FM Nirmala Sitharaman To Meet Industry Chambers Ahead Of Budget 2024-25: Report

Union Finance Minister Nirmala Sitharaman is reportedly expected to conduct a pre-budget meeting with industry chambers on June 20. The budget for the fiscal year 2024-25 is anticipated to be presented in Parliament during the latter part of July.

According to a report by The Economic Times citing sources, the pre-budget meeting with the Finance Minister is scheduled to be preceded by a meeting with Revenue Secretary Sanjay Malhotra on June 18. The budget for the fiscal year 2024-25 is expected to outline the economic agenda of Prime Minister Narendra Modi’s government’s third term.

The finance minister will need to consider measures to stimulate growth without exacerbating inflation while also identifying resources to meet the coalition government's obligations. The economic agenda will encompass initiatives aimed at accelerating reforms to propel India towards achieving a $5 trillion economy in the near future. Additionally, plans are to transform the country into a 'Viksit Bharat' by 2047.

Sitharaman's previous budget presentation in February of this year was an interim budget necessitated by the Lok Sabha elections held between April and May 2024. The upcoming presentation will be Sitharaman's seventh consecutive budget address.

In the interim budget presented in February, the government prioritised economic policies to foster growth, promote inclusive development, boost productivity, and create opportunities across various sectors. There was a specific emphasis on the eastern region, which includes states like Bihar, Jharkhand, Chhattisgarh, Odisha, and West Bengal, to transform them into engines of growth as part of India's vision to attain developed nation status by 2047.

According to RBI estimates, the Indian economy is expected to expand by 7.2 per cent in the current fiscal year, pushed by rising rural demand and easing inflationary pressures. The Modi 3.0 government inherits a robust economy. Adding to this positive outlook is a windfall from the RBI, which has declared its highest-ever dividend of Rs 2.11 lakh crore for FY24.