Union Budget 2023-24: FM Nirmala Sitharaman To Begin Pre-Budget Consultations From Today

The finance minister will interact with the captains of industry and experts in infrastructure and climate change in two groups

Finance Minister Nirmala Sitharaman will start consulting with different stakeholders from Monday onwards related to the Union Budget 2023-24. The finance minister will interact with the captains of industry and experts in infrastructure and climate change in two groups. 

Sitharaman will conduct virtual meetings with industry chambers, infrastructure sector, and environment experts seeking suggestions for the 2023-24 Budget making from stakeholders.

What’s on FM radar for Union Budget 2023-24?

On November 22, the minister will interact with the agriculture and agro-processing industry, representatives from the financial sector, and capital market.

On November 24, she will also be meeting the representatives of the services sector and trade bodies, besides experts from the social sector, including health, education, water, and sanitation. Also, the pre-Budget meetings with the trade union representatives and economists are scheduled for November 28.

The meeting will look into the requirement of funds for all categories of expenditures along with receipts of ministries/ departments, as the ministry had earlier stated.

The participants will give suggestions on the 2023-24 Budget to be presented in Parliament by the finance minister on February 1.

Climate change would remain one of the focus areas in the upcoming budget as India has pledged to become a net zero emitter of carbon by 2070. Apart from that, issues of high inflation, boosting demand, and job creation are going to be the major highlights of the next year's budget.

It is to be noted that the Budget 2023-24 will be the fifth and last budget of the Modi 2.0 government and Nirmala Sitharaman before the Lok Sabha goes to polls in April-May of 2024.

Meanwhile, as inflation is expected to cool down substantially in the next financial year, the government may maintain its ambition for growth in direct taxes moderate for the financial year 2024 amid a surge in tax collections in FY 23.

Officials are working on Revised Estimates (RE) for the current financial year (FY23) and Budget Estimates (BE) for FY24 as part of the Budget-making exercise. The finance ministry is also looking to set a target of 14 to 17 per cent growth in direct taxes for FY24 over Rs 14.2 lakh crore BE of FY23, the Business Standard reported, citing a preliminary internal assessment report.

(With inputs from PTI)