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LATEST NEWS UPDATES | No ‘significant cuts’ expected in Budget Estimate for Central Ministries/Departments -Shishir Sinha

No ‘significant cuts’ expected in Budget Estimate for Central Ministries/Departments -Shishir Sinha

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published Published on Oct 19, 2022   modified Modified on Oct 20, 2022

-The Hindu Business Line

New accounting mechanism will help govt manage some savings; Revised Estimate for FY23 to be present in Budget for FY24

Initial indications from Inter-Ministerial meetings on the Budget show no significant cuts in allocations for various Ministries. It will be reflected in Revised Estimate (RE). Still, Finance Ministry could get high savings thanks to the new accounting mechanism.

Inter-Ministerial meetings to finalise Revised Estimate for Fiscal Year 2022-23 and the first print of Budget Estimate (BE) for Fiscal Year 2023-24 began on October 10 and will continue till November 11. “Finance Ministry officials have not given any hint about allocation cuts, and it seems RE for many Ministries/Departments could be close to or even higher than BE,” a senior government official told businessline.

However, departments and ministries such as Fertiliser and Food will see higher RE as government has already announced increasing the subsidy payout by 1.10-lakh crore and 44,762 crore. RE for FY23 will be presented along with BE for FY24 as part of new Budget which is likely to be announced on February 1.

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The Hindu Business Line, 19 October, 2022, https://www.thehindubusinessline.com/economy/no-significant-cuts-expected-in-budget-estimate-for-central-ministriesdepartments/article66031575.ece


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