Finance Minister Nirmala Sitharaman to start pre-Budget consultations
New Delhi: Finance Minister Nirmala Sitharaman will start pre-Budget consultations with various stakeholders on Friday as part of preparations for the Union Budget 2025-26.
The first meeting, scheduled for December 6, will involve discussions with eminent economists.
Sitharaman will chair these meetings, seeking input for the upcoming Budget amid concerns over the seven-quarter low GDP growth rate of 5.4% in the second quarter of the current fiscal year.
On December 7, the consultations will continue with representatives from farmer associations, agriculture economists, and stakeholders from the MSME sector, according to sources.
The Union Budget 2025-26, likely to be presented on February 1, will be Sitharaman's eighth consecutive Budget and the second full Budget of the Modi 3.0 government.
It is expected to outline policy measures aimed at achieving the goal of "Viksit Bharat" (Developed India) by 2047.
The pre-Budget discussions will conclude on December 30 with consultations involving leaders from Indian industry and social sector representatives, particularly in education and health.
In addition to Sitharaman, the meetings are expected to include Minister of State for Finance Pankaj Chaudhary, Finance Secretary and DIPAM Secretary Tuhin Kanta Pandey, Economic Affairs Secretary Ajay Seth, Revenue Secretary Sanjay Malhotra, and Financial Services Secretary M Nagaraju.
The current fiscal year's Budget had projected a nominal GDP growth rate of 10.5% and a fiscal deficit target of 4.9% of GDP.
The practice of presenting the Budget at the end of February was replaced in 2017 under the Modi government, with then Finance Minister Arun Jaitley introducing the first February 1 Budget.
This shift allows ministries to access funds from the beginning of the financial year in April, facilitating timely expenditure and giving businesses more time to adjust to fiscal and taxation policies.
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