New Delhi: With the Indian economy showing signs of recovery and concerns about a global recession, the finance ministry will begin the process of preparing the annual budget for 2023–24 on October 10.
The following year’s budget will need to handle important challenges like high inflation, increasing demand, job creation, and getting the economy back on a sustained growth path of 8 percent or more.
Nirmala Sitharaman, the finance minister, stated earlier in the day that the government’s top priorities right now are creating jobs and accelerating development because inflation is no longer “red-lettered.”
“Some of course are red-lettered (priorities), some may not be. Red-lettered ones would of course be jobs, equitable wealth distribution and making sure India is moving on the path of growth.”
“In that sense inflation is not red-lettered. I hope it doesn’t surprise many of you. We have shown that in the past couple of months that we were able to bring it to a manageable level,” she said.
It will be the fifth budget of the Modi 2.0 government and Sitharaman and the last full budget before the general elections slated in April-May 2024.
During the election year, the government presents Vote on Account for the limited period. Usually the budget is cleared till July.
“Pre-budget meetings chaired by secretary (Expenditure) shall commence on October 10, 2022,” according to the Budget Circular (2023-24) of the Budget Division of the Department of Economic Affairs dated September 6, 2022.
“Financial advisers should ensure that the necessary details required in appendices I to VII are properly entered. Hard copies of the data along with specified formats should be submitted for cross-verification,” the circular added.
The Budget Estimates for 2023-24 will be provisionally finalised after completion of pre-budget meetings, it said, adding, RE (Revised Estimate) meetings continue till around mid-November, 2022.