The Finance Ministry begins the annual exercise to prepare the Union Budget for 2027-28 on Monday, October 12, against a backdrop of global uncertainty and rising food and fuel prices.
Circular sets the timetable
According to the Budget circular for 2027-28 issued by the Department of Economic Affairs, pre-budget meetings chaired by the Secretary (Expenditure) will commence on October 12 and continue until mid-November. Financial Advisers across ministries have been directed to ensure all expenditure details are entered into the Union Budget Information System (UBIS) ahead of the meetings, with hard copies submitted for cross-verification.
The Budget Estimates for 2027-28 and the Revised Estimates for 2026-27 will be provisionally finalised once the pre-budget consultations conclude. Provisional expenditure ceilings will then be communicated to ministries and departments, with final ceilings settled after factoring in expenditure priorities and revenue projections. Final figures are to be reflected in the UBIS by end-December 2026 or early January 2027.
The Central Board of Direct Taxes and the Central Board of Indirect Taxes and Customs have been asked to furnish estimates of central taxes and duties, including surcharges and cesses, to the Budget Division.
Reform continuity on the agenda
The upcoming Budget is expected to continue the reform push to accelerate economic growth, alongside measures to create jobs and boost domestic demand. It will be the fourth Budget of the Modi 3.0 government — and the tenth straight Budget presented by Finance Minister Nirmala Sitharaman, a rare distinction in Indian parliamentary history.
With global trade frictions and commodity price pressures weighing on the outlook, the ministry's early start reflects the scale of the balancing act ahead: sustaining growth momentum while holding the fiscal line.
Sources:
- The Daily Pioneer: Finance ministry to begin preparing for Budget 2027-28 from October 12
Circular sets the timetable
According to the Budget circular for 2027-28 issued by the Department of Economic Affairs, pre-budget meetings chaired by the Secretary (Expenditure) will commence on October 12 and continue until mid-November. Financial Advisers across ministries have been directed to ensure all expenditure details are entered into the Union Budget Information System (UBIS) ahead of the meetings, with hard copies submitted for cross-verification.
The Budget Estimates for 2027-28 and the Revised Estimates for 2026-27 will be provisionally finalised once the pre-budget consultations conclude. Provisional expenditure ceilings will then be communicated to ministries and departments, with final ceilings settled after factoring in expenditure priorities and revenue projections. Final figures are to be reflected in the UBIS by end-December 2026 or early January 2027.
The Central Board of Direct Taxes and the Central Board of Indirect Taxes and Customs have been asked to furnish estimates of central taxes and duties, including surcharges and cesses, to the Budget Division.
Reform continuity on the agenda
The upcoming Budget is expected to continue the reform push to accelerate economic growth, alongside measures to create jobs and boost domestic demand. It will be the fourth Budget of the Modi 3.0 government — and the tenth straight Budget presented by Finance Minister Nirmala Sitharaman, a rare distinction in Indian parliamentary history.
With global trade frictions and commodity price pressures weighing on the outlook, the ministry's early start reflects the scale of the balancing act ahead: sustaining growth momentum while holding the fiscal line.
Sources:
- The Daily Pioneer: Finance ministry to begin preparing for Budget 2027-28 from October 12
