The Minister of Finance has completed consultations with representatives of various sectors, now the budget for 2024 will be prepared

The budget for 2024-25 is set to be prepared. For this purpose, Finance Minister Nirmala Sitharaman has concluded consultations with various stakeholders, including industry and social sector representatives, as part of the budget preparation process.

Finance Minister Nirmala Sitharaman will present her seventh Budget on July 23. It will be the first full Budget of the third term of the Modi government, which will pave the way for a developed India by 2047. Addressing a joint session of Parliament after the formation of the 18th Lok Sabha, the President said, “This Budget will be an effective document of the government’s far-reaching policies and vision for the future.” He also said that many historic steps and important economic decisions will be taken in the upcoming Budget session. He said, “Apart from important economic and social decisions, many historic steps will also be visible in this Budget.”

The Ministry of Finance also informed that the pre-budget consultations on the Union Budget 2024-25, which began on 19 June, concluded on 5 July 2024. During these in-person consultations, over 120 invitees from 10 stakeholder groups participated in the meetings. The meeting was attended by experts and representatives from farmers’ associations and agri-economists, trade unions, education and health sector, employment and skills, SMEs, business and services, industry, economists, financial sector and capital markets, as well as infrastructure, energy and urban sector.

Finance Minister Nirmala Sitharaman chaired the meeting. Minister of State for Finance Pankaj Chaudhary, Finance Secretary and Expenditure Secretary TV Somanathan, Economic Affairs Secretary Ajay Seth, DIPAM Secretary Tuhin K Pandey, Financial Services Secretary Vivek Joshi and Revenue Secretary Sanjay Malhotra were present during the meeting.

After the consultations, Sitharaman thanked the participants for sharing their valuable suggestions and assured the experts and representatives that their suggestions would be carefully considered and taken into consideration while preparing the Union Budget for 2024-25.