New Delhi:
As the countdown to the Union Budget 2025-26 begins, Finance Minister Nirmala Sitharaman has initiated a series of pre-budget consultations, a critical step in shaping the country’s fiscal policies for the upcoming year. On December 26, 2024, Sitharaman chaired a significant meeting with stakeholders and experts from the export, trade, and industry sectors in New Delhi.
This meeting marks a pivotal moment in the budget preparation process, as it will be Sitharaman’s eighth consecutive Budget presentation, scheduled for February 1, 2025. The gathering was attended by key officials including Union Minister of State for Finance Pankaj Chaudhary, Finance Secretary and DIPAM Secretary Tuhin Kanta Pandey, Economic Affairs Secretary Ajay Seth, and Commerce Secretary Sunil Barthwal. Chief Economic Adviser V Anantha Nageswaran also participated in the discussions.
The pre-budget talks are part of a broader consultation process that involves various sectors. Earlier, Prime Minister Narendra Modi met with a group of economists and sector experts to discuss strategies for sustaining India’s growth momentum amidst global uncertainty. The prime minister emphasized the need for a fundamental shift in mindset to make India a developed country by 2047, focusing on job creation, long-term growth towards ‘Viksit Bharat,’ increasing farm productivity, and addressing geopolitical crises.
During these consultations, the export, trade, and industry sectors presented their challenges and suggestions, aiming to enhance their competitiveness and contribution to the economy. The discussions centered around policies that could support domestic industries, promote exports, and simplify trade-related processes to boost global competitiveness. The meetings also highlighted the importance of restructuring tariff structures and promoting the “Make in India” and “Aatmanirbhar Bharat” initiatives.
These pre-budget talks are integral to aligning the government’s policies with the ground-level requirements of various sectors, ensuring a balanced approach that fosters economic growth and stability.
