The finance ministry will set off the task to prepare the annual budget for 2022-23 from October 12. The budget for the next year will have to discuss important issues of demand generation, job creation and setting the economy on a supported 8 per cent plus growth path. “The pre-Budget meetings will start from October 12, 2020,” according to the Budget Circular of the Budget Division of the Department of Economic Affairs.

For the Budget Estimates, “the allocations will be finalised for the establishment and other government expenditures. For the Central Sector (CS) schemes and Centrally Sponsored Schemes (CSS), tentative ceilings will be discussed in the pre-budget meetings.” The Budget 2022-23 is expected to be presented on February 1 in the Parliament’s Budget session.

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Prime Minister Narendra Modi-led administration rejected a colonial-era tradition of presenting the Budget. With this Budget, ministries are now issued their budgeted funds from the start of the financial year beginning April. This gives government departments more freedom to spend and allows companies to adapt to business and taxation plans.