New Delhi - Ahead of Lok Sabha polls which are due early next year, the process to prepare the interim Budget for 2024-25 has been commenced by the Ministry of Finance. It invited inputs on expenditure from different ministries and departments. However, the full Budget for the next fiscal year, that is, FY25 will be presented only after the formation of the new Government post the said elections.

As per the Budget Circular for 2024-25, issued by the Budget Division under the Department of Economic Affairs of the Finance Ministry, dated September 1, financial advisers should ensure that the necessary details required should be submitted by October 5, 2023.

"Pre-budget meetings chaired by Secretary (Expenditure) shall commence in the second week of October 2023...shall continue till around mid-November, 2023," read the said circular.
Further, according to the circular, the Budget Estimates for 2024-25 will be provisionally finalised after completion of pre-Budget meetings.

The requirement of funds for all categories of expenditures, along with receipts of Ministries or Departments, is discussed during the pre-budget meetings.

Meanwhile, on a net basis, non-tax revenues, including arrears of non-tax revenue and indicative budget figures, will be discussed.

All Ministries or Departments are required to submit details of autonomous bodies or implementing agencies for which a dedicated corpus fund has been created, the circular said, adding the reasons for their continuance and requirement of grant-in-aid support, and why the same should not be wound up, should be explained.

This will be the sixth Budget of Finance Minister Nirmala Sitharaman, who presented her first full Budget in July