2024-09-18 19:02:58
Every year, the process formally starts with meetings with the ministries and departments. These will be chaired by expenditure secretary Manoj Govil. “The budget estimates (BE) for 2025-26 will be provisionally finalised after the completion of pre-budget meetings,” the department of economic affairs (DEA) said in a circular dated September 17.
The pre-budget meetings will dwell on four important issues–the requirement of funds across all expenditure categories, along with receipts of ministries and departments; the receipts of commercial undertakings run by various departments, which are netted against gross expenditure; non-tax revenues, including arrears; and net expenditure estimates.
The DEA has also asked the departments to be realistic in their expenditure projections, in sync with a circular issued in December 2022.
The meetings also serve to help the finance ministry firm up revised estimates for the ongoing financial year.
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After these meetings with ministries and departments, FM Nirmala Sitharaman will likely engage with various stakeholders, including industry captains, economists and sector experts.The Budget for 2025-26 will indicate whether the government intends to keep up its promises of containing the fiscal deficit ratios at 5.1% of GDP and below 4.5% in this financial year and the next, respectively.
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