New Delhi: Union Finance Minister Nirmala Sitharaman will hold a customary pre-budget consultation meeting with state finance ministers today at Vigyan Bhawan at 11 AM. This meeting is a part of a series of meetings held by FM Sitharaman with various stakeholders ahead of Budget 2022-23.
This meeting of Finance Ministers will be a physical meeting, unlike the previous virtual meetings. The budget for the financial year 2022-23 is likely to be presented on February 1, in the first half of the Parliament’s budget session that usually begins in the last week of January.
According to a press release by the finance ministry, the Union finance minister has already held meetings with the stakeholders of the industries, labour unions, financial sector players, agriculturists, and leading economists.
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In those meetings, suggestions ranging from rationalisation of income tax slabs, infrastructure status for digital services to incentives to hydrogen storage were made. Eight such meetings took place between December 15 and 22.
More than 120 invitees participated in these meetings which represented the seven stakeholder groups in this time period.
This is the fourth budget of the NDA government in its second tenure. Added to that, it comes in the backdrop of a recovering Indian economy from the pandemic.
According to the latest bi-monthly monetary policy review by the Reserve Bank of India, the growth expected in this fiscal year 2020-21 was 9.5 which raises the expectation of having double-digit growth in the upcoming year. Meanwhile, the government has projected a fiscal deficit of 6.8 percent of the gross domestic product (GDP).