Finance Minister Nirmala Sitharaman has completed meetings with various parties regarding the preparations for the next financial year’s budget. In this, suggestions have been made like reduction in personal income tax, preparation of programs for employment generation, increase in expenditure to speed up the economy and encouragement to certain industries.
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Sitharaman has so far participated in eight rounds of discussions regarding the brainstorming on the budget. It started with a meeting with the industry from 21 November. At the same time, it ended with discussions with economists on Monday.
The budget for the financial year 2023-24 will be presented in the Parliament on February 1. According to the Finance Ministry, representatives of various parties gave several suggestions regarding the upcoming budget. It includes suggestions for bringing urban employment guarantee program to increase employment opportunities, system of green certification to help MSMEs (Micro, Small and Medium Enterprises) and rationalization of income tax.
👉 More than 110 invitees representing 7 stakeholder groups participated in 8 meetings scheduled during this period
— Ministry of Finance (@FinMinIndia) November 28, 2022
Apart from this, plans to improve the supply system at the domestic level, reduce the tax rate on electric vehicles, electric vehicle policy, measures to promote India as a center for green hydrogen, social benefits plan for children Suggestions like bringing unorganized sector employees under the ambit of ESIC (Employees’ State Insurance Corporation) were also given.
Along with this, various parties also gave suggestions like continuation of public expenditure, fiscal consolidation and reduction in customs duty. The ministry said, “More than 110 representatives from seven different parties participated in the eight meetings.” Sitharaman has said that the suggestions will be carefully considered while preparing the budget for the financial year 2023-24.
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