Union Finance Minister Nirmala Sitharaman on Saturday morning chaired a pre-budget meeting with Finance Ministers of all States and Union Territories.
The Pre-Budget Meeting is organised by the Ministry of Finance and Corporate Affairs with Finance Ministers of all the States and Union Territories with Legislature to take suggestions for the upcoming Union Budget 2024-25.
Nirmala also chaired the first pre-Budget consultations with leading economists on June 19.
It was attended by Union Minister of State for Finance Pankaj Chaudhary, the finance secretary, secretaries of the departments of economic affairs, revenue, financial services and corporate affairs and the chief economic adviser.
The Union Finance Ministry had begun consultations on the budget a few days ago with different stakeholders of economy. Sitharaman has met economists, finance and capital market experts and industry bodies.
The Industry bodies suggested reforms to strengthen India’s journey towards Viksit Bharat like to enhance the manufacturing share in GDP, expand the PLI scheme, change in classification norms of MSMEs for NPAs, rationalization of direct taxes for the middle class among others.
Apart from the pre-budget meeting, Sitharaman will also chair the 53rd Goods and Services Tax (GST) Council Meeting today.
This will be the first GST council meeting post the formation of the new government.
It will be attended by the State finance ministers. The GST Council meeting called by the Union Finance Minister is held to discuss issues pertaining to the GST regime, such as tax rates, modifications to policies, and administrative challenges.