Union Finance Minister Nirmala Sitharaman is set to engage with representatives from various industry associations on the evening of June 20, tomorrow, as part of the pre-budget consultation process.
The meeting, scheduled between 4 and 6 PM at North Block, will host industry bodies such as the Federation of Indian Chambers of Commerce & Industry ( FICCI ), Confederation of Indian Industry ( CII ), Associated Chambers of Commerce and Industry of India ( Assocham ), and PHD Chamber of Commerce and Industry. These organisations will present their budget suggestions and recommendations during the session.
This consultation is a key component of the government’s annual pre-budget engagements, designed to gather feedback and suggestions from critical stakeholders to shape the upcoming Union Budget. The Union Budget is anticipated to be tabled in Parliament in the third week of July.
Ahead of the meeting with the Finance Minister, industry associations are scheduled to meet with Revenue Secretary Sanjay Malhotra on June 18. These discussions are expected to cover a broad range of topics, including tax reforms, incentives for various industries, measures to boost economic growth, and policies to support small and medium enterprises ( SMEs ).
This upcoming budget will be the Modi government’s first full budget after assuming office for its third consecutive term. Nirmala Sitharaman, who presented an interim budget on February 1 ahead of the Lok Sabha elections, has delivered six consecutive budgets to date. She is set to create a record with the presentation of the first full-fledged budget for the new term of the BJP-led National Democratic Alliance government.
Following these consultations, the budget-making process involves several meticulous steps. One of the most significant is the ‘Halwa Ceremony,’ a traditional event marking the commencement of the budget printing process. During this ceremony, which is typically held at the Ministry of Finance, a large quantity of halwa ( a sweet dish ) is prepared and distributed among the staff involved in the budget preparation. This marks the final phase where officials are required to stay within the North Block until the budget is presented to maintain the secrecy of its contents.
Once the printing process is underway, the Finance Minister and her team will work to finalise the budget details, incorporating feedback from the consultations. The finalised budget will then be presented to the Union Cabinet for approval before it is officially tabled in Parliament. The budget presentation in Parliament is a crucial event, drawing significant attention from various sectors and stakeholders as it outlines the government’s fiscal policies and economic priorities for the upcoming year.
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