Government to kick off FY24 Budget making exercise on October 10
The Hindu
The Budget Estimates for 2023-24, will be provisionally finalised after completion of pre-Budget meetings.
The government on October 10, 2022 will kick off its annual Budget making exercise for financial year 2023-24, that is expected to look at measures to revive growth amid a gloomy global outlook.
The meeting would start with consultations with various ministries and departments on the revised estimates (RE) of expenditure for ongoing financial year and the fund requirement for 2023-24.
On the first day on October 10. 2022, RE meetings with Ministry of Environment, Forest and Climate Change, Ministry of Labour And Employment, Ministry of Information and Broadcasting, Ministry of Statistics and Programme Implementation and Ministry of Youth Affairs and Sports would take place.
Most of these discussions to finalise RE for ongoing financial year (2022-23) and Budget Estimate for 2023-24 would be chaired by the Finance Secretary and Expenditure Secretary.
The month-long deliberations would end on November 10, with consultations with Ministry of Cooperation, Department of Agriculture and Farmers Welfare, Department of Agricultural Research and Education, Ministry of Road Transport and Highways, Ministry of Railways and Ministry of Petroleum and Natural Gas, as per a notification of Budget Division of the finance ministry.
The Budget Estimates for 2023-24, will be provisionally finalised after completion of pre-Budget meetings.
These meetings would take place against the backdrop of many institutions, including the Reserve Bank and the World Bank slashing India's growth forecast to 7 per cent and 6.5 per cent, respectively.
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The Union Budget unveiled on February 1, 2025, has come at a time of unprecedented global uncertainty and a flagging domestic economy. The real GDP growth is estimated at 6.4% for 2024-25 and between 6.3-6.8% for 2025-26, a far cry from >8 percent growth required annually to make India a developed nation by 2047. While much attention has been devoted to the demand stimulus through income tax cuts, not enough is said about the proposed reforms in urban development, tariff rationalisation, and regulatory simplification aimed at making Indian cities and corporates more competitive. Since the majority of economic activity is located in cities (urban areas account for ~55% of GDP) and produced by large corporates (~40% of the national output and 55% of India’s exports), the above-mentioned reforms have a pivotal role in improving India’s trend growth rate. Below we unpack each reform.
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