NEW DELHI: Prime Minister Narendra Modi convened an important meeting with economists on Thursday in preparation for the upcoming 2024 Budget. Finance Minister Nirmala Sitharaman also attended the pre-budget discussion.

The Modi government is set to present the first full budget of its third term on July 23.

In addition to economists and sectoral experts, the meeting was attended by Niti Aayog Vice Chairman Suman Bery and other members of the think tank.

Leading up to the budget, Finance Minister Sitharaman has conducted multiple meetings with various stakeholders, including farmer associations and state finance ministers. These discussions provided her with a range of suggestions, such as the need for sustained capital expenditure, maintaining fiscal prudence, lowering tax rates to boost private consumption, and increasing social and rural spending.

Sitharaman assured the experts and representatives that their suggestions would be carefully reviewed and considered during the budget preparation.

The government is expected to focus on employment and maintain macroeconomic stability. The budget will build on the initial 100-day plan set before the elections and will include long-term strategies from five-year plans and a vision document aiming to make India a developed nation by 2047.

Sitharaman's Interim Budget Insights

In the last Interim Budget, Finance Minister Nirmala Sitharaman projected a fiscal deficit of 5.1% of GDP for FY25. The government continued to emphasize capital expenditure, increasing it by 16.9% to Rs 11.11 lakh crore.

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