The 2027-28 Budget is expected to place emphasis on continuing economic reforms, accelerating growth, generating employment and strengthening domestic demand.
NEW DELHI: The Union Finance Ministry will begin preparations for the Union Budget 2027-28 from October 12, with pre-Budget meetings scheduled to continue until mid-November. The exercise comes amid heightened global economic uncertainties and rising food and fuel prices.
The Department of Economic Affairs has issued the Budget Circular 2027-28, directing ministries and departments to begin compiling their Revised Estimates (RE) for 2026-27 and Budget Estimates (BE) for 2027-28. Financial Advisers have been asked to ensure that the required information is entered into the Union Budget Information System (UBIS) by October 6.
The pre-Budget meetings will be chaired by the Secretary (Expenditure) and will provide the government with an opportunity to assess expenditure requirements and set priorities for the coming financial year. Following these discussions, provisional expenditure ceilings will be communicated to various ministries and departments.
The government has stressed the importance of realistic budget projections, with ministries expected to carefully assess their revenue and expenditure requirements. The exercise is aimed at avoiding frequent mid-year changes in allocations and maintaining greater discipline in government spending.
The 2027-28 Budget is expected to place emphasis on continuing economic reforms, accelerating growth, generating employment and strengthening domestic demand. At the same time, policymakers will have to account for external economic risks, volatile commodity prices and pressures from food and fuel costs.
The upcoming Budget will be the fourth Budget of the Modi 3.0 government and the 10th consecutive Union Budget to be presented by Finance Minister Nirmala Sitharaman, marking a notable milestone in India's budgetary history.
The Budget Estimates for 2027-28 and Revised Estimates for 2026-27 will be provisionally finalised after the completion of the pre-Budget consultation process. Ministries will also be expected to ensure that ongoing schemes are properly assessed and that discontinued programmes are not carried forward into the new estimates.
Key highlights
- Budget exercise begins: October 12, 2026
- UBIS data deadline: October 6, 2026
- Pre-Budget meetings: October 12 to mid-November
- Budget: Union Budget 2027-28
- Finance Minister: Nirmala Sitharaman
- Key focus: Growth, jobs, domestic demand and continued reforms