6.9 C
London
Monday, November 28, 2022

Government to start FY24 budgeting exercise on Monday

Must read

A small plane with 2 on board dangles from the Maryland high voltage tower

A small plane with two people on board was estimated to be dangling 100 feet (30 m) above the ground on Sunday night after...

Morse Micro supplements Series B with an additional $30 million from superfunds

Local semiconductor company Morse Micro has added another $30 million to its Series B raise just 10 weeks after raking in $140 million in...

The 98 best early Cyber ​​Monday deals: Headphones, games and more

You know how most streets in American cities look exactly the same, except for a few differences? That's kind of how Cyber ​​Monday...

TipTip uses a hyper-local strategy to help Southeast Asian creators monetize • londonbusinessblog.com

There are many talented people, such as chefs and musicians, in Southeast Asia who can earn money online from their work, says TipTip founder...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

  • The Budget Estimates 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 Nirmala Sitharaman.
  • The 2023-24 budget is likely to be presented on February 1 during the first half of Parliament’s budget session.


The government to Monday will kick off its annual fiscal exercise for fiscal year 2023-24, which is expected to look at measures to revive growth in a bleak global outlook. The meeting would begin with consultations with various ministries and departments on the revised estimate (RE) of current fiscal year expenditure and borrowing requirement for 2023-24.

On the first day on Monday, RE meetings with Ministry of Environment, Forest and Climate Change, Ministry of Labor and Employment, Ministry of Information and Broadcasting, Ministry of Statistics and Program Implementation and Ministry of Youth Affairs and Sports.

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 Finance Secretary and expenditure secretary.

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 Reserve Bank and the World Bank has lowered its growth forecast for India to 7 percent and 6.5 percent, respectively.

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.

During the election year, the government presents Votes on Account for the limited period. Usually the budget is approved until July.

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.

SEE ALSO: Pakistani Rupee Becomes ‘World’s Best Performing Currency’

Destinations in the Middle East see a rise among Indian travelers

People struggle as vegetable prices, grains go through the roof, report says

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

A small plane with 2 on board dangles from the Maryland high voltage tower

A small plane with two people on board was estimated to be dangling 100 feet (30 m) above the ground on Sunday night after...

Morse Micro supplements Series B with an additional $30 million from superfunds

Local semiconductor company Morse Micro has added another $30 million to its Series B raise just 10 weeks after raking in $140 million in...

The 98 best early Cyber ​​Monday deals: Headphones, games and more

You know how most streets in American cities look exactly the same, except for a few differences? That's kind of how Cyber ​​Monday...

TipTip uses a hyper-local strategy to help Southeast Asian creators monetize • londonbusinessblog.com

There are many talented people, such as chefs and musicians, in Southeast Asia who can earn money online from their work, says TipTip founder...