BudgetEstimates for 2023-24 will be tentatively finalized upon completion of pre-budget meetings.
- It will be the fifth budget of the government of Narendra Modi 2.0 and the Minister of Finance
- The 2023-24 budget is likely to be presented on February 1 during the first half of Parliament’s budget session.
The government to
On the first day on Monday, RE meetings with
Most of these discussions to finalize the RE for the current fiscal year (2022-23) and the budget estimate for 2023-24 would be chaired by the
The one-month deliberations were to end on November 10, with consultations with the Ministry of Cooperation, the Ministry of Agriculture and Farm Welfare, the Ministry of Agricultural Research and Education, the Ministry of Road Transport and Roads, the Ministry of Railways and the Ministry of Petroleum and Natural gas, according to a notification from the Budget Department of the Ministry of Finance.
The budget estimates for 2023-24 will be provisionally finalized after the conclusion of pre-budget meetings.
These meetings would take place against the background of many institutions, including the
It will be the fifth budget of the government of Narendra Modi 2.0 and Finance Minister Nirmala Sitharaman and the last full budget before the general elections in April-May 2024.
The 2023-24 budget is likely to be presented on February 1 during the first half of Parliament’s budget session, which usually starts in the last week of January each year.
In the 2022-23 budget, growth of 7-7.5 percent was forecast in real terms, while the budget deficit was set at 6.4 percent of gross domestic product (GDP).
The government led by Prime Minister Narendra Modi scrapped the colonial-era tradition of presenting the budget at the end of February. The then Minister of Finance Arun Jaitley presented the annual accounts for the first time on 1 February 2017.
With the change in budget presentation date, ministries are now allocated their budgeted resources from the beginning of a fiscal year beginning in April. This gives government departments more leeway and gives companies time to adjust to business and tax plans.
Previously, when the budget was presented at the end of February, the three-stage approval process by Parliament would be completed sometime in mid-May, weeks before the monsoon rains started.
This meant that government departments would not start spending on projects until the end of August or September, after the monsoon season has ended.
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