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As the finance ministry concluded nine rounds of pre-Budget consultations on Monday, steps to boost consumption and employment, tax concessions — for individuals and micro, small and medium enterprises (MSMEs) — along with wide ranging reforms were among the suggestions given by various stakeholders.
The Union Budget for FY26 assumes significance as it comes on the back of lower-than-expected growth numbers during the second quarter and geopolitical uncertainty.
Stakeholders ranging from economists and business owners to traders and farmers expect the upcoming Budget to address concerns around investment, inflation and infrastructure as well as take steps to improve ease of doing business.
Economists have called for a manufacturing policy to boost growth and employment as well as supply-side measures such as cold chain storage at the local level to tackle food inflation.
Pre Budget consultations with Finance Minister Nirmala Sitharaman and top finance ministry officials have seen participation from more than 100 experts in various sectors.
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Industrialists and economists alike have advocated increased capital expenditure (capex) spending and tax exemptions to spur demand and increase purchasing power of people.
Both the stakeholder groups, in separate discussions, have suggested ways to improve skilling initiatives such as setting up universities at the district level and having MSMEs with integrated townships.
The Confederation of Indian Industry (CII), for instance, has proposed tax exemptions for individuals earning up to Rs 20 lakh annually and reduction in excise duties on petrol and diesel to alleviate the financial burden on consumers and businesses.
The finance ministry’s discussions with the trade sector have also been crucial in the run up to the Budget amid the Donald Trump regime taking over in the United States (US).
Exporters have urged the finance ministry to approve a US-focused marketing scheme worth Rs 750 crore to generate additional exports of around $25 billion in America over the next three years.
The exporters have called for continuation of the export boosting scheme–interest equalisation, which is operational till December 31. They also sought additional funds for marketing and trade promotion of certain export items and income tax relief for MSME manufacturing units, among others.
Farmers and agriculture sector stakeholders have asked the finance ministry to double the income support under PM Kisan Samman Nidhi to Rs 12,000 and reduce costs on input materials.
The agriculture and services sectors had emerged as key growth drivers in the second quarter of FY25. Sustained agriculture output, economists feel, is the key to driving growth in the second half of this financial year.
Several farm leaders have also sought scrapping of the goods and services tax (GST) on agricultural inputs, such as seeds, manure and pesticides.
The Finance Industry Development Council has called for major reforms to ease operational burden and improve liquidity of non-banking financial companies (NBFCs).
One of the proposals has been the reduction in the loan amount threshold for enforcing security interest under the SARFAESI Act, from Rs 20 lakh to Rs 1 lakh.
Health and education experts raised issues related to cancer care equipment, health and education spending, and increased focus on teachers’ training under the National Education Policy (NEP) 2020.
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