Sitharaman's Pre-Budget Talks: Paving the Path for India's $5 Trillion Economy

Finance Minister Nirmala Sitharaman will conduct pre-budget consultations with industry chambers on June 20, preparing for the 2024-25 fiscal budget. These discussions will outline the Modi 3.0 government's economic agenda, aimed at turning India into a $5-trillion economy and addressing key policy priorities like job creation and agricultural stress.

Finance Minister Nirmala Sitharaman is set to hold crucial pre-budget discussions with industry leaders on June 20, insiders revealed.

The consultations aim to shape the fiscal agenda for 2024-25, expected to be unveiled in Parliament in late July. Preceding these talks, a meeting with Revenue Secretary Sanjay Malhotra is scheduled for June 18.

The upcoming budget will unveil the economic strategies of the Modi 3.0 government, focusing on growth, inflation control, and funding coalition commitments.

Key objectives include fast-tracking reforms towards making India a $5 trillion economy and achieving 'Viksit Bharat' status by 2047.

RBI estimates indicate a 7.2% economic growth this fiscal year, fueled by improving rural demand and moderating inflation.

The Modi administration's economic stewardship, highlighted by a record Rs 2.11 lakh crore dividend from RBI, and positive outlooks by rating agencies like S&P, underscore fiscal prudence and policy success.

Critical focus areas for the third Modi term encompass agricultural sector stress, job creation, sustained capital expenditure, and boosting revenue growth for fiscal stability.

Despite strong tax revenues, challenges persist in non-tax revenues, particularly given the sluggish pace of strategic disinvestment initiatives.

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