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The Finance Ministry has formally kicked off preparations for the Union Budget 2018-19 and on Wednesday issued the Budget circular listing guidelines for fund requirements to nodal Ministries.
Ministries have been asked to focus on means of generation of non-tax revenue such as dividends and interest receipts.
“There would be a specific discussion on the non-tax revenue mobilised by the Ministry or Department and its potential to generate it, and this will be duly considered while finalising the Budget allocation,” said the Finance Ministry.
Financial Advisers of each Ministry have been asked to prepare the Budget and Expenditure Trends and Non-Tax Revenue for 2018-19 and submit it to the Finance Ministry along with the tentative Budget Estimates by October 3.
The Finance Ministry has also sought draft paragraphs by this deadline for inclusion in Budget Speech since their financial implication would be discussed during RE meetings.
In a first, all data on fund requirements have to be submitted online by the nodal Ministries.
Pre-Budget meetings to discuss the fund requirements for the current fiscal as well as 2018-19 would be chaired by Expenditure Secretary and would start from October 9 and continue until the first week of November.
“The final ceilings for Revised Estimates and Budget Estimates shall be communicated latest by January 15,” said the Finance Ministry.
The three-year action Plan released by the NITI Aayog will be a key benchmark for the Finance Ministry while allocating resources.
The Budget is expected to be tabled in Parliament by Finance Minister Arun Jaitley on February 1.
The Budget 2018-19 could be the last full fledged exercise by the NDA government before the General Elections in 2019.
It would also be the first such exercise after the roll out of the goods and services tax (GST), and would require an overhaul of the Centre’s Budgeting procedures.
A new team of Secretaries, apart from Revenue Secretary Hasmukh Adhia, would also helm the Budget with many top officials set to retire.
Subhash Chandra Garg, Secretary, Department of Economic Affairs, will lead the Budget-making process. Rajiv Kumar took over as Secretary, Department of Financial Services earlier this month.
Finance Secretary Ashok Lavasa is set to retire in October when Chief Economic Adviser Arvind Subramanian’s three-year term will also come to an end.
NITI Aayog, which also gives policy advice to the Budget and also looks into the Outcome Budget, also has a new Vice-Chairperson in Rajiv Kumar.
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