Union Budget 2024: Union minister for finance & corporate affairs, Nirmala Sitharaman, on Wednesday, chaired the first pre-budget consultation with India’s leading economists.

This crucial meeting set the stage for the upcoming full budget formulation, bringing together top economic minds to provide valuable insights and recommendations. The meeting was also attended by senior officials from the ministry.

“Union Minister for Finance & Corporate Affairs Smt. @nsitharaman chairs the first Pre-Budget Consultations with leading economists in connection with the forthcoming General Budget 2024-25 in New Delhi, today,” the finance ministry posted on social media platform X.

Nirmala Sitharaman is set to become the first finance minister to present seven consecutive Union Budgets, surpassing the record of Morarji Desai, who had presented six budgets in a row.

“The #PreBudget consultation meeting was also attended by Union Minister of State for Finance Shri @mppchaudhary; Finance Secretary; Secretaries of Departments of Economic Affairs, Revenue, Financial Services and Corporate Affairs; and Chief Economic Adviser, Government of India,” the post added.

Earlier, the ministry had invited suggestions on direct and indirect taxes and changes in laws to reduce compliances for the 2024-25 budget from trade and industry associations.

The suggestions could include changes in the duty structure, rates and ideas on broadening of tax base on both direct and indirect taxes giving economic justification for the same, as per the ministry.

For changes in customs and excise duties, the trade and industry would have to supplement and justify their demand with relevant statistical information about the production, prices, and revenue implications of the changes suggested.

The request for correction of inverted duty structure would have to be supported by value addition at each stage of manufacturing of the commodity.

About direct taxes, the ministry said the suggestions could be also on reducing compliances, providing tax certainty and reducing litigations.

It said the government policy in the medium term is to phase out tax incentives, deductions and exemptions while simultaneously rationalising rates of tax.

Lok Sabha Session

The first session of the 18th Lok Sabha will begin on June 24 during which new members of the Lower House will take oath and the Speaker will be elected.

President Droupadi Murmu will address a joint sitting of the Lok Sabha and the Rajya Sabha on June 27 and is likely to outline the new government’s roadmap for the next five years. The session will conclude on July 3.

The first three days of the first session will see the newly elected leaders taking oath and electing the Speaker of the House.

Budget Session

The full budget for 2024-25 is expected to be presented in Parliament in the second half of July.

Both Houses of Parliament are expected to reconvene in the third week of July for the presentation of the Union Budget.