Nirmala Sitharaman concludes parleys for Union Budget

IT slab rationalisation also mooted

Finance and Corporate Affairs Minister Nirmala Sitharaman concluded consultations for the Union Budget 2022-2023 after a conference with economists.

More than 120 invitees participated in eight meetings scheduled in the period from December 15, the Finance Ministry said.

“The stakeholder groups include representatives and experts from agriculture and agro processing industry; industry, infrastructure and climate change; financial sector and capital markets; services and trade; social sector; trade unions and labour organisations and economists,” it said.

The groups made several suggestions on various issues that included increased R&D spending and rationalisation of income tax slabs.

Ms. Sitharaman assured participants that the suggestions would be carefully considered while preparing the Budget, it added.

Minister of State for Finance Bhagwat Karad was present at the meeting with economists along with Finance Secretary T.V. Somanathan, DIPAM Secretary Tuhin Kanta Pandey, Economic Affairs Secretary Ajay Seth and Principal Economic Advisor Sanjeev Sanyal. Among the economists present were former Chief Economic Advisor Nitin Desai and Surjit Bhalla, India’s executive director at the International Monetary Fund.

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