PM Modi met eminent economists and took their suggestions for Union Budget 2024

Prime Minister Narendra Modi on Thursday held a meeting with economists and sectoral experts to prepare for the Union Budget 2024.

The meeting, which was also attended by Finance Minister Nirmala Sitharaman, was a crucial step as the government prepares to present a comprehensive Budget for its third term on July 23.

The pre-budget meeting was attended by dignitaries including NITI Aayog Vice Chairman Suman Beri and other members of the Planning Commission.

In this conference, in-depth discussions were held with the aim of shaping the economic direction of the country for the coming financial year.

This budget holds special significance as it will be the first major economic document under the Modi 3.0 administration.

The document is expected to outline a strategic roadmap for India’s development, with the aim of becoming a developed nation by 2047.

Earlier, the pre-budget consultations for Union Budget 2024-25 began in the Ministry of Finance from June 19, 2024 and concluded on July 5 under the chairmanship of Union Finance and Corporate Affairs Minister Nirmala Sitharaman.

The Finance Ministry said that during the in-person consultations, over 120 invitees from 10 stakeholder groups participated, including farmer associations and agricultural economists, trade unions, education and health sector, employment and skills, MSMEs, trade and services, industry, economists, financial sector and capital markets, as well as experts and representatives from infrastructure, energy and urban sector.

Union Minister of State for Finance Pankaj Choudhary; Finance Secretary and Expenditure Secretary Dr. T.V. Somanathan; Ajay Seth, Secretary, Department of Economic Affairs; Tuhin K. Pandey, Secretary, DIPAM; Vivek Joshi, Secretary, Department of Financial Services; Sanjay Malhotra, Secretary, Department of Revenue; Manoj Goel, Secretary, Ministry of Corporate Affairs, Secretaries of related Ministries, Chief Economic Adviser Dr. V. Anantha Nageswaran and senior officials of the Ministry of Finance and related Ministries were also present in the respective meetings.

During the consultation, Sitharaman expressed her gratitude to the participants for sharing valuable suggestions and assured the experts and representatives that their suggestions would be carefully examined and considered while preparing the Union Budget 2024-25.

As India navigates a complex global economic landscape, the upcoming Budget is expected to focus on strengthening the country’s economic resilience, fostering innovation, and enhancing competitiveness.

The Government aims to strike a balance between immediate economic needs and long-term development goals, in order to lay the foundation for strong and sustainable growth.