BackNirmala Sitharaman concludes pre-budget consultations with stakeholders
Nirmala Sitharaman has indicated that the FY22 Budget will focus on infrastructure buildup which is considered a growth multiplier
PremiumFinance minister Nirmala Sitharaman on Wednesday concluded a series of virtual pre-Budget consultation meetings for the FY22 Budget that began on 14 December.
Sitharaman has described her upcoming third budget to be presented on 1 February in the long shadow of the pandemic as a ‘never before’ event.
“The stakeholder groups made several suggestions on various subjects that included fiscal policy including taxation; bond markets; insurance; infrastructure spending; health and education budget; social protection; skilling; water harvesting and conservation; sanitation; MGNREGA; public distribution system; ease of doing business; production linked investment scheme, exports; branding of ‘Made in India’ products, public sector delivery mechanisms; innovation, green growth; non-polluting sources of energy and vehicles, among others," the finance ministry said in a statement.
Sitharaman has indicated that the FY22 Budget will focus on infrastructure buildup which is considered a growth multiplier. While most economists have projected the economy to contract between 7-9% in FY21, the economy is expected to bounce back to grow in double digits on the back of a low base.
“The participants lauded government’s efforts to flatten the COVID-19 curve and a strong recovery in economic growth in the second quarter of 2020-21. They further stated that India is among very few countries whose economic activity has risen with declining pandemic induced fatalities," the statement said.
More than 170 invitees representing 9 stakeholder groups participated in 15 meetings scheduled during this period. The stakeholder groups include, financial and capital markets; health, education and rural development; water and sanitation; trade union and labour organization; industry, services and trade; infrastructure, energy and climate change sector; agriculture and agro processing industry; industrialists; and economists.
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