In preparation for the Union Budget 2024, Prime Minister Narendra Modi convened a meeting with economists and sectoral experts on Thursday. This critical meeting, also attended by Finance Minister Nirmala Sitharaman, marks a significant step as the government readies itself to present a comprehensive Budget for its third term on July 23.
The pre-Budget meeting saw the participation of notable figures, including Niti Aayog Vice Chairman Suman Bery and other members of the planning body. The gathering featured in-depth discussions focused on shaping the country’s economic direction for the upcoming fiscal year. This Budget is particularly important as it will be the first major economic document under the Modi 3.0 administration. It is expected to outline a strategic roadmap for India’s development, with a target of becoming a developed nation by 2047.
Earlier, pre-Budget consultations for the Union Budget 2024-25, which began on June 19, 2024, and concluded on July 5, were chaired by Finance Minister Nirmala Sitharaman. These consultations involved over 120 invitees across ten stakeholder groups, including experts and representatives from farmer associations, agriculture economists, trade unions, the education and health sectors, employment and skilling, MSMEs, trade and services, industry, economists, the financial sector and capital markets, as well as the infrastructure, energy, and urban sectors, according to the Ministry of Finance.
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Prominent attendees included Union Ministers of State for Finance Pankaj Chaudhary; Finance Secretary and Secretary Expenditure, Dr. TV Somanathan; Secretary of the Department of Economic Affairs, Ajay Seth; Secretary of DIPAM, Tuhin K. Pandey; Secretary of the Department of Financial Services, Vivek Joshi; Secretary of the Department of Revenue, Sanjay Malhotra; Secretary of the Ministry of Corporate Affairs, Manoj Govil; Secretaries of relevant Ministries, Chief Economic Adviser Dr. V. Anantha Nageswaran, and senior officers from the Ministry of Finance and other concerned Ministries.
During these consultations, Sitharaman expressed gratitude to the participants for their valuable suggestions and assured them that their input would be carefully examined and considered in the preparation of the Union Budget 2024-25. As India navigates a complex global economic landscape, the upcoming Budget is expected to focus on strengthening economic resilience, fostering innovation, and enhancing competitiveness. The government aims to balance immediate economic needs with long-term developmental goals, setting the stage for robust and sustained growth.
