NEW DELHI: The finance ministry will kick-begin the exercise to prepare annual Budget for 2020-21 from October 14 which, among different things, will have to cope with important issues bearing on a slowdown in increase and subdued revenue series.
It could be the second Budget of both the Modi 2.0 government and Finance Minister Nirmala Sitharaman.
“The pre-Budget/RE (Revised Estimate) conferences will start on October 14, 2019. All monetary advisers have to make certain that the vital info associated with those conferences contained inside the RE module of the UBIS (Union Budget Information System),” consistent with a Budget Circular (2020-21) of the price range division of the finance ministry’s Department of Economic Affairs.
The Budget Estimates for 2020-21 might be provisionally finalized after the expenditure secretary completes discussions with other secretaries and monetary advisers. Pre-Budget conferences will start from October 14 and keep till the first week of November, it stated.
“Some of the brand new inclusions in the Circular relate to commands concerning filling up of scheduled caste sub-plan and tribal sub-plan, gender, child price range statements, and so on.,” it said.
The Budget 2019-20 is likely to be offered on February 1.
Prime Minister Narendra Modi-led authorities scrapped a colonial-technology culture of supplying the Budget at the quit of February. Then Finance Minister Arun Jaitley had for the first time offered the yearly bills on February 1, 2017.
With the preponement of the Budget, ministries at the moment are allotted their budgeted funds from the begin of the economic yr beginning April.
This gives authorities departments more leeway to spend as well as permit businesses time to adapt to commercial enterprise and taxation plans.
Previously, while the Budget becomes supplied on the cease of February, the 3-stage Parliament approval system used to get finished a while in mid-May, weeks beforehand of onset of monsoon rains.
This meant government departments would start spending on tasks handiest from August-stop or September after the monsoon season ended.