Ahead of the upcoming Union Budget 2026-27, Finance Minister Nirmala Sitharaman on Monday, November 10, held the first pre-budget consultation meeting with leading economists. Apart from Chief Economic Advisor (CEA) V. Anantha Nageswaran, other economists and senior officials of the Department of Economic Affairs (DEA) also attended the meeting.
“Union Minister for Finance and Corporate Affairs @nsitharaman chairs the first Pre-Budget Consultation with leading economists in connection with the upcoming Union Budget 2026-27, in New Delhi, today,” read a Ministry of Finance post on microblogging site X (formerly Twitter).
“The meeting was also attended by Secretary, Department of Economic Affairs (DEA) @FinMinIndia; and Chief Economic Adviser, Government of India, besides senior officers from the DEA,” the ministry added.
Government Engages with Industry Representatives for Budget Inputs
As part of the ongoing pre-budget consultations, the government is holding a series of meetings with industry representatives to gather inputs for the upcoming Union Budget. The discussions are focused on ease of doing business and extending tax benefits to the last person.
Late last month, senior officials of the PHD Chamber of Commerce and Industry (PHDCCI) met Revenue Secretary Arvind Srivastava on Wednesday and presented the industry’s recommendations on direct and indirect tax policies.
Consultation with Farmer Unions and Agriculture Experts
In a separate pre-budget interaction, Finance Minister Nirmala Sitharaman also held consultations with farmer unions and agriculture experts to discuss measures for strengthening India’s farm economy.
During the meeting, representatives from Farmer Producer Organisations (FPOs) recommended that the government promote the establishment of more processing units across the country to boost agricultural value addition. They also suggested the introduction of a scheme to provide low-interest loans for food processing units, which could help farmers increase their income through better post-harvest infrastructure.
Agriculture experts urged the government to create a dedicated fund to promote research and development in the farm sector and introduce innovations in crop productivity and sustainable practices.
Several stakeholders also proposed reforms to the Pradhan Mantri Fasal Bima Yojana (PMFBY), seeking direct compensation to farmers in case of crop loss and the establishment of a separate fund to ensure timely payouts.
Additionally, suggestions were made to impose import duties on crops covered under the Minimum Support Price (MSP) mechanism to safeguard domestic farmers from cheaper imports and support fair price realisation.
Focus on Ease of Doing Business and MSME Support
CEO and Secretary General of PHDCCI, said the discussions focused on both taxation and trade facilitation. “We also discussed ease of doing business, which is the government’s focus,” he said, adding that the chamber shared specific suggestions to mitigate the liquidity challenges faced by micro, small and medium enterprises (MSMEs).
CII Calls for Comprehensive Tax Reforms
Meanwhile, the Confederation of Indian Industry (CII) has called for comprehensive tax reforms in the Union Budget 2026-27, including speeding up dispute resolution, simplification of the TDS regime and a digital customs system.
The apex industry body stressed the need to move towards a “compliance system rooted in trust, simplicity, and technology” and hold administrative delays accountable.
CII Director-General said that India’s tax system needs to shift from being dispute-driven to dispute-preventive. “The tax system must ensure that taxation not only raises revenue efficiently but also acts as a catalyst for investment, innovation and competitiveness. The Budget can be a pivot for a truly modern, transparent and globally benchmarked tax regime,” he said.
Next Steps in Budget Consultations
The government is expected to continue engaging with various industry bodies in the coming weeks before finalising its proposals for the Union Budget.
