Nirmala Sitharaman chairs pre-Budget consultations with state finance ministers

Union Finance Minister Nirmala Sitharaman chaired the pre-Budget consultations with finance ministers of all states and union territories for the upcoming Union Budget 2022-23 at Delhi’s Vigyan Bhawan today. The meeting was also attended by Minister of State for Finance Dr Bhagwat Karad, Department of Economic Affairs Secretary TV Somanathan and Department of Financial Services Secretary Debasish Panda along with other Finance Ministry officials.

This, however, is not the first round of pre-Budget consultations that Sitharaman has chaired. Over 120 representatives from seven stakeholder groups participated in eight meetings during December 15-22. The Finance Minister met stakeholders from various sectors like agriculture and agro processing industry, industry, infrastructure and climate change, financial sector and capital markets, services and trade, social sector, trade union and labour organisation and economists.

These stakeholders made several noteworthy suggestions – increased R&D spending, infrastructure status for digital services, rationalisation of income tax slabs, investments in online safety measures, incentives to hydrogen storage and fuel cell development, etc among others. Participants also backed government efforts aimed at efficient handling of the economy during the pandemic and retaining India’s status as the fastest growing major economy.

Budget 2022-23 will be the fourth budget of the Modi 2.0 government and will come against the backdrop of gradual recovery of the Indian economy post coronavirus pandemic. Budget 2022-23 may be presented on February 1 during the first half of the Parliament’s Budget session which usually begins in January-end every year.

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