FM meets industry leaders to seek inputs for upcoming Union Budget

Union Finance Minister Nirmala Sitharaman on Tuesday held a series of consultations with key industry stakeholders as part of preparations for the upcoming Union Budget, expected to be presented on February 1 next year. Representatives from manufacturing, capital markets, and the startup ecosystem shared recommendations aimed at strengthening growth and improving the investment climate.Top industry leaders—including CII President Rajiv Memani, Assocham President Nirmal Kumar Minda, and FICCI Vice-President Vijay Sankar—participated in the meeting focused on the manufacturing sector. The discussion centred on ways to enhance industrial output, improve competitiveness, and support investment.
The consultations were attended by Union Minister of State for Finance Pankaj Chaudhary, Department of Economic Affairs Secretary Anuradha Thakur, and Chief Economic Adviser V. Anantha Nageswaran, the Finance Ministry said in a post on X.A separate session with capital market representatives featured participation from BSE, the Multi-Commodity Exchange, the Association of Mutual Funds in India, the Association of Registered Investment Advisers, and the Commodity Participants Association of India. According to sources, they sought a reduction in transaction taxes and measures to further deepen financial markets. Suggestions included lowering the Securities Transaction Tax (STT) and aligning the short-term dividend tax rate for domestic investors with the 20 per cent rate applicable to NRIs, compared to the current domestic rate of up to 42 per cent.
In the meeting focused on startups, boAt co-founder Aman Gupta, eVidyaloka chairperson Ravichandran V, and several founders and top executives discussed challenges facing the sector. Their recommendations covered improving access to capital, easing compliance, and enhancing incentives to support innovation and entrepreneurship.

(Business Correspondent)