Budget 2024: Finance Minister Nirmala Sitharaman closes budget consultations, FY2025 budget to be presented on July 23

Finance Minister Nirmala Sitharaman has concluded consultations with various stakeholders and will present her seventh Union Budget on July 23, 2024.

Rhik Kundu
First Published7 Jul 2024, 03:16 PM IST
Union Budget 2024: Finance Minister Nirmala Sitharaman will present her seventh Budget on July 23.
Union Budget 2024: Finance Minister Nirmala Sitharaman will present her seventh Budget on July 23.(ANI / Rahul Singh)

Union finance minister Nirmala Sitharaman and top finance ministry officials met more than 120 invitees from 10 stakeholder groups as part of the pre-budget consultations for the Union Budget 2024-25, a statement said on Sunday.

The budget 2024 is set to be tabled in parliament later this month. The pre-budget consultations started on 19 June and concluded on 5 July 2024.

Pankaj Chaudhary, minister of state for finance; V. Anantha Nageswaran, chief economic adviser; T.V. Somanathan, finance secretary; and other secretaries of finance ministry departments, including Ajay Seth, Tuhin Pandey, Vivek Joshi, Sanjay Malhotra were among those present at the pre-budget consultations.

Also Read: Budget 2024: DPIIT recommends removal of Angel Tax

Sitharaman will carefully examine and consider suggestions while preparing the Union Budget 2024-25, the finance ministry statement said.

Farmers associations and agricultural economists have urged the government to cut taxes on farm equipment and increase allocations for agricultural research and development. They have also sought higher allocations to strengthen the Agricultural and Processed Food Products Export Development Authority (APEDA), a government export-trade promotion body.

Leaders of trade and services businesses have urged the finance minister to improve the ease of doing business for the service sector, make the transfer pricing regime more competitive, tighten tariffs placed on Chinese goods, and develop an Indian shipping line of global repute.

Also Read: Budget 2024: Fintechs seek regulatory clarity, improved licensing, tax reforms

Health and education experts have urged the Centre to increase the number of hospital beds and create awareness around the National Education Policy. They have also suggested ways to improve the Ayushman Bharat health insurance scheme so that the poor can access quality healthcare at lower prices, in addition to issues focussing on social-sector welfare, women and children.

Meanwhile, top trade union leaders have urged the finance minister to promote rural development, infrastructure, and exports, establish the 8th Pay Commission, and reconvene the Indian Labour Conference, an apex tripartite consultative committee in the labour ministry that advises the government on issues concerning the working class.

Also Read: Budget 2024: Govt plans duty reforms, tax tweaks to boost local manufacturing 

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First Published:7 Jul 2024, 03:16 PM IST
HomeBudgetNewsBudget 2024: Finance Minister Nirmala Sitharaman closes budget consultations, FY2025 budget to be presented on July 23

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