Pre-Budget Meetings

Stakeholders from the micro, small and medium enterprises (MSME) sought a reduction in GST, technology upgrade, and production-linked incentive scheme benefits for various segments in a pre-Budget meeting with Finance Minister Nirmala Sitharaman on Saturday. The meeting aimed to seek inputs and suggestions for the Budget for 2025-26, expected to be presented on February 1. Members from the Association of Women Entrepreneurs of Karnataka (AWAKE); Karnataka SC and ST Entrepreneurs' Association; Plant-Based Food Industry Association (PBFIA); Ambala Scientific Instruments Manufacturers' Association (ASIMA); Rajasthan Footwear Manufacturers' Association were among the participants at the meeting. The All-India Plastics Manufacturers' Association; All India Manufacturers' Association; Gujarat Chamber of Small Industries Association; Federation of Associations of Cottage and Small Industries (based in West Bengal); Federation of Andhra Pradesh Small and Medium Association; and Laghu Udyog

Budget 2024: The Economic Survey is the official report card of the country's economy and is tabled in Parliament by the finance minister a day before the presentation of the Budget

The Finance Ministry is expected to bring out the budget circular in the first week of September. The pre-budget meetings will start in October

We need to ask why, in India, income tax is levied only by the Centre while in many other federations, the constituent units also levy it

State finance ministers demanded greater fiscal autonomy through an increase in states' share in goods and services tax (GST) to 60 per cent, from 50 per cent at present

The meeting took place at a time when external demand is waning as exporters are facing global headwinds of high inflation, currency depreciation and geopolitical tensions

In a pre-budget consultation with the finance ministry, farmers' organisations on Tuesday asked the government to lift ban on exports of agri items like wheat and restrict import of products that cost below the minimum support price (MSP). They also demanded that the government should focus on increasing domestic output of local oilseeds such as soyabean, mustard, groundnut and sunflower, instead of palm. Imposition of higher taxes on processed foods was another suggestion made by farmers' bodies during the virtual meeting with finance minister Nirmala Sitharaman. The finance minister chaired her third pre-budget consultation with the experts of agriculture and representatives of the agro processing industry here. In his wish list for the Union Budget 2023-24, Bharat Krishak Samaj Chairman Ajay Vir Jakhar demanded that the government should "not allow import of produce where landing costs are below MSP". He also urged the Centre to focus on human resources development in the farm

The farmers' representatives urged the Finance Minister to focus on human resources development over infrastructure

Seven meetings will take place between November 21 and 24, while the pre-budget interaction with state Finance Ministers is expected to take place in December in Madurai

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Rationalisation of income tax slabs, infrastructure status for digital services and incentives to hydrogen storage as well as fuel cell development were some of the suggestions made by various stakeholders at the pre-Budget consultation meeting convened by Finance Minister Nirmala Sitharaman. The customary pre-budget consultation meetings were held with the finance minister virtually between December 15 and December 22, as per the finance ministry statement. More than 120 invitees representing seven stakeholder groups participated in eight meetings, scheduled during this period, it said. The stakeholder groups include representatives and experts from agriculture and agro-processing industry; industry, infrastructure and climate change; financial sector and capital markets; services and trade; social sector; trade union & labour organisation and economists, it said. "The stakeholder groups made several suggestions on various issues that included increased R&D spending, ...

Ministers of State for Finance Pankaj Chaudhary and Bhagwat Karad held the first pre-Budget consultations with representatives of agriculture and agro processing industry through virtual mode

NBFCs, too, made presentation to the Finance Minister

Issues relating to FPIs, AIFs, mutual fund industry figure in pre-Budget meeting

Starting from Tuesday, Finance Minister Arun Jaitley is scheduled to meet representatives of different groups from various sectors