Finance Ministry to kick-start pre-budget meetings from Oct 10

The finance ministry will kick-start month-long pre-budget meetings from October 10 ahead of the preparation of the annual budget for 2024-25.

"Pre-budget discussions to finalise 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 meeting notice circulated by the Budget Division of the Finance Ministry said.

The notice dated September 20, 2023, circulated to all ministries and departments has a schedule of meetings with them.

The schedule for pre-budget meetings has been prepared taking into account various exigencies and is being circulated well in advance, it said.

Hence, it said, ministries and departments should ensure the necessary details required should be submitted by October 5, 2023.

The pre-budget meeting starting on October 10 will continue till November 14 as per the schedule. The Budget Estimates for 2024-25 will be provisionally finalised after completion of pre-budget meetings.

It will be an interim Budget as the elections for the Lok Sabha are due early next year. The full Budget for FY25 will be presented after the formation of the new government after the general elections.

This will be the sixth Budget of Finance Minister Nirmala Sitharaman, who presented her first full Budget in July 2019.

The Budget for the current fiscal had projected a nominal growth rate of 10.5%, while the fiscal deficit was pegged at 5.9% of the gross domestic product (GDP).

The interim Budget 2024-25 is likely to be presented on February 1.