In the backdrop of the revival of the Indian economy and fears of a slowdown in the developed countries, the Finance Ministry will start its exercise of preparing the annual budget for 2023-24 from October 10. Next year’s budget will address the critical issues of high inflation, job creation, boosting demand and bringing the economy on a sustained growth trajectory of over 8 per cent.
On Wednesday, Finance Minister Nirmala Sitharaman said inflation is no longer a “red letter” and the government’s priority now is to boost job creation and growth. “Definitely some red letters (priorities), some may not. Red letters will definitely ensure jobs, equitable wealth distribution, and ensure that India continues on the path of growth.” No inflation in that sense It is red letter. I hope this does not surprise many of you. We have shown over the past few months that we were able to bring this down to a manageable level.” April-May 2024.
During an election year, the government presents a vote on account for a limited period. The budget is usually approved by July. According to the Budget Circular (2023-24) of the Budget Division of the Department of Economic Affairs dated September 6, 2022, “Pre-Budget meetings under the chairmanship of Secretary (Expenditure) will commence on October 10, 2022.” “The financial advisor should ensure that the necessary details as required in Appendix I to VII are entered properly. The hard copy of the data should be submitted along with the specified formats for cross-verification,” the circular added.
The Budget Estimates for 2023-24 will be provisionally finalized after the completion of the pre-budget meetings, it said, adding that the RE (Revised Estimates) meetings will continue till mid-November, 2022. “All Ministries/Departments should furnish details of autonomous bodies/implementing agencies for which a dedicated corpus fund has been created. Reasons for their continuance and need for grants-in-aid, and why it should not be abolished, clarified.” Must go,” it said. , As a follow-up to the national monetization pipeline, it said, departments may need to explain progress in asset monetization.
Budget 2022-23 is likely to be presented on February 1 during the first half of the budget session of Parliament which usually begins in the last week of January every year. The budget for the current fiscal year projected a growth rate of around 7-7.5 per cent in real terms, while the fiscal deficit stood at 6.4 per cent of gross domestic product (GDP).
The government led by Prime Minister Narendra Modi ended the colonial-era tradition of presenting the budget in late February. The then Finance Minister Arun Jaitley presented the annual accounts for the first time on February 1, 2017. With the postponement of the budget, ministries are now allocated their budgetary funds from the beginning of the financial year beginning in April. This gives government departments more leeway to spend, as well as gives companies time to adapt to business and taxation plans.
Previously, when the budget was presented at the end of February, the three-stage Parliament approval process was completed a few weeks before the onset of monsoon rains in mid-May. This meant that government departments would start spending on projects from August-end or September, after the monsoon season is over.
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