Winning Bizness Desk

Mumbai. Prime Minister Narendra Modi held a meeting with economists before presenting the full budget of this financial year, in which Finance Minister Nirmala Sitharaman was accompanied by NITI Aayog Vice President Suman Beri, Chief Economic Advisor V Anant Nageshwaran, economist Surjit Bhalla, Ashok Gulati and veteran banker KV Kamath and other members. Earlier, Finance Minister Nirmala Sitharaman had consulted with various stakeholders including representatives of industry and social sector regarding the budget. The budget session of Parliament is starting on July 22 and on July 23, Finance Minister Nirmala Sitharaman will present the Union Budget in the Lok Sabha. This will be the first budget of the third term of the Narendra Modi government. During the consultation, Sitharaman assured those who shared suggestions that their suggestions would be considered while preparing the budget. According to information received from the Finance Ministry, more than 120 people were called in 10 stakeholder groups for consultation. Apart from experts and representatives of farmer associations and agricultural economists, these included experts and representatives of trade unions, education and health sector, employment and skilling, MSME, trade and services, industry, economists, financial sector and capital market, infrastructure, energy and urban sector.

Big decisions can be taken

Last month, President Draupadi Murmu had said in Parliament that many historic steps and big economic decisions will be taken in the upcoming budget session. She had said. This budget will be an effective document of the far-reaching policies and futuristic vision of the government. Parliamentary Affairs Minister Kiren Rijiju had announced on Saturday, July 6 that the budget session will be held from July 22 to August 12 and Sitharaman will present the budget on July 23. He said that President Draupadi Murmu has approved it on the recommendation of the central government. Lok Sabha elections were to be held in April, May this year, so the government presented the interim budget on February 1. Nirmala Sitharaman had focused her budget on the poor, women, youth and farmers.

Budget may focus on tax relief and farmers

According to experts, this budget may focus on giving tax exemption to the middle class, women empowerment, increasing farmers' income and employment, in which the standard deduction limit can be increased from ₹ 50,000 to 1 lakh rupees. There may also be many announcements in the defense, railways, infrastructure and renewable energy sectors and may consider reducing the angel tax imposed on startups. Apart from this, there is a possibility of a PLI scheme of ₹ 40,000 crore for electronics sub-assembly and components. While Andhra Pradesh may get a special package of 1 lakh crore. Notably, the Union Budget is the annual financial account of the country. In other words, the budget is an estimated statement of the government's earnings and expenditure for a particular year. Through the budget, the government tries to decide to what extent it can spend in the coming financial year as compared to its income. The government has to present the budget at the beginning of every financial year. The financial year period in India is from 1 April to 31 March.

Nirmala will make a new record

As soon as she presents the budget on 23 July, Nirmala will become the first Finance Minister of the country to do so for the seventh time in a row. Earlier, Morarji Desai had presented six consecutive budgets. However, Morarji presented the budget the most, i.e. 10 times. After him, P. Chidambaram and Pranab Mukherjee presented the budget 9 times, Yashwant Rao Chavan, CD Deshmukh and Yashwant Sinha presented the budget 7 times. Manmohan Singh and T. Krishnamachari have presented the budget 6 times.