Preparation for the last full budget of the second term of Modi government will start from tomorrow! There will be many challenges ahead

Budget 2023-24 Preparation: The Finance Ministry will start the preparation of the annual budget for the financial year 2023-24 from tomorrow i.e. 10 October. It is believed that the Finance Ministry is going to start this process when the government is facing a big challenge to speed up the domestic economy and there is also a possibility of a global recession in the world.

At the beginning of the budget, the Finance Ministry will first hold a meeting with different departments and discuss the needs of the next financial year 2023-24. There will be a meeting of the Finance Ministry with the Ministry of Environment, Labor and Employment, Ministry of Information and Broadcasting, Ministry of Forest and Climate Change, Ministry of Program Implementation and Ministry of Youth Affairs and Sports from tomorrow. All this meeting will be under the chairmanship of Finance Secretary and Expenditure Secretary.

After this, the meeting of the Finance Ministry will continue till November 10. There will also be meetings of the Finance Ministry with the Department of Agriculture Research and Education, Ministry of Road Transport and Highways, Ministry of Railways, Ministry of Petroleum and Natural Gas and Ministry of Cooperation. After all these meetings, the Finance Ministry will tentatively finalize its budget for the financial year 2023-24 according to the needs of all the ministries.

Last full budget before elections

Significantly, this will be the last budget of Modi Government 2.0 to be presented for the financial year 2023-24. With this, this will be the fifth budget of Finance Minister Nirmala Sitharaman. General elections will be held in the country in April-May 2024. The government presents a budget for a limited time in an election year and then a full budget is presented again in July. Along with this, let us tell you that Finance Minister Nirmala Sitharaman will present the budget for the financial year 2023-24 in Parliament on February 1, 2023.

There are many expectations from the budget

Let us tell you that this meeting of the Ministry of Finance is going to take place when the Reserve Bank and the World Bank have reduced India’s GDP estimates to 7% and 6.5%. In such a situation, it will be a big challenge before the Finance Minister that he should make a budget to speed up the economic development of the country. Along with this, people should pay attention to important issues like freedom from rising inflation, accelerating demand, creating employment opportunities. Along with this, the government can consider issues like giving tax exemption to the salaried person.

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