Finance Ministry has advanced the budget formulation exercise by over two months for the financial year 2016-17. In an official release, the Ministry yesterday said, in consonance with the objective of the government 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 2015. <br/><br/>It said, the Budget circular, which marks the beginning of Budget formulation exercise, is being issued by the Budget Division. The budget exercise, which normally starts during later part of October, involves consultations with several interest groups like industry, traders bodies and trade unions. The Union Budget is traditionally unveiled on the last working day of February.