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Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs wrapped off pre-budget discussions with various stakeholders on Wednesday.
The pre-budget consultation sessions for Budget 2022-23 were held in digital mode from the 15th to the 22nd of December 2021, during which the finance minister interacted with more than 120 invitees from seven stakeholder groups over the course of eight meetings.
Some of the ideas presented by various stakeholders during the pre-Budget consultation session included rationalization of income tax brackets, infrastructure status for digital services, enhanced R&D expenditure, investments in online safety measures, and subsidies for hydrogen storage and fuel cell advancement.
Representatives and specialists from agriculture and agro-processing industry; industry, infrastructure, social sector, financial sector and capital markets; climate change, services and commerce, trade unions and labour organizations, and economists are among the stakeholder groups, according to the report.
These meetings were attended by Ministers of State for Finance, Pankaj Chaudhary and Bhagwat Karad, Revenue Secretary Tarun Bajaj, Finance Secretary T V Somanathan, Financial Services Secretary Debasish Panda, Economic Affairs Secretary Ajay Seth, and Corporate Affairs Secretary Rajesh Verma.
The Budget, which will be fourth of Modi 2.0’s government and Sitharaman, would be presented against the backdrop of the Indian economy’s steady recovery from the COVID-19 epidemic.
This fiscal year, growth is predicted to be in the double digits. In its most recent bi-monthly monetary policy report, the RBI forecasted GDP growth of 9.5% in 2021-22.
The government anticipates a budgetary shortfall of 6.8 % of GDP.
The Budget 2022-23 is expected to be delivered on the 1st of February during the first part of Parliament’s Budget Session, which typically starts in the final week of January each year.