Budget 2024-25: FM Sitharaman chairs pre-Budget consultation meet with state finance ministers

Sitharaman assured ministers that their recommendations would be duly considered during the formulation of the Union Budget for the next fiscal year. (Image: PIB India/X)

Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, presided over a crucial pre-Budget consultation meet with the finance ministers of states and union tTerritories on June 22. The meeting aimed to gather insights and recommendations for the upcoming Union Budget for the fiscal year 2024-25.

Several ministers praised the Government of India's 'Scheme for Special Assistance to States for Capital Investment' and gave suggestions for its enhancement. Apart from several recommendations for inclusion in the upcoming Union Budget, they also put in specific requests pertinent to their respective states.

In her address, Sitharaman emphasised the Union Government’s commitment to supporting states through timely tax devolution, Finance Commission grants, and GST compensation arrears. Regarding the ‘Scheme for Special Assistance to States for Capital Investment’, Sitharaman mentioned that while most of the loans are untied, a part of it is conditional, linked to citizen-centric reforms by states and sector-specific capital projects. She urged the states to avail of these loans by fulfilling the requisite criteria.

The FM assured ministers that their recommendations would be duly considered during the formulation of the Union Budget for the next fiscal year.

The meeting saw the participation of Union Minister of State for Finance Pankaj Chaudhary, chief ministers of Goa, Meghalaya, Mizoram, Nagaland, and Sikkim, deputy chief ministers from Bihar, Madhya Pradesh, Odisha, Rajasthan, and Telangana, state finance ministers, other ministers, and senior officers from states and UTs (with Legislature) as well as the union government.