Union Finance Minister Nirmala Sitharaman is scheduled to meet representatives from industry associations on June 20 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.
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It is part of the government’s annual pre-budget consultations aimed at garnering feedback and suggestions from key stakeholders to shape the upcoming Union Budget.
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.
Ahead of their meeting with the Finance Minister, industry associations will meet Revenue Secretary Sanjay Malhotra on June 18.
This will be the Modi government’s first budget after it assumed office for the third successive term, and will likely lay out Modi 3.0 government’s economic agenda. Nirmala Sitharaman will have to look at measures to boost growth without hurting inflation and look for resources to meet the coalition government’s compulsion.
The economic agenda would include steps to fast-rack reforms to turn India into a USD 5-trillion economy in the near future and a ‘Viksit Bharat’ by 2047.
The key policy priorities for the third term of Prime Minister Narendra Modi-led government would include dealing with food inflation, unemployment, stress in the agriculture sector, job creation, sustaining capex momentum and pushing revenue growth to stay on the fiscal consolidation path.
On February 1, Nirmala Sitharaman had presented an interim budget ahead of the Lok Sabha Elections.
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.
