Sitharaman Concludes Pre-Budget Consultations for Union Budget 2024-25, Set for Presentation on July 23

New Delhi, Jul 8 (KNN) In a significant development ahead of the much-anticipated Union Budget 2024-25, Finance Minister Nirmala Sitharaman has completed extensive consultations with industry leaders and social sector representatives.

The Finance Ministry confirmed on Sunday that these pre-budget discussions, which commenced on June 19, concluded on July 5, 2024.

This upcoming budget, slated for presentation on July 23, marks Sitharaman's seventh and is the first full budget of Prime Minister Narendra Modi's third term.

It is expected to lay out a comprehensive roadmap towards achieving the government's vision of a developed India by 2047.

The consultations saw participation from over 120 invitees representing 10 key stakeholder groups, including experts from various sectors such as agriculture, labor, education, health, MSMEs, industry, economics, finance, and infrastructure.

Sitharaman, who chaired these meetings, was joined by Minister of State for Finance Pankaj Chaudhary and senior ministry officials.

President Droupadi Murmu, in her recent address to Parliament, hinted at significant economic decisions in the upcoming budget. She emphasised that it would be "an effective document of the government's far-reaching policies and futuristic vision," suggesting the inclusion of "major economic and social decisions" alongside "many historic steps."

Among the key recommendations received, consultancy firm EY proposed doubling the standard deduction under the new concessional tax regime to Rs 1 lakh or raising the basic exemption limit to Rs 3.5 lakh.

The firm also advocated for maintaining stability in corporate tax rates, rationalising TDS provisions, and streamlining dispute resolution processes.

Sitharaman assured participants that all suggestions would be thoroughly reviewed and considered in the budget preparation process.

As the government aims to chart a course for India's economic future, all eyes are now on July 23, when the Finance Minister will present what promises to be a landmark budget in the Lok Sabha.

(KNN Bureau)