Nirmala Sitharaman Holds Pre-Budget Talks Ahead of Union Budget 2024
Finance Minister Nirmala Sitharaman convened her fourth pre-Budget meeting on June 21, engaging with representatives from farmer associations and agriculture economists. The focus of the discussions centered on climate change initiatives and strategies to rejuvenate agricultural growth, currently stagnant at 1.4 percent of the GDP. Participants advocated for rationalizing GST rates on essential agricultural inputs, pointing out that pesticides are taxed at 18 percent while water pumps attract a 12 percent levy under the existing regime.
The meeting, attended by Minister of State for Finance Pankaj Chaudhary, Finance Secretary TV Somanathan, Chief Economic Adviser V Anantha Nageswaran, and senior officials from the Agriculture Ministry, highlighted key concerns and proposals ahead of the Union Budget 2024-25.
Previously, Sitharaman chaired a series of pre-Budget consultations, starting with leading economists on June 19, followed by experts from the financial and capital markets sector on June 20. The Indian Venture and Alternative Capital Association (IVCA) also contributed insights, urging for a conducive regulatory framework to bolster growth in the alternative asset industry.
Later engagements included a meeting with industry leaders and associations, where the PHD Chamber of Commerce and Industry (PHDCCI) recommended boosting the manufacturing sector, supporting consumption demand, and rationalizing tax slabs to alleviate burdens on middle-income groups.
With the forthcoming Union Budget 2024, Sitharaman is set to surpass former Finance Minister Morarji Desai's record of presenting the budget six consecutive times. The budget presentation is anticipated to outline the economic agenda of Modi 3.0, encapsulating policy directions and fiscal measures aimed at steering India's economic trajectory amidst global uncertainties.
