The Budget-making exercise for 2016-17 is set to start in a day or so, about two months early compared to previous years, the finance ministry said on Monday.
"In consonance with the objective of the government of India to have wider consultations with various stakeholders as well as to provide more time for planners, it has been decided to start the Budget exercise by middle of August for the forthcoming financial year," the ministry said in an official statement
"The Budget circular, which marks the beginning of the Budget formulation exercise, is being issued by the Budget division, department of economic affairs (DEA) and ministry of finance (MoF). This advances the process by over two months," it stated.
Traditionally, the Budget making exercise begins from mid-October, and picks up steam mid-December onwards, with the MoF being shut to outsiders and the media from January onwards, till the day of the Budget.