Union Budget 2025-26: FM Nirmala Sitharaman’s Plans for Economic Growth and Job Creation

The Finance Ministry of India is gearing up for the Budget 2025-26, initiating preparations as the country sustains a remarkable 7% growth rate in its economy for the fourth consecutive year. As per reports, the upcoming budget is set to prioritize significant reforms aimed at further growth acceleration and measures to enhance job creation and economic demand.

A circular issued by the Department of Economic Affairs indicates that pre-budget meetings led by the Secretary (Expenditure) are set to commence in the second week of October 2024. Financial Advisers are instructed to ensure the necessary details are recorded in the Union Budget Information System (UBIS) by October 7, 2024.

This budget will mark FM Nirmala Sitharaman’s eighth consecutive presentation and the second budget of Prime Minister Modi 3.0. Ministries are directed to submit information on autonomous bodies requiring grant-in-aid support, detailing their necessity and funding requirements. The pre-budget meetings, scheduled from mid-October to November 2024, will discuss funding needs and revenue estimates.

The anticipated budget will be revealed in early February 2025, conforming to the early budget presentation trend initiated in 2017. In the current fiscal year, a nominal GDP growth of 10.5% and a fiscal deficit of 4.9% of GDP were projected. The upcoming budget is crucial for steering the future of India’s economy and shaping effective fiscal planning strategies.