Union Budget 2024: Consultation meetings conclude successfully today.
During the consultations for the Union Budget 2024, Finance Minister Nirmala Sitharaman expressed her gratitude to the participants for their valuable suggestions. She acknowledged the diverse perspectives and insights offered, emphasizing that these contributions are crucial in shaping a comprehensive and effective budget. Sitharaman reiterated the government’s commitment to inclusive and participatory governance, highlighting the importance of collaborative efforts in addressing the nation’s economic challenges and opportunities. The meetings concluded on a positive and constructive note.
New Delhi: Comprehensive Pre-Budget Consultations for Union Budget 2024-25 Conclude Successfully
The Pre-Budget consultations for the Union Budget 2024-25, initiated by the Ministry of Finance on June 19, 2024, and chaired by Union Minister for Finance and Corporate Affairs Nirmala Sitharaman, concluded on July 5, 2024. These consultations are a crucial part of the budget preparation process, providing a platform for diverse stakeholders to share their insights and recommendations.
During the in-person consultations, over 120 invitees across ten stakeholder groups participated, including experts and representatives from various sectors such as farmer associations, agriculture economists, trade unions, education and health sectors, employment and skilling, MSMEs, trade and services, industry, economists, the financial sector, capital markets, and the infrastructure, energy, and urban sectors. The Ministry of Finance emphasized the importance of these meetings, noting that the wide range of perspectives and suggestions received would help shape a more inclusive and effective Union Budget for the coming fiscal year.
Key officials, including Union Ministers of State for Finance Pankaj Chaudhary and Bhagwat Kishanrao Karad, Finance Secretary and Secretary Expenditure Dr. T.V. Somanathan, Secretary of the Department of Economic Affairs Ajay Seth, Secretary of the Department of Investment and Public Asset Management (DIPAM) Tuhin K. Pandey, Secretary of the Department of Financial Services Vivek Joshi, Secretary of the Department of Revenue Sanjay Malhotra, and Secretary of the Ministry of Corporate Affairs Manoj Govil, were present during relevant meetings. Additionally, the Chief Economic Adviser.
Diverse Representation and Key Discussions
The diverse representation from various sectors ensured that the consultations were comprehensive, covering a wide array of issues and concerns. The stakeholder groups brought forth numerous suggestions aimed at addressing sector-specific challenges and enhancing overall economic growth and development.
- Farmer Associations and Agriculture Economists:
Representatives from farmer associations and agriculture economists highlighted the need for increased investment in agriculture infrastructure, better access to credit, and enhanced support for sustainable farming practices. They also emphasized the importance of addressing climate change impacts on agriculture and improving market access for farmers. - Trade Unions:
Trade union representatives focused on labor rights, fair wages, and job security. They advocated for policies that would protect workers’ interests, especially in the informal sector, and called for measures to boost employment opportunities and skill development. - Education and Health Sector:
Experts from the education and health sectors underscored the necessity of increased budget allocations for education and healthcare. They stressed the importance of improving the quality of education, enhancing digital infrastructure, and ensuring equitable access to healthcare services across the country. - Employment and Skilling:
Stakeholders in the employment and skilling sector emphasized the need for policies that would create more job opportunities and enhance vocational training programs. They also discussed the significance of bridging the skills gap and promoting entrepreneurship. - Micro, Small and Medium Enterprises (MSMEs):
MSME representatives highlighted the challenges faced by small businesses, including access to finance, regulatory hurdles, and market competition. They suggested measures to support MSMEs through easier credit facilities, reduced compliance burdens, and better access to markets. - Trade and Services:
Representatives from the trade and services sector called for policies that would enhance the ease of doing business, streamline regulations, and promote exports. They also discussed the importance of digital transformation and improving service delivery. - Industry:
Industrial stakeholders focused on the need for infrastructure development, regulatory reforms, and incentives to boost manufacturing. They emphasized the importance of creating a conducive environment for industrial growth and attracting foreign investments. - Economists:
Economists provided macroeconomic insights and highlighted the need for fiscal prudence, balanced growth, and inclusive development. They discussed the importance of maintaining a stable economic environment and implementing structural reforms. - Financial Sector and Capital Markets:
Representatives from the financial sector and capital markets emphasized the need for regulatory stability, improved access to finance, and measures to deepen capital markets. They also discussed the importance of promoting financial inclusion and enhancing investor confidence. - Infrastructure, Energy, and Urban Sector:
Stakeholders in the infrastructure, energy, and urban sector highlighted the need for significant investments in infrastructure development, sustainable energy solutions, and urban planning. They emphasized the importance of addressing urbanization challenges and promoting renewable energy sources.
Finance Minister’s Address and Assurances
During the consultations, Finance Minister Nirmala Sitharaman expressed her gratitude to the participants for their valuable suggestions. She acknowledged the diverse perspectives and emphasized that these contributions are crucial for formulating a comprehensive and effective Union Budget. Sitharaman assured the experts and representatives that their suggestions would be carefully examined and considered during the budget preparation process.
The Finance Minister reiterated the government’s commitment to inclusive and participatory governance. She highlighted the importance of collaborative efforts in addressing the nation’s economic challenges and opportunities. Sitharaman also emphasized that the government aims to create a budget that fosters economic growth, promotes social welfare, and ensures fiscal prudence.
Looking Ahead: The Union Budget 2024-25
The conclusion of the Pre-Budget consultations marks an important milestone in the preparation of the Union Budget 2024-25. The insights and recommendations gathered from the consultations will play a crucial role in shaping the budget proposals. The government aims to present a budget that addresses the needs and aspirations of all sections of society, promotes sustainable development, and strengthens India’s economic resilience.
As the Ministry of Finance moves forward with the budget preparation, the focus will be on creating policies that drive economic growth, enhance social welfare, and ensure fiscal stability. The upcoming Union Budget will be closely watched by stakeholders across the country, as it will set the direction for India’s economic policies and priorities in the coming fiscal year.
In conclusion, the Pre-Budget consultations for the Union Budget 2024-25 have provided a platform for diverse stakeholders to share their insights and recommendations. The government, led by Finance Minister Nirmala Sitharaman, has demonstrated its commitment to inclusive and participatory governance. As the budget preparation process continues, the contributions from these consultations will be invaluable in shaping a budget that promotes economic growth, social welfare, and fiscal prudence.