The fourth budget making process of Modi 2.0 will kick-start from October 12. This budget will have to address issues of demand generation, job creation and try to put the economy on a sustained 8 per cent plus growth path.

Finance minister Nirmala Sitharaman will have to come up with measures to revive the Covid-19 battered economy and put it on a sustained growth path.

“The pre-Budget/RE (revised estimate) meetings will begin on October 12, 2020,” according to the Budget Circular (2022-23) of the budget division of the department of economic affairs.

The budget for the current fiscal had projected a growth rate of about 10.5 per cent in real terms while fiscal deficit was pegged at 6.8 per cent of the gross domestic product

“All financial advisers should ensure that the necessary details related to these meetings contained in the Appendices I to VII are entered in the RE module of the UBIS (Union Budget Information System),” the circular added.

The Budget Estimates (BE) for 2022-23 will be provisionally finalised after the expenditure secretary completes discussions with other secretaries and financial advisers.

Pre-budget meetings will begin from October 12 and continue till the second week of November, it said.

“Given the special circumstances of this year, the basis of the final budgetary allocations will be overall fiscal position, and subject to that the absorptive capacity of the ministry/department,” it said.

Ceilings for all categories of expenditure, including the central sector and centrally sponsored schemes, will be discussed, it said.

Accordingly, the RE 2021-22 and BE 2022-23 for all categories of expenditure, and select schemes/projects may be indicated separately for revenue and capital expenditure, it said.

For the Budget Estimates of 2022-23, it said, “The allocations will be finalised for the establishment and other central government expenditure. For the Central Sector (CS) schemes and Centrally Sponsored Schemes (CSS), tentative ceilings would be discussed during the pre-budget meetings."

Budget 2022-23 is likely to be presented on February 1 during the first half of the Parliament's Budget session which usually begins in the last week of January every year.