As part of the preparation of the Budget, Finance Minister Nirmala Sitharaman completed consultations with various stakeholders, including representatives from the industry and social sectors. The minister will present his seventh budget on July 23. This is the first full budget of Modi 3.0, which is going to establish the path of Vichit Bharat (developed India) by 2047.

Last month, President Droupadi Murmu, while addressing a joint session of Parliament, had said that several historic steps and major economic decisions will be taken in the upcoming Budget Session. Addressing the joint sitting of Parliament after the constitution of the 18th Lok Sabha, the President said, "This budget will be an effective document of the far-reaching policies and future vision of the government." She said that this budget will see many historic steps along with important economic and social decisions.

The pre-budget consultations for the Union Budget 2024-25, which began on June 19, ended on July 5, 2024. During the face-to-face consultations, more than 120 invitees across 10 stakeholder groups including experts, representatives from farmers "organizations and agricultural economists; trade unions; education and health sector; labour & skill; MSME; trade & services; industry; economists; financial sector and capital market; infrastructure, energy and urban sector participated in the meetings.

The meeting was attended by Minister of State for Finance Pankaj Chaudhary, Finance Secretary and Expenditure Secretary T V Somanathan, Economic Affairs Secretary Ajay Seth, DIPAM Secretary Tuhin K Pandey, Financial Services Secretary Vivek Joshi and Revenue Secretary Sanjay Malhotra.

Nirmala Sitharaman thanked the participants for sharing valuable suggestions and assured the experts and representatives that their suggestions will be carefully examined and considered while preparing the Union Budget 2024-25.