Finance Ministry Prepares for Crucial 2025-26 Budget Amid Economic Growth

The finance ministry will begin preparing the annual budget for 2025-26 in October, with a focus on accelerating growth, job creation, and boosting demand. Chaired by the Secretary (Expenditure), pre-budget meetings will ensure detailed data collection. This will be the second budget of the Modi 3.0 government and Nirmala Sitharaman's eighth as Finance Minister.

The finance ministry will kick off preparations for the 2025-26 annual budget from the second week of next month. This comes as India continues to experience a commendable 7 percent growth rate for the fourth year running.

Next year's budget aims to push reforms to further boost growth, create jobs, and stimulate demand across the economy. Pre-budget sessions, led by Secretary (Expenditure), are slated to start by mid-October 2024. Financial Advisers will need to ensure all necessary details are entered into the Union Budget Information System (UBIS) by October 7, 2024, as outlined in the Budget Circular issued by the Department of Economic Affairs.

Modi 3.0's second budget and Nirmala Sitharaman's eighth as Finance Minister will be presented on February 1, 2025, during the first half of Parliament's Budget session. This change in budget presentation timing, started in 2017, allows ministries to allocate their funds from April onwards, providing more time to implement plans and adjust business strategies.

(With inputs from agencies.)