The budget for the financial year 2023-24 can be presented in the first phase of the budget session of Parliament on February 1. The budget session usually starts from the last week of January.
Work on the budget will start from next month
Finance Ministry Annual for the financial year 2023-24 budget The preparation work will start from October 10. This process is starting in the midst of a boost to the domestic economy and the fear of recession in developed countries. The budget for the next financial year will need to address the important issues of high inflation, spurt in demand, new jobs and sustaining growth of more than eight per cent. Earlier, Finance Minister Nirmala Sitharaman has said that with inflation coming down from record high, the issue of inflation is no longer very important and now the priority for the government is to generate employment and accelerate economic growth.
Meetings will start from October 10
This will be the fifth budget of Finance Minister Sitharaman. Also, there will be the last full budget before the general elections to be held in April-May 2024. According to the Budget Circular (2023-24) of the Budget Unit of the Department of Economic Affairs, the pre-budget meetings under the chairmanship of Secretary (Expenditure) will start from October 10, 2022. The budget estimates for the financial year 2023-24 will be provisionally finalized after the completion of the pre-budget meetings. Meetings on Revised Estimates (RE) will continue till mid-November 2022. The budget for the financial year 2023-24 can be presented in the first phase of the budget session of Parliament on February 1. The budget session usually starts from the last week of January.
Focus on accelerating growth in the budget
The government has indicated that if the situation continues to improve in this way, then in the next budget, the entire emphasis will be on accelerating the growth of the country. Growth in the country has been 13.5 percent in the first quarter. At the same time, the growth rate for the whole year has been estimated at 7 percent. The government wants to take this growth above 7 percent, for which it is trying to increase the participation of private investment. It is believed that the government can take such steps in the next few days so that the increase in private investment can be encouraged.