📷 Image Credits: CNBCTV18
Finance Minister Nirmala Sitharaman recently concluded a series of pre-Budget consultations for the Union Budget 2024-25. The consultations, which began on June 19, saw a diverse group of stakeholders providing valuable input and suggestions for the upcoming budget. The meetings, held both in person and virtually, gathered insights from industry leaders, experts, and representatives from various sectors.
During the pre-Budget consultation meetings, more than 110 invitees representing seven stakeholder groups participated in discussions on a wide range of topics. These groups included representatives from Agriculture and Agro Processing Industry, Industry, Infrastructure & Climate Change, Financial Sector and Capital Markets, Services and Trade, Social Sector, Trade Unions and Labour Organizations, and Economists.
The stakeholders put forward numerous suggestions aimed at shaping the forthcoming budget in a way that addresses key issues and promotes growth. Some of the recommendations included the introduction of a mechanism for green certification to support MSMEs, the implementation of an urban employment guarantee program, rationalization of income tax, and the creation of innovation clusters.
Other notable suggestions encompassed measures to boost domestic supply chains, reduce taxes on electric vehicles, introduce an EV policy, promote India as a hub for Green Hydrogen, and establish a Social Sector Entrepreneurship Fund for Social Impact Companies. Additionally, proposals were made for training and accrediting care economy workers, implementing portable social benefits for children, and ensuring coverage of unorganized workers under the ESIC.
Industry groups emphasized the importance of job creation, domestic growth, and tax rationalization during the meetings. They highlighted the need for financial restraint in light of international instability and high inflation. It was also proposed to maintain a focus on public capex to attract private investment and drive overall growth.
The Finance Minister, Nirmala Sitharaman, expressed gratitude to the participants for their insightful suggestions and affirmed that all recommendations would be thoughtfully considered in the budget preparation process. With valuable inputs from a diverse array of stakeholders, the stage is set for the Union Budget 2024-25 to reflect a strategic approach towards addressing key economic challenges and driving sustainable growth.
