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Budget 2024-25: FM Sitharaman to Convene Pre-Budget Meeting with Industry Stakeholders on June 20
Union Finance Minister Nirmala Sitharaman will engage with key industry representatives in a pre-budget consultation scheduled for June 20, from 4 to 6 PM, at North Block. This meeting is part of the crucial pre-budget process aimed at gathering industry insights and recommendations to shape the upcoming Union Budget for 2024-25. The consultation will include prominent industry associations such as the Federation of Indian Chambers of Commerce & Industry (FICCI), Confederation of Indian Industry (CII), Associated Chambers of Commerce and Industry of India (Assocham), and the PHD Chamber of Commerce and Industry.
The interaction underscores the government's commitment to involving diverse economic stakeholders in budget planning. Participants will present their perspectives on various economic measures, including tax reforms, incentives for industry growth, support mechanisms for small and medium enterprises (SMEs), and broader economic policies to drive sustainable growth.
The pre-budget consultations began on June 18 with industry associations meeting Revenue Secretary Sanjay Malhotra. These preliminary discussions have set the stage for more comprehensive dialogue with the Finance Minister. Topics such as streamlining the tax regime, enhancing ease of doing business, and incentivizing sectors like manufacturing and services are expected to dominate the agenda.
This year's budget holds particular significance as it will be the Modi government's first comprehensive budget in its third term, following the interim budget presented on February 1. Nirmala Sitharaman, who has delivered six consecutive budgets, is set to create a record by presenting the first full-fledged budget for the new term of the BJP-led National Democratic Alliance government.
The budget process involves meticulous planning and traditional practices. One notable event is the ‘Halwa Ceremony,’ marking the start of the budget's printing phase. This ceremony, a symbolic and morale-boosting tradition, involves the preparation and distribution of halwa, a sweet dish, to the Ministry of Finance staff who will be secluded within the North Block to maintain budget secrecy until its presentation. This ritual underscores the intense confidentiality surrounding the budget’s details during the final stages of preparation.
Post the consultations, the budget drafting will incorporate the collected feedback. The Finance Minister and her team will finalize the budget proposals, which will then undergo scrutiny and approval by the Union Cabinet. The final budget is expected to be tabled in Parliament in the third week of July, setting the fiscal direction and economic priorities for the upcoming year.
As the government gears up for the budget presentation, the anticipation is palpable across various sectors. Stakeholders keenly await the detailed fiscal policies and economic strategies that will be outlined, impacting everything from tax structures to government expenditure and economic reforms. The budget announcement is a cornerstone event, providing a roadmap for India’s economic trajectory and reflecting the government's commitment to addressing both contemporary challenges and long-term growth objectives.
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