The government has begun preparations for the Union Budget 2027-28, with the Finance Ministry issuing the Budget Circular outlining the framework, timelines and guidelines for the annual budget-making exercise.
The circular sets out the process for preparing the Revised Estimates for 2026-27 and Budget Estimates for 2027-28. Ministries and departments have been asked to submit detailed expenditure projections ahead of the pre-Budget consultations.
The pre-Budget meetings are scheduled to begin on October 12, 2026, while ministries and departments have been directed to furnish the required information by October 6.
The budget exercise is expected to remain aligned with the government’s broader objective of building a developed India by 2047. Expenditure proposals will therefore have to reflect approved government priorities and realistic assessments of resource requirements.
The Department of Economic Affairs under the Finance Ministry has stressed the need for accurate and realistic budgetary projections and advised ministries and departments to minimise additional resource requirements during the financial year.
The Budget Circular also states that proposed allocations must have the approval of the competent authority, while continuing schemes should have approved expenditure plans in place.
As part of the exercise, ministries and departments will prepare their Detailed Demands for Grants through the Union Budget Information System (UBIS).
The government has reiterated the need to maintain strict confidentiality of budget-related information. Financial Advisers have been directed to ensure that data entered into UBIS is handled only through prescribed secure systems.
The circular marks the beginning of the government’s first major fiscal planning exercise for 2027-28, with expenditure priorities expected to be calibrated against available resources and the longer-term objective of achieving the Viksit Bharat @2047 vision.
