India, Aug. 30 -- The Finance Ministry has formally begun the Budgetmaking exercise for fiscal year 2027-28 (FY28), with the Department of Economic Affairs (DEA) issuing the Budget Circular 2027-28 on August 27. The Union Budget is likely to be presented on February 1, 2027. The circular directs ministries and departments to prepare their Revised Estimates (RE) for 2026-27 and Budget Estimates (BE) for 2027-28 and submit the required data through the Union Budget Information System (UBIS). Pre-Budget meetings, chaired by the Expenditure Secretary, will begin on October 12 and continue till mid-November. Financial Advisers of ministries have been asked to ensure that data specified in the circular is entered into UBIS by October 6, ahead o...