Finance Ministry kicks off budget-making exercise for FY 2027-28

New Delhi [India], August 29 (ANI): The Union Finance Ministry has formally begun the budget-making process for 2027-28, with the Department of Economic Affairs (DEA) issuing the Budget Circular 2027-28 on August 27, directing all ministries and departments to start preparing their Revised Estimates (RE) for 2026-27 and Budget Estimates (BE) for 2027-28.
According to the circular, issued by the Joint Secretary (Budget), ministries have been asked to submit detailed budgetary data through the Union Budget Information System (UBIS) in a time-bound manner, marking the first formal step in the Union Budget exercise for the coming fiscal year.
Pre-budget meetings, chaired by the Secretary (Expenditure), will commence on October 12, 2026 (Monday) and continue till mid-November, the circular states. Financial Advisers of ministries have been directed to ensure that all required data as per Appendices I to VII of the circular is entered into UBIS by October 6, 2026, ahead of the meetings.
The circular stresses that realistic projections for both RE 2026-27 and BE 2027-28 are essential to avoid frequent mid-year re-appropriations, which it says reflect poorly on budgeting discipline. Ministries have also been told to ensure that all schemes continuing into the 16th Finance Commission cycle are properly appraised and approved before pre-budget meetings, and that discontinued schemes are not carried into the new estimates.
The circular further reiterates confidentiality requirements, noting that all budget-related data entry must be done on stand-alone, internet-free computers to safeguard the sensitive nature of the exercise. (ANI)