Nirmala Sitharaman to Hold Pre-Budget Meeting with Industry Chambers on June 20

Finance Minister Nirmala Sitharaman is set to conduct pre-budget consultations with industry chambers on June 20, according to sources. This discussion is a critical step in formulating the budget for the 2024-25 fiscal year, which is expected to be presented in Parliament in the latter half of July.

Pre-Budget Preparations

Prior to the consultation with Sitharaman, industry representatives will engage in a meeting with Revenue Secretary Sanjay Malhotra on June 18. These preliminary discussions are vital in gathering insights and feedback from various sectors to shape the government’s economic policies.

Economic Agenda for Modi 3.0 Government

The upcoming budget is anticipated to outline the economic agenda for Prime Minister Narendra Modiโ€™s third term in office. A primary focus will be on accelerating reforms aimed at transforming India into a USD 5-trillion economy and achieving the vision of ‘Viksit Bharat‘ by 2047. The budget will need to balance growth stimulation with inflation control and resource allocation to meet coalition government commitments.

Current Economic Landscape

The Indian economy is projected to grow by 7.2% in the current fiscal year, supported by improving rural demand and moderating inflation, according to Reserve Bank of India (RBI) estimates. The Modi 3.0 administration begins its term with a robust economic foundation and fiscal prudence, bolstered by an unprecedented dividend of Rs 2.11 lakh crore announced by the RBI for FY24.

Key Policy Priorities

The governmentโ€™s third term policy priorities include addressing agricultural sector stress, creating jobs, maintaining capital expenditure momentum, and enhancing revenue growth to adhere to the fiscal consolidation path. These priorities aim to sustain economic stability and promote inclusive growth.

Positive Economic Outlook

Global rating agency S&P has acknowledged the positive impact of the Modi government’s economic policies over the past decade by upgrading Indiaโ€™s sovereign rating outlook to positive. The agency has also indicated a potential rating upgrade in the next 1-2 years, contingent on adherence to the fiscal deficit roadmap.

Challenges in Revenue Generation

While tax revenues are performing well, non-tax revenue generation remains challenging. Strategic disinvestment efforts have seen limited success, with no significant sales beyond the Air India transaction. This presents an area of concern that the upcoming budget might address through innovative measures and strategic planning.

The pre-budget consultations led by Finance Minister Nirmala Sitharaman on June 20 will be crucial in setting the economic direction for the upcoming fiscal year. The insights and feedback from industry leaders will help shape policies aimed at sustaining growth, managing inflation, and fulfilling the government’s long-term economic vision.

Leave a Reply

Your email address will not be published. Required fields are marked *

Drink This Juice Daily to Lower Your Cholesterol 7 Tips to Enjoy Monsoon Like Never Before Shocking Health Benefits of Eating Raw Garlic Proven Health Benefits of Fasting 7 Daily Yoga Poses for a Healthier You 6 Surprising Benefits of Music You Never Knew 7 Stress Relief Techniques for Anywhere, Anytime 7 Surprising Eid ul-Adha Facts You Didn’t Know 6 Amazing Father’s Day Gifts He’ll Absolutely Love Top Summer Loving Vegetable Plants Must-Visit National Parks in India How to Identify Chemically Ripened Mangoes in Seconds! White Eggs VS Brown Eggs 7 Easy Steps to Grow Fresh Mushrooms at Home Top 7 Tips to Ageless, Glowing Skin
Drink This Juice Daily to Lower Your Cholesterol 7 Tips to Enjoy Monsoon Like Never Before Shocking Health Benefits of Eating Raw Garlic Proven Health Benefits of Fasting 7 Daily Yoga Poses for a Healthier You 6 Surprising Benefits of Music You Never Knew 7 Stress Relief Techniques for Anywhere, Anytime 7 Surprising Eid ul-Adha Facts You Didn’t Know 6 Amazing Father’s Day Gifts He’ll Absolutely Love Top Summer Loving Vegetable Plants Must-Visit National Parks in India How to Identify Chemically Ripened Mangoes in Seconds! White Eggs VS Brown Eggs 7 Easy Steps to Grow Fresh Mushrooms at Home Top 7 Tips to Ageless, Glowing Skin 6 Benefits of Matka Water in Summer Top 10 Heartwarming Mother’s Day Gifts She’ll Love Indian Tomato Varieties You Must-Try 7 Facts About Rabindranath Tagore You Didn’t Know 6 Must Try India’s Top Coffee Varieties