New Delhi, Oct 6 (KNN) Budgetary exercise for 2019-20 will begin from next week by the Finance Ministry.

Ministry will hold the first meeting with ministries of steel, power, and housing and urban development to finalize revised expenditure for the current fiscal and projections for the next financial year.

The government will also come out with interim Budget also referred as Vote-on-Account, likely on February 1, 2019. As per practice a Vote-on-Account or approval for essential government spending for a limited period is taken in an election year and a full-fledged budget presented by the new government.

From October 12 a series of meetings with different ministries and department will commence and will continue till November 16. On the concluding day, Railways and Petroleum and Natural Gas Ministry will hold discussion.

Before the 2019 general elections it would also be the last budget of the BJP-led NDA government.

With the preponement of budget, ministries are now allocated their budgeted funds from the start of the financial year beginning April. This gives government departments more leeway to spend as well as allow companies time to adapt to business and taxation plans.

Previously, when the budget was presented at the end of February, the three-stage Parliament approval process used to get completed sometime in mid-May. This meant government departments would start spending on projects only from August-end or September, after the monsoon season ended.