Preparation for Union Budget 2027-28 begins, pre-budget meetings to be held from October 12

29/08/26 | 2:48 pm | Budget Circular 2027-28 | India Budget 2027 | India Economic Policy 2027 | Pre-Budget Meetings 2027 | Union Budget 2027-28 | Union Budget Preparation 2027

The Central Government has formally started preparations for the Union Budget for the financial year 2027-28. The Finance Ministry has issued the Budget Circular setting out the necessary guidelines and timelines for the budget process. Along with this, various ministries and departments have been instructed to prepare detailed details of their expenditure estimates and planning requirements for the upcoming financial year.

The Finance Ministry has said that pre-budget consultation meetings will begin from October 12, 2026. For this, ministries and departments have been instructed to submit necessary data and proposals by 6 October 2026. According to the budget circular, ministries and departments will have to prepare revised estimates for FY 2026-27 and budget estimates for FY 2027-28. For this, detailed expenditure proposals and assessment of financial needs have been sought from all the departments, so that these can be used in the pre-budget discussions regarding the upcoming budget.

In these meetings, the financial needs of various ministries, ongoing projects and future priorities will be considered, on the basis of which the framework of the upcoming budget will be prepared. The upcoming budget of the government is likely to be prepared in line with Prime Minister Narendra Modi's 'Developed India @2047' vision. The Budget Circular clarifies that expenditure proposals sent by ministries should be in line with the agreed priorities and actual financial requirements of the government.

The Government aims to prioritize expenditure proposals that support the country's long-term economic growth, infrastructure expansion, employment generation, digital transformation and social development objectives. The Department of Economic Affairs, Ministry of Finance has directed ministries and departments to present financial estimates as accurate and realistic as possible while preparing the Budget Estimates. The ministry has also said that efforts should be made to minimize the demand for additional resources during the financial year. This will help in making public finance management more effective and disciplined.

It has also been made clear in the budget circular that budgetary provisions should be proposed only for those schemes and programs which have the approval of the competent authority. Apart from this, details of approved expenditure plans for the ongoing schemes will also have to be provided. The government wants budgetary resources to be utilized in a more transparent, accountable and result-oriented manner. All ministries and departments will prepare their detailed demands for grants through the Union Budget Information System (UBIS).

The Finance Ministry has also laid special emphasis on the confidentiality of budget related information. Financial advisors have been instructed to ensure the security of all data and documents entered in UBIS as per the prescribed standards. With the release of the Budget Circular, the government's first major financial planning process for the financial year 2027-28 has begun. It is believed that in the upcoming budget, special attention will be paid to striking a balance between development priorities and fiscal discipline. (Input-IANS)

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