Budget 2016: Finance Ministry advances budget preparation exercise by over 2 months

NEW DELHI: The government has kick-started the budget exercise almost two months ahead of schedule in order to hold wider stakeholder consultations.

The circular marking the beginning of the budgetmaking exercise is being issued, the finance ministry said in a statement on Monday. Last year, the circular was issued on October 10.

The FY17 budget will be the third to be presented by the Narendra Modi-headed National Democratic Alliance government.

“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 ministry said in the statement.

The circular lays down the timelines for the completion of various budget processes and the instructions that departments and ministries have to follow while submitting their proposals and expenditure estimates