The pre-Budget consultation exercise will commence this week as Finance Minister Nirmala Sitharaman is scheduled to meet economists, banks and financial institutions as well as industry chambers between June 11-23.
Finance Minister Sitharaman has called a meeting of leading industry chambers on June 11 to elicit their views on various issues, including steps to boost FDI inflows and industrial productivity, as part of the pre-Budget consultation exercise.
This would be the first joint interaction with Nirmala Sitharaman, who took over as India's first full-time woman finance minister last month after the BJP-led NDA government won a second term. Representatives of industry bodies like CII, FICCI, and Assocham, among others, are expected to attend the meeting. Most of the industry bodies have already submitted their memoranda of demands to the finance ministry for consideration.
Hailed as a ‘gamechanger’ by industry leader Anand Mahindra among others, Finance Minister Nirmala Sitharaman is set to present the first full budget of the PM Modi government's second term on July 5.
Most of the industry bodies have already submitted their memoranda of demands to the finance ministry for consideration. The topics likely to be taken up on Tuesday would include changes in the FDI guidelines to spur overseas investments in the country.
The Union Minister would also seek their views on the issues of mergers to enhance productivity, the categories of services needed to be expanded to meet domestic demand and tariff structure to increase domestic output and exports.
However, the special key focus is likely to be on the tourism industry as she is particularly interested to know views of the industry on the development of tourist sites with a view to attracting more domestic as well as foreign travellers.
Earlier also the newly appointed Minister, Nirmala Sitharaman took to Twitter to express her gratitude towards the scholars, economists and the public who had reached out to her with suggestions and ideas with an intention to guide her in the framing of the Union Budget slated to be released on July 5.