January 15, 2022

The Minister of Finance concludes the pre-budget meetings for the Union budget 2022-2023

Union Finance and Trade Affairs Minister Nirmala Sitharaman concluded the pre-budget meetings with various stakeholder groups on Wednesday.

The pre-budget consultation meetings for the 2022-23 budget held in virtual mode took place from December 15 to 22, 2021 during which the Minister of Finance met more than 120 guests representing 7 groups of stakeholders through eight meetings scheduled during of this period.

Stakeholder groups include representatives and experts from agriculture and the food industry; Industry, infrastructure and climate change; Financial sector and capital markets; Services and trade; Social sector; Trade union and organization of work and economists.

Union Finance Ministers of State Pankaj Chaudhary and Bhagwat Kishanrao Karad, Finance Secretary TV Somanathan; Secretary, DEA, Ajay Seth; Secretary, DIPAM, Tuhin Kanta Pandey; Secretary, Financial Services, Debashish Panda; Secretary, Corporate Affairs, Rajesh Verma; Secretary of State Tarun Bajaj and senior officials from the Ministry of Finance were also present at the meetings.

Secretaries from other relevant ministries / departments participated via the online mode.

Stakeholder groups made several suggestions on various issues, including increased R&D spending, state of infrastructure for digital services, incentives for hydrogen storage and fuel cell development, streamlining income tax brackets, investments in online security measures, etc., among others.

The finance minister said all suggestions regarding the budget will be carefully considered when preparing proposals for 2022-2023.

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