The Indian government is preparing to hold discussions on the Union Budget for FY2027, foreign media reported.
The talks are reportedly set to begin on October 9.
Typically, multi-pronged talks and consultations for the next financial year’s Union Budget begin in late August or September, precisely around 6-7 months before the presentation of the official government document in Parliament.
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The Finance Minister presents the Union Budget on the first day of February each year.
The government kicks off the Budget discussion process with internal meetings at the Finance Ministry.
The process subsequently intensifies to extensive consultations with ministers, including the Finance Minister, and top officials.
The Budget process usually commences in late summer or early autumn in the country, with the Finance Ministry sending out a common circular to ministries, departments and autonomous bodies to seek their spending estimates for the coming financial year.
Ministries are then required to submit their proposals and estimates, often starting preparations as early as September.
The Department of Economic Affairs coordinates with government policy think-tank NITI Aayog and other agencies to finalise the overall economic outlook.
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Role of Finance Minister in Budget preparation process
The Finance Minister plays a vital role throughout the Budget preparation process. The Union Minister is actively involved in a range of tasks, including overseeing consultations, resolving policy disputes and approving the final documents.
The Finance Minister delivers an official speech while presenting the Budget in Parliament.
All in all, Budget talks involve extensive internal and external consultations, and feature the Finance Minister’s direct involvement at every critical stage.
