the monsoon season had ended. Explore our site for more updates.
