From October 12, the finance ministry is going to start the preparation of making the annual budget for the upcoming year 2022-2023 focusing on the improvement of the Indian economy as the COVID-19 pandemic hit it hard.
The budget will include issues such as demand generation, job creation, and putting the economy on a sustained 8 percent-plus growth path. The upcoming budget will be the fourth budget of the Modi 2.0 government and Finance Minister Nirmala Sitharaman.
According to the Budget Circular (2022-23) of the Budget Division of the Department of Economic Affairs, dated September 16, 2021, “The pre-Budget/RE (Revised Estimate) meetings will begin on October 12, 2020.” Adding further the circular said, “All financial advisers should ensure that the necessary details related to these meetings contained in Appendices I to VII are entered in RE module of the UBIS (Union Budget Information System).”
After the discussion done by the expenditure secretary along with other secretaries and financial advisers the finalization of the Budget Estimates (BE) for 2022-23 will be done, the meeting will start from October 12 and will end by the second week of November. the discussion will be on all categories of expenditure, including the central sector and centrally sponsored schemes, and the final budgetary allocations will be the overall fiscal position due to the COVID-19 pandemic. Separate revenue and capital expenditure will be done for all categories of expenditure, and select schemes/projects.
“The allocations will be finalized for the establishment and other central government expenditures. For the Central Sector (CS) schemes and Centrally Sponsored Schemes (CSS), tentative ceilings would be discussed during the pre-budget meetings,” said the budget Estimated for 2022-2023.
On February 1, the budget for 2022-2023 is going to be presented at the first half of the Parliament’s Budget session. The growth rate of about 10.5 percent has been marked in the current fiscal deficit was marked at 6.8 percent of the gross domestic product (GDP).