FM Nirmala Sitharaman begins Pre-Budget Consultation with Stakeholders

Finance Minister Nirmala Sitharaman begins pre-budget consultations with key stakeholders on Friday, i.e., today, as part of the preparations for the Union Budget 2025-26.

The initial meeting on December 6 will include conversations with economists to gain insights into resolving the economic slowdown, as evidenced by the second quarter’s seven-quarter low GDP growth of 5.4%.

On December 7, discussions will resume with farmer associations, agricultural economists, and MSME stakeholders. These discussions are intended to address sectoral concerns and gather feedback for formulating policies in the next budget. The pre-budget exercise will conclude on December 30 with discussions including corporate executives and representatives from the education and health sectors, according to reports.

Minister of State for Finance Pankaj Chaudhary will accompany the finance minister to these discussions, as well as the top finance ministry officials like as Finance Secretary Tuhin Kanta Pandey and Economic Affairs Secretary Ajay Seth.

The minister also promised a complete revamp of the income tax act. According to sources, the changes could be attributed to a better understanding of the act. In addition, the ministry has received 65,000 suggestions for amendments to the income tax acts.

Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, chaired a recent high-level meeting to discuss this comprehensive review, which was attended by key officials such as Sanjay Malhotra, Secretary of the Department of Revenue; Ravi Agarwal, Chairman of the Central Board of Direct Taxes (CBDT), and senior CBDT representatives.

Thus, these changes may have a positive influence on the budget. The Union Budget 2025-26 is planned to be unveiled on February 1, 2025. The 2025-26 budget is expected to include key measures for achieving the long-term goal of “Viksit Bharat” by 2047.