In preparation for the upcoming Union Budget 2024-25, the Union Finance Ministry has announced the commencement of pre-Budget consultations, set to begin on October 10 and continue until November 14. These discussions will encompass the finalization of Revised Estimates for 2023-24 and Budget Estimates for 2024-25, with a focus on various government ministries and departments.
The Ministry of Finance has proactively shared the schedule for these pre-budget meetings, considering various exigencies, and has emphasized the importance of timely data submission. To ensure smooth proceedings, administrative Ministries and Departments have been instructed to populate the Union Budget Information System (UBIS) portal with the necessary information by October 5.
This proactive approach aligns with the ministry’s commitment to maintaining fiscal discipline and ensuring the timely release of the annual budget, providing stakeholders with clarity on government priorities and allocations.
Notably, the Budget circular for 2024-25 was issued by the Finance Ministry on September 1, delineating the framework and timelines for the forthcoming budget cycle. This circular solicits detailed information on both actual and projected expenditures, as well as revenue projections from various government ministries.
While these preparations are taking place, there is an underlying sense of uncertainty due to the looming General Elections expected in early 2024. Given this, the current budgetary preparations are likely aimed at an interim Budget that includes provisions for a vote on accounts. The interim Budget is anticipated to be presented on February 1, although an official announcement from the government is still pending.
In accordance with the established tradition during election years, the presentation of a full Union Budget for 2024-25 typically occurs after the General Elections have determined the new government in power.
