Budget 2026-27 Preparations Begin With Stakeholder Consultations
Finance Minister Nirmala Sitharaman initiated the formal process for creating the Union Budget 2026-27 on Monday by conducting the first pre-budget consultation session with prominent economists in New Delhi.
The meeting marked the beginning of the government's extensive budget preparation exercise, which involves gathering inputs from various stakeholders across different sectors of the economy.
High-Level Participation in Economic Dialogue
The consultation session saw participation from senior officials of the Department of Economic Affairs, including the Economic Affairs Secretary, Chief Economic Adviser, and other key officers from the finance ministry.
According to the ministry's social media announcement, the finance minister chaired the first Pre-Budget Consultation with leading economists specifically for the upcoming Union Budget 2026-27.
The timing of these meetings was strategically planned, with the economists' consultation running from 10 am to 12 noon, followed immediately by separate discussions with agricultural experts and farmer associations between 1 pm and 3 pm.
Comprehensive Stakeholder Engagement Process
These initial consultations represent the start of a comprehensive series of stakeholder engagements that the finance ministry conducts every year as an integral part of the budget formulation process.
Pre-budget consultations serve as a crucial platform for the finance minister to collect feedback, suggestions, and sector-specific insights from diverse participants including industry representatives, trade unions, economists, state government officials, and social sector organizations.
The primary objective of these deliberations is to ensure that the final Union Budget reflects multiple perspectives and effectively addresses the country's key economic priorities and challenges.
Major industry bodies including the Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce and Industry (FICCI), and PHD Chamber of Commerce and Industry (PHDCCI) have already submitted their budget recommendations to the government.
These associations have specifically advocated for direct tax reforms, expansion of the tax base, and implementation of policies designed to boost manufacturing capabilities, foster innovation, and improve tax compliance rates across sectors.
Finance Minister Nirmala Sitharaman is scheduled to present the complete Union Budget for the fiscal year 2026-27 in Parliament on February 1, following the traditional budget presentation timeline.
