Nirmala Sitharaman Concludes Pre-Budget Meetings

Union Minister for Finance & Corporate Affairs Nirmala Sitharaman chaired the pre-budget consultation meetings for Budget 2023-24 held in virtual mode from 21st to 28th November, 2022.

More than 110 invitees representing 7 stakeholder groups participated in 8 meetings scheduled during this period. The stakeholder groups include representatives and experts from Agriculture and Agro Processing Industry; Industry, Infrastructure & Climate Change; Financial Sector and Capital Markets; Services and Trade; Social Sector; Trade Unions and Labour Organisations and Economists.

Union Ministers of State for Finance Pankaj Chaudhary and Dr. Bhagwat Kishanrao Karad, Finance Secretary T.V. Somanathan; Secretary, DEA, Ajay Seth; Chief Economic Advisor, Dr. V. Anantha Nageswaran; Secretary, DIPAM, Tuhin Kanta Pandey; Secretary, Financial Services, Vivek Joshi; Secretary, Corporate Affairs, Manoj Govil; OSD, Revenue, Sanjay Malhotra, and senior officers from Ministry of Finance were also present during the meetings. Secretaries of other Ministries/Departments concerned participated through online mode.

The government has invited ideas and suggestions from people for the Union Budget 2023-24.  It urged people to share their ideas and suggestions that can help transform India into a global economic powerhouse with inclusive growth.  The last date for submissions is 10th of next month.  To foster the spirit of Jan Bhagidari, the Finance Ministry invites suggestions from citizens every year to make the Budget making process participative and inclusive.

The representatives of the stakeholder groups made a number of suggestions for the forthcoming budget that included mechanism for green certification to help MSMEs , urban employment guarantee programme to boost employment generation in urban areas, rationalisation of income tax, creation of innovation clusters, schemes for improving domestic supply chains, reduction of taxes on electric vehicle, introduction of EV policy, measures to promote India as a hub for Green Hydrogen, Social Sector Entrepreneurship Fund for Social Impact Companies, Training and Accreditation of Care Economy Workers, portable social benefit for children, National Regulatory Authority for Water and Sanitation, coverage of unorganised workers under ESIC, continuation of Public Capex, fiscal consolidation and lower customs duties, among others.

The Finance Minister thanked the participants for sharing their valuable suggestions and assured that suggestions would be carefully considered while preparing the Budget 2023-24.