Finance ministry kicks off FY25 Budget drill, meetings from October
finance ministry has started the process to prepare the interim budget for 2024-25 by asking various departments to submit their statements of budget and expenditure trends by October 5.
In a circular dated September 1, the Department of Economic Affairs said: «Pre-budget meetings chaired by secretary (expenditure) shall commence in the second week of October 2023… shall continue till around mid-November 2023,» the circular said.
It has also asked the departments to «ensure accurate projection of estimates»-for both the revised estimates for this fiscal year and the budget estimates for 2024-25.
A person aware of the details recently said the ministry had already informally conveyed to various departments to present «realistic assessments» of their budgetary demands.
The government will present the interim budget for 2024-25 in February next year, and the actual budget will be introduced after the 2024 general elections, the schedule of which isn't known yet.
The interim budget will be presented at a time when uncertainties persist about the fall-out of erratic monsoon showers on the economy, although India still remains a «bright spot» amid global turmoil.
Given that the precise duration of the budget session of Parliament isn't yet clear (due to the polls), it makes sense for the ministries/ departments to prepare estimates as precisely as possible, the person quoted above had said.
The DEA's latest circular also called for quarterly review of the status of repayments/recovery of the government's dues. It has also asked the
