- Finance Ministry to start preparatory process for Union Budget 2027-28 on Oct 12
- Pre-budget consultations to run from Oct 12 to mid-November 2026
- Departments must enter details in UBIS by Oct 6 and submit hard copies for verification
The Finance Ministry will begin the preparatory process for the Union Budget 2027-28 on Oct. 12, with the government likely to focus on sustaining economic growth, generating employment and boosting domestic demand amid heightened global uncertainty and elevated food and fuel prices.
According to the Budget Circular 2027-28 issued by the Department of Economic Affairs, pre-Budget consultations are scheduled to commence on Oct. 12 and run through mid-November.
“Pre-budget meetings chaired by the Secretary (Expenditure) shall commence from October 12, 2026,” the circular said.
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It directed Financial Advisers of ministries and departments to ensure that all required details are entered into the Union Budget Information System (UBIS) by Oct. 6.
The Finance Ministry has also asked departments to submit hard copies of the relevant data in prescribed formats for cross-verification, the circular said.
The Budget Estimates for 2027-28 and Revised Estimates for 2026-27 will be provisionally finalised after the completion of the pre-Budget meetings.
Following detailed discussions, provisional expenditure ceilings will be communicated to ministries and departments.
The final expenditure ceilings will subsequently be determined by the Finance Ministry after taking into account the government's spending priorities and projected revenue receipts, according to the circular.
The final expenditure figures are expected to be entered into and reflected in UBIS by the end of December 2026 or early January 2027.
The Budget exercise will also involve projections for central taxes and duties.
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The Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) have been asked to provide estimates of tax collections, including surcharges and cesses, to the Budget Division.
The 2027-28 Budget will be the fourth full Budget of the Narendra Modi-led government in its third term and the 10th consecutive Budget to be presented by Finance Minister Nirmala Sitharaman.
The government is expected to use the Budget to build on its ongoing reform agenda while seeking to accelerate economic expansion, generate employment and support domestic consumption.
(With PTI inputs.)
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