Finance Minister Nirmala Sitharaman has officially commenced the pre-budget consultation process for the Union Budget 2024-25 (FY27) by engaging with leading experts from the infrastructure and energy sectors. This marks the beginning of a series of stakeholder meetings that will shape India's economic priorities for the coming fiscal year.
Stakeholder Engagement for National Development
The high-level meeting, held in New Delhi, brought together prominent figures from across the infrastructure landscape. Among the key participants were Ajay Piramal, Chairman of Piramal Group; S N Subrahmanyan, Chairman of L&T; and Virendra D Mhaiskar, Chairman of IRB Infrastructure. These industry leaders provided crucial insights into the challenges and opportunities facing the nation's core sectors.
The discussions focused on strategic interventions required to accelerate infrastructure development, which remains a cornerstone of the government's economic agenda. The finance minister actively sought recommendations on policy measures, funding mechanisms, and regulatory frameworks that could enhance project execution and attract greater private investment.
Energy Sector Takes Center Stage
Parallel to infrastructure talks, the consultation placed significant emphasis on the energy domain. The meeting included representation from the power and renewable energy sectors, with notable attendees such as Prashant Jain, Managing Director of JSW Energy. This underscores the government's dual focus on conventional energy security and the rapid transition to green alternatives.
Experts presented their views on achieving India's ambitious renewable energy targets while ensuring grid stability and affordable power supply. The dialogue covered critical areas including energy storage solutions, transmission infrastructure modernization, and policies to encourage domestic manufacturing in the solar and wind energy value chain.
Building on Past Momentum
These consultations represent a continuation of the government's methodical approach to budget formulation. The infrastructure and energy sectors have been identified as primary growth engines capable of generating widespread employment and stimulating ancillary industries.
The inputs gathered from these sectoral experts will directly inform the budget planning process, potentially influencing allocation decisions and policy announcements. The full Union Budget for FY27 is expected to be presented in Parliament around July 2024, following the interim budget presented earlier this year.
This early start to pre-budget discussions signals the government's commitment to thorough preparation and evidence-based policymaking. Subsequent meetings are likely to cover other critical sectors including agriculture, manufacturing, financial services, and social infrastructure as the finance ministry works toward crafting a comprehensive economic blueprint for the nation.
