New Delhi : In preparation for the Union Budget 2024, Prime Minister Narendra Modi convened a meeting with economists and sectoral experts on Thursday. This meeting, which also saw the participation of Finance Minister Nirmala Sitharaman, was a key step as the government gears up to present its comprehensive Budget for its third term on July 23.
The pre-Budget meeting was attended by notable figures including Niti Aayog Vice Chairman Suman Bery and other members of the planning body. The gathering was marked by in-depth discussions aimed at shaping the economic direction of the country for the coming fiscal year. This Budget holds particular significance as it is set to be the first major economic document under the Modi 3.0 administration.
The document is expected to outline a strategic roadmap for India’s development, targeting the goal of becoming a developed nation by 2047. Earlier, the Pre-Budget consultations for Union Budget 2024-25 that started from 19th June 2024 onward in the Ministry of Finance and chaired by Union Minister for Finance and Corporate Affairs Nirmala Sitharaman concluded on July 5.
In the course of the in-person consultations, more than 120 invitees across 10 stakeholder groups, including experts and representatives from farmer associations and agriculture economists; trade unions; education and health sector; employment and skilling; MSME; trade and services; industry; economists; financial sector and capital markets; as well as, infrastructure, energy and urban sector, participated in the meetings, Ministry of Finance stated.
Union Ministers of State for Finance Pankaj Chaudhary; Finance Secretary and Secretary Expenditure, Dr TV Somanathan; Secretary, D/o Economic Affairs, Ajay Seth; Secretary, DIPAM, Tuhin K Pandey; Secretary, D/o Financial Services, Vivek Joshi; Secretary, D/o Revenue, Sanjay Malhotra; Secretary, M/o Corporate Affairs, Manoj Govil, Secretaries of Ministries concerned, Chief Economic Adviser, Dr. V. Anantha Nageswaran, and senior officers from the Ministry of Finance and Ministries concerned were also present during relevant meetings.
In the course of the consultations, Sitharaman expressed gratitude to the participants for sharing valuable suggestions and assured experts and representatives that their suggestions would be carefully examined and considered while preparing the Union Budget 2024-25.
As India navigates a complex global economic landscape, the upcoming Budget is anticipated to focus on strengthening the country’s economic resilience, fostering innovation, and enhancing competitiveness. The government aims to strike a balance between immediate economic needs and long-term developmental goals, setting the stage for robust and sustained growth.