Budget 2024: Finance Ministry starts budget preparation, suggestions sought from all ministries and departments by October 5, 2023

Budget 2023-24: The Finance Ministry has started preparing for the interim budget to be presented on February 1, 2024. The Budget Division, which comes under the Department of Economic Affairs, Ministry of Finance, has issued a circular regarding the budget 2024-25, in which input has been sought from all the ministries and departments regarding their budget. The Finance Ministry has asked these ministries and departments to submit their inputs by October 5, 2023.

It has been said in this budget circular that the Expenditure Secretary of the Ministry of Finance will start pre-budget meeting with these ministries and departments from the second week of October.

Let us tell you that on February 1, 2024, Finance Minister Nirmala Sitharaman will present the budget, although it will be an interim budget. From April 2024, the process of voting for the Lok Sabha elections will begin in the country. In such a situation, after the formation of the new government, until the presentation of the full budget, an interim budget is made for government expenditure and salary to government employees.

After the formation of the new Lok Sabha, the new government will present the budget in the month of July, then the Finance Bill will be approved by the Parliament. An interim budget is presented for the expenditure till then. However, it is believed that the Modi government can also make populist announcements in this interim budget to woo the voters before the Lok Sabha elections. Last time in 2019, when the Modi government presented the interim budget, it was announced to bring Pradhan Mantri Kisan Samman Yojana. Whose Modi government also got tremendous electoral benefit.