According to ANI, Union Finance Minister Nirmala Sitharaman will have a pre-budget consultation with state finance ministers on Thursday. This is part of a series of sessions she has been holding in preparation for the Budget presentation.
Every year on February 1st, the finance minister presents the General Budget to Parliament.
Sitharaman conducted a similar exercise with numerous industry groups and notable economists, during which ideas were made regarding income tax bracket rationalisation, infrastructure status for digital services, and hydrogen storage incentives.
According to the finance ministry, eight such discussions were place between December 15 and December 22. They were attended by more than 120 invitees representing seven stakeholder organisations, according to the statement.
Agriculture and agro-processing industry representatives and experts; industry, infrastructure, and climate change; financial sector and capital markets; services and commerce; social sector; trade unions and labour organisations; and economists are among the stakeholder groups.
This fiscal year, growth is predicted to be in the double digits. In its most recent bi-monthly monetary policy review, the RBI forecasted GDP growth of 9.5% in 2021-22.
The government anticipates a fiscal deficit of 6.8 percent of GDP (GDP).
Separate meetings have also been held by Prime Minister Narendra Modi prior to the annual financial report being tabled in Parliament. Last week, he met with CEOs of companies from several industries to discuss pre-budget issues.
During the conversation, PM Modi emphasised the country’s innate strength, which was demonstrated during the fight against the Covid-19 outbreak.
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