Union Finance Minister Nirmala Sitharaman on Wednesday chaired the first pre-budget consultation with India’s leading economists.
The meeting set the stage for the upcoming full budget formulation, bringing together top economic minds to provide valuable insights and recommendations.
Taking it to the social media platform ‘X’, the Ministry of Finance said, “Union Minister for Finance & Corporate Affairs Nirmala Sitharaman chairs the first Pre-Budget Consultations with leading economists in connection with the forthcoming General Budget 2024-25 in New Delhi, today.”
The Pre-Budget consultation meeting was also attended by Union Minister of State for Finance Pankaj Chaudhary; Finance Secretary; Secretaries of Departments of Economic Affairs, Revenue, Financial Services and Corporate Affairs; and Chief Economic Adviser, Government of India.
Notably, earlier, the ministry had invited suggestions on direct and indirect taxes and changes in laws to reduce compliances for the 2024-25 budget from trade and industry associations.
Union Finance Minister Nirmala Sitharaman is further scheduled to meet representatives from industry associations on June 20 evening as part of the pre-budget consultations.
At the meet, industry associations like the Federation of Indian Chambers of Commerce & Industry (FICCI), Confederation of Indian Industry (CII), Associated Chambers of Commerce and Industry of India (Assocham), and PHD Chamber of Commerce and Industry will present their budget suggestions and recommendations.
The discussions are likely to cover a broad range of topics, including tax reforms, incentives for various industries, measures to boost economic growth, and policies to support small and medium enterprises (SMEs).
As per the reports, the budget is anticipated to be tabled in Parliament in the third week of July.
So far, Sitharaman has presented six budgets in a row and will create a record when she presents the full-fledged budget for the new term of the BJP-led National Democratic Alliance government.