Finance Ministry is looking ahead for budget preparation in advance by two months
Aug 18, 2015: Finance Ministry has started the task of preparing the budget two months earlier of the scheduled time. That has been done to hold wider stakeholder consultations.
The circular has been issued that is starting the budget making task according to the statement given by finance ministry on Monday. In the previous year, the circular was issued on October 10.
The Financial year 2017 is going to be the third budget represented by Modi Government. Finance ministry said," In consonance with the objective of the Government of India to have wider consultations with various stakeholders as well as to provide more time for planners, it has been decided to start the budget exercise by middle of August 2015 for the forthcoming financial year 2016- 17".
The circular provides the timeline for the various budget processes and instructions. Departments and Ministers are required to fulfill these timelines for the submission of proposals and expenditure estimates.