rediff.com
News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

Rediff News  All News 
Rediff.com  » Business » Arun Jaitley to start pre-budget consultations

Arun Jaitley to start pre-budget consultations

June 04, 2014 14:36 IST

Image: Finance Minister Arun Jaitley
Photographs: Courtesy, PIB

Finance Minister Arun Jaitley will kick off pre-budget consultations with different interest groups from Thursday, starting with the representatives of the farm sector.

To be presented in the first week of July, it will be the maiden Budget of Jaitley.

It will also be the first major policy document of the Narendra Modi government and will spell out the direction for the economy.

...

Arun Jaitley to start pre-budget consultations

Image: Arun Jaitley
Photographs: World Economic Forum/Wikimedia Commons

Jaitley will also meet representatives of the social sector related groups in the run-up to the Budget.

As part of the customary exercise, Finance Minister holds pre-budget consultations with various stakeholders, including, representatives of industry chambers, trade union, financial services sector and state finance ministers.

...

Tags: 1

Arun Jaitley to start pre-budget consultations


Photographs: Reuters

At these meetings, the minister is usually flooded with sector-specific suggestions for the Budget.

Jaitley, who assumed charge of his new office on May 27, has been briefed by the secretaries in the five departments of the Finance Ministry.

He faces several challenges on the economic front, like rising prices, subdued growth and the need to move ahead on the path of fiscal consolidation.

Among other things he will also have to focus on streamlining subsidies which consume a major potion of government expenditure.

...

Arun Jaitley to start pre-budget consultations


Photographs: Reuters

Soon after assuming office, Jaitley had said he was taking over in challenging times. "The challenges are very obvious. We have to restore the pace of growth, contain inflation and obviously concentrate on fiscal consolidation," Jaitley had said.

Asked how bad the economic situation was, Jaitley summed it up as: a "lot of unpaid bills".

Fuel and fertiliser subsidies worth Rs 80,000 crore have been rolled over from the fourth quarter of 2013-14 to the current financial year. 

Tags: Jaitley
© Copyright 2022 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.