New Delhi: The Finance Ministry will start the preparation process for the annual budget 2020-21 from October 14. The Ministry has to address, among other things, the important issues of softening of economic growth and reduction in revenue collection. This will be the second term of the Narendra Modi-led government and the second budget of Finance Minister Nirmala Sitharaman.
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According to the Budget Circular (2020-21) of the Budget Unit of the Department of Economic Affairs, Ministry of Finance, "Pre-Budget / Revised Estimate meetings will begin from 14 October 2019". The budget estimates for the financial year 2020-21 will be temporarily finalized after the deliberations are completed. The pre-budget meetings will start from October 14 and will continue till the first week of November.
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The General Budget for the financial year 2020-21 will be presented on February 1. The government led by PM Modi has ended the years-long tradition of the budget to be presented at the end of February. The then Finance Minister Arun Jaitley first presented the 2018-19 budget on February 1, 2017. With this, the budget amount is allocated to the ministries from the beginning of the financial year.
