Nirmala Sitharaman on June 21 held the fourth pre-Budget meeting with the representatives from farmer associations and agriculture economists.
The representatives made a suggestion to the finance minister on climate change and steps that could be taken to revive agriculture growth from the current 1.4 percent of the GDP, according to a Moneycontrol report. The participants also suggested a rationalisation of GST rates on certain agricultural inputs.
Business Today was unable to verify the development independently.
GST rate on pesticides at present stands at 18 percent, whereas water pumps attract a 12 percent rate under the current regime.
The meeting was attended by Minister of State for Finance, Pankaj Chaudhary, Finance Secretary TV Somanathan, Chief Economic Adviser, V Anantha Nageswaran, Secretary Department of Economic Affairs and senior officers from the Agriculture Ministry.
On June 19, the finance minister chaired the first pre-Budget consultations with leading economists in connection with the forthcoming Budget 2024-25. On June 20, Sitharaman held the second pre-Budget consultation meeting with leading experts of the financial and capital markets sector.
The Indian Venture and Alternative Capital Association (IVCA), the apex industry body for alternative assets in India, too participated in a pre-Budget consultation. The IVCA delegation focused on fostering a more enabling regulatory environment to propel the growth of the alternative asset industry in India.
Later in the day, the finance minister held the third pre-Budget consultation meeting with industry leaders and associations. After the meeting, PHDCCI suggested the ministry to bolster the manufacturing sector, support consumption demand and provide relief to middle income groups with rationalisation of tax slabs.
With the presentation of Union Budget 2024, Sitharaman will surpass former finance minister Morarji Desai’s record of presenting the budget six consecutive times. The Budget is expected to lay out Modi 3.0’s economic agenda.