next financial year Preparations for making the budget are going to start soon. Let us tell you that the Finance Ministry will start the exercise of preparing the general budget for the financial year 2025-26 from the second week of October. The Indian economy has registered growth of seven percent or more in four consecutive financial years. The budget for the next financial year will focus on reforms to further accelerate the pace of growth, employment generation and measures to increase demand in the economy. The Budget Circular 2025-26 issued by the Department of Economic Affairs said that pre-budget meetings chaired by the Secretary (Expenditure) will begin in the second week of October 2024. The Finance Advisor will ensure that the required details are properly entered in the UBIS (Union Budget Information System) before or by October 7, 2024.
This will be the eighth consecutive budget of the Finance Minister
It said that hard copies of the data in the specified format should be given for verification. This will be the second budget of the third term of the Narendra Modi government and the eighth consecutive budget for Finance Minister Nirmala Sitharaman, a rare feat in Indian politics. According to the statement, the budget estimates for the financial year 2025-26 will be provisionally finalised after the completion of the pre-budget meetings. “The pre-budget meetings will begin from the second week of October, 2024 and continue till mid-November, 2024. During the pre-budget meetings, the requirement of funds for all categories of expenditure as well as the receipts of ministries/departments and expenditure estimates on a net basis are discussed.
Capital expenditure plan reviewed
Finance Minister Nirmala Sitharaman reviewed the capital expenditure plan of the Ministry of Housing and Urban Affairs. She spoke of the need for timely and efficient use of funds. During the meeting, mainly the Pradhan Mantri Awas Yojana (Urban) was discussed. The Finance Ministry wrote on the social media platform 'X', “Union Finance Minister Nirmala Sitharaman stressed the need to accelerate progress under this scheme to meet the housing needs of urban India.” Sitharaman is holding review meetings with ministries and departments that have been allocated significant capital expenditure in the Union Budget. This meeting is part of that. A capital expenditure of Rs 28,628 crore has been allocated in the budget for the financial year 2024-25.
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