New Delhi

Union Finance Minister Nirmala Sitharaman on Friday stated that the upcoming Budget for 2023-24 will follow the spirits of the earlier budgets.

"We are not only going to set the template which was set earlier but follow it and take it further for India's next 25 years. In 2047, we look forward to our children living in India which will be far more developed," Sitharaman said.

Sitharaman was speaking at the 95th annual general meeting of the industry body FICCI here in the national capital.

Meanwhile, the formal exercise to prepare the annual Budget for the next financial year - 2023-24 - commenced on October 10.

The Budget for 2023-24 is likely to be tabled on February 1.

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Notably, it will be the last full Budget for Modi 2.0 government before the Lok Sabha elections to be held in April-May of 2024.