The Finance Ministry today said it has started the exercise for firming up budget proposals for 2016-17 two months ahead of schedule in order to have wider consultations with stakeholders.
“In consonance with the objective of the government 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 a statement.
The Budget circular, which marks the beginning of Budget formulation exercise, is being issued by the Budget Division, it added.
“This advances the process by over two months,” the Ministry said.
The budget exercise, which normally starts during later part of October, involves consultations with several interest groups like industry, traders bodies and trade unions.
In addition, various government departments make expenditure proposals to the Finance Ministry.
The Union Budget is traditionally unveiled on the last working day of February.
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