Work on the budget will start next month, and pre-budget meetings will start on October 10
The Finance Ministry will start the work of preparing the annual budget for the financial year 2023-24 from October 10. This process is starting in the midst of a boost to the domestic economy and the fear of recession in developed countries. The budget for the next financial year will need to address the important issues of high inflation, spurt in demand, new jobs, and sustaining growth of more than eight percent.
Earlier, Finance Minister Nirmala Sitharaman said that with inflation coming down from a record high, the issue of inflation is no longer very important and now the priority for the government is to generate employment and accelerate economic growth.
This will be the fifth budget of Finance Minister Sitharaman. Also, there will be the last full budget before the general elections to be held in April-May 2024. According to the Budget Circular (2023-24) of the Budget Unit of the Department of Economic Affairs, the pre-budget meetings under the chairmanship of the Secretary (Expenditure) will start on October 10, 2022.
The budget estimates for the financial year 2023-24 will be provisionally finalized after the completion of the pre-budget meetings. Meetings on Revised Estimates (RE) will continue till mid-November 2022. The budget for the financial year 2023-24 can be presented in the first phase of the budget session of Parliament on February 1. The budget session usually starts in the last week of January.
The government has indicated that if the situation continues to improve in this way, then in the next budget, the entire emphasis will be on accelerating the growth of the country. In the first quarter, the growth in the country has been 13.5 percent.
At the same time, the growth rate for the whole year has been estimated at 7 percent. The government wants to take this growth above 7 percent, for which it is trying to increase the participation of private investment. It is believed that the government can take such steps in the next few days so that the increase in private investment can be encouraged.