The Finance Ministry will start the budget making process from October 16 to 2021-22. It said in the notification issued on Thursday. This will be the second term of the Narendra Modi government and the third budget of Finance Minister Nirmala Sitharaman.
In the budget, measures will have to be taken to deal with issues like decline in economic growth due to Covid-19 crisis and decrease in revenue collection. According to the Budget Circular (2021-22) of the Budget Unit of the Department of Economic Affairs, “Meetings on Pre-Budget / Revised Estimates (RE) will start from October 16, 2020.
The circular states that all financial advisors should ensure that all the necessary details related to these meetings included in Appendices One to Seven are included in the RE module of the UBIS (Central Budget Information System).
The budget estimate for the FY 2021-22 will be finalized after completion of discussions with other secretaries and financial advisors to the Expenditure Secretary. The pre-budget meeting will start from October 16 and will continue till the first week of November.