The government has kick-started preparations for the Union Budget 2027-28, with the Finance Ministry issuing the Budget Circular laying down the framework and timelines for the annual exercise.
The circular sets the process for preparation of Revised Estimates for 2026-27 and Budget Estimates for 2027-28, with ministries and departments being asked to provide detailed expenditure projections ahead of the pre-Budget consultations.
The pre-Budget meetings are scheduled to begin from October 12, 2026, while ministries have been asked to submit the required information by October 6.
The Budget exercise is expected to remain closely aligned with the government's broader Viksit Bharat @2047 vision, with expenditure proposals required to reflect approved priorities and realistic resource requirements.
The department of economic affairs under the Finance Ministry has stressed the need for realistic and accurate budgetary projections, while asking ministries to minimise additional resource requirements during the course of the financial year.
The circular also underlines the importance of ensuring that proposed allocations are backed by the approval of the competent authority and that continuing schemes have approved expenditure plans.
Ministries and departments will prepare their Detailed Demands for Grants through the Union Budget Information System (UBIS).
The government has also reiterated strict confidentiality around budget-related information. Financial Advisers have been asked to ensure that data entered into UBIS is handled through prescribed secure systems.
The Budget Circular effectively sets the stage for the government's first major fiscal planning exercise for FY28, with expenditure priorities expected to be calibrated against fiscal constraints and the longer-term objective of building a developed India by 2047.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
