New Delhi: Union Finance Minister Nirmala Sitharaman met former Prime Minister Manmohan Singh at his residence in Delhi today. It will be her first Budget after taking charge as a Finance Minister.

There was no official word on what transpired at the meeting but it comes ahead of the first Budget of the new government on July 5.

Dr Manmohan Singh was the Finance Minister from 1991 to 1996 in the Narasimha Rao government. He was also the Governor of the Reserve Bank of India from 1982 to 1985 and the Deputy Chairman of the Planning Commission of India from 1985 to 1987.

It is the first time in nearly thirty years that former Prime Minister Manmohan Singh is not a member of parliament during the Budget session. His tenure as a Rajya Sabha member ended earlier this month.

The interim budget, a vote on account, presented by then Finance Minister Piyush Goyal for the financial year 2019-2020 came up with several announcements which were path-breaking.

Analysts expect the new Modi government’s first budget on July 5 to tweak fiscal levers to give a boost to the economy and get it back on a faster growth track.

The 10% long-term capital gains (LTCG) tax imposed on profit above 1 lakh in the last Budget will, in all probability, continue in this year's Budget, sources said.

Industry body FICCI has recommended the government raise the tax exemption on preventive health check-up from the current 5,000 per person to 20,000 and also sought the "national priority" status for the healthcare sector.

(With inputs from ANI)

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