The government on Monday will kick off its annual budget-making exercise for the financial year 2023-24, which is expected to look at measures to revive growth amid a gloomy global outlook.
It will be the fifth Budget of the Narendra Modi 2.0 government and finance minister Nirmala Sitharaman and the last one before the general elections due in April-May 2024.
The meeting would start with consultations with various ministries and departments on the revised estimates(RE) of expenditure for the ongoing financial year and the fund requirement for 2023-24.
On the first day on Monday, RE meetings with the 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 would take place.
Most of these discussions to finalise RE for the ongoing financial year (2022-23) and budget estimate for 2023-24 would be chaired by the finance secretary and expenditure secretary.
The month-long deliberations would end on November 10, with consultations with the ministry of co-operation, department of agriculture and farmers welfare, department of agricultural research and education, ministry of road transport and highways, ministry of railways and the ministry of petroleum and natural gas, as per a notification of the budget division of the finance ministry.
The budget estimates for 2023-24 will be provisionally finalised after the completion of pre-budget meetings.
These meetings would take place against the backdrop of many institutions, including the Reserve Bank of India and the World Bank slashing India’s growth forecast to 7 percent and 6.5 per cent, respectively.