Pre-Budget meetings to continue till mid-November; focus likely to remain on reforms, job creation and boosting domestic demand
New Delhi: The Union Finance Ministry will begin preparations for the Union Budget 2027-28 from October 12, 2026, with pre-Budget consultations scheduled to continue through mid-November.
The exercise comes amid heightened global economic uncertainties and rising food and fuel prices. The upcoming Budget is expected to focus on continuing economic reforms, accelerating growth, creating employment opportunities and strengthening domestic demand.
Pre-Budget meetings to begin on October 12
According to the Budget Circular 2027-28 issued by the Department of Economic Affairs, pre-Budget meetings chaired by the Secretary (Expenditure) will commence on October 12, 2026.
The circular has directed Financial Advisers of ministries and departments to ensure that all necessary details are properly entered into the Union Budget Information System (UBIS) by October 6, 2026, or earlier.
The government has also asked ministries and departments to submit hard copies of the required data in the specified formats for cross-verification.
Budget Estimates and Revised Estimates to be finalised
The Budget Estimates for 2027-28 and the Revised Estimates for 2026-27 will be provisionally finalised after the completion of the pre-Budget meetings.
Following detailed discussions with various ministries and departments, provisional expenditure ceilings will be communicated to them.
The Finance Ministry will subsequently determine the final expenditure ceilings after taking into account the government’s expenditure priorities and projected revenue receipts.
Final expenditure figures by December-end or early January
The circular states that the final expenditure figures will be entered into and reflected through UBIS by the end of December 2026 or early January 2027.
This process will help the government align expenditure requirements with available resources and its broader fiscal priorities for the next financial year.
CBDT and CBIC to provide tax estimates
The circular also directs that estimates relating to central taxes and duties, including surcharges and cesses, should be furnished by the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) to the Budget Division.
These revenue projections will form an important component of the government’s overall Budget calculations.
Fourth Budget of Modi 3.0 government
The 2027-28 Union Budget will be the fourth Budget of the Modi 3.0 government.
It will also mark the 10th consecutive Union Budget presented by Finance Minister Nirmala Sitharaman, a notable distinction in India’s parliamentary history.
Focus on growth and employment
Against the backdrop of global economic uncertainty, the government is expected to use the Budget exercise to examine measures aimed at sustaining economic growth.
Potential areas of focus include:
- Continuation and acceleration of economic reforms
- Creation of new employment opportunities
- Boosting domestic consumption and demand
- Strengthening public expenditure
- Managing food and fuel price pressures
- Balancing development priorities with fiscal considerations
- Improving revenue and expenditure management
The detailed priorities, however, will become clearer during the pre-Budget consultation process and in the final Budget proposals.
Budget preparation timeline
| Key activity | Timeline |
|---|---|
| Financial data entered in UBIS | By October 6, 2026 |
| Pre-Budget meetings begin | October 12, 2026 |
| Pre-Budget consultations | October to mid-November 2026 |
| Provisional expenditure ceilings | After pre-Budget meetings |
| Final expenditure figures in UBIS | End-December 2026/Early January 2027 |
| Union Budget 2027-28 | February 2027 |
The commencement of the Budget exercise in October marks the beginning of an extensive process through which the government will assess expenditure requirements, revenue projections and policy priorities before presenting the Union Budget 2027-28 to Parliament.
