New Delhi, Aug. 29 -- The finance ministry will kick off the process to formulate the Union Budget for fiscal year 2027-28 on 12 October, initiating weeks of departmental reviews aimed at reining in unnecessary expenditure while funding ongoing development goals.

The pre-Budget meetings will be chaired by secretary (Expenditure) V. Vualnam, according to the Budget Circular 2027-28 issued by the department of economic affairs' Budget Division on 27 August. The circular lays down guidelines for preparing the Revised Estimates (RE) for 2026-27 and Budget Estimates (BE) for 2027-28.

The meetings will review project approvals for the 16th Finance Commission cycle, departmental funding needs, total revenues (including fees and unpaid dues), a...