Budget 2023-24: The series of meetings is over, now the budget will be ready, and suggestions received by the government to provide relief to the common man
More than 110 invited guests from 7 stakeholder groups participated in eight pre-budget meetings. In these meetings, all the stakeholders have given suggestions to the government on important issues including agriculture, employment generation, business facilities, and reduction in income tax.
Finance Minister Nirmala Sitharaman held pre-budget meetings with state finance ministers and business associations.
Highlights
⏩ The finance ministers of the states kept their demands before the government.
⏩ Suggested Urban Employment Guarantee Scheme to promote employment in urban areas.
⏩ The government demanded to give relief on many issues including tax exemption on electric vehicles.
New Delhi. Union Finance Minister Nirmala Sitharaman chaired the pre-budget consultation meetings in virtual mode from November 21-28 for the Budget 2023-24. These pre-budget meetings have been completed on Monday. More than 110 invited guests representing 7 stakeholder groups participated in the eight meetings held during this period. In these meetings, all the stakeholders have given suggestions to the government on agriculture, employment, trade, and other important issues, so that the common man can be relieved from problems including inflation.
According to a Finance Ministry statement, these stakeholder groups include representatives and experts from the agriculture and agro-processing industry, industry, infrastructure, and climate change, financial sector, capital markets, services and trade, social sector, trade unions, and labor. Apart from this, other organizations and economists were also present.
Meanwhile, state finance ministers during their pre-budget consultations put forward their demands for more funds, more control over the implementation of Centrally Sponsored Schemes (CSS), and higher payment for mining royalty.
Federation of Indian Export Organizations (FIEO) said during pre-budget discussions with Finance Minister Nirmala Sitharaman that the depreciation between the rupee and the US dollar is affecting export activities and as a result, the sector needs more support.
Suggestions received on the issue of employment generation and income tax
Representatives of the stakeholder groups made several suggestions for the upcoming budget including the mechanism for green certification to help MSMEs, an urban employment guarantee program to boost job creation in urban areas, rationalization of income tax, creation of innovative clusters and reforms There are many plans for Measures such as domestic supply chain, reduction in taxes on electric vehicles, the introduction of electric vehicle (EV) policy and promotion of India as a green hydrogen hub are also included.
At the same time, industry groups have appealed to cut income tax during the pre-budget meeting with Finance Minister Nirmala Sitharaman to promote employment generation, domestic growth, and consumption. He also stressed the importance of maintaining financial restraint in view of the volatile international environment and high inflation.
