New Delhi, India – Prime Minister Narendra Modi on Tuesday, December 30, 2025, chaired a significant pre-budget consultation meeting with leading economists and sectoral experts in New Delhi. The high-level discussions aimed to solicit views and suggestions for the formulation of the Union Budget 2026-27, which is anticipated to be presented by Finance Minister Nirmala Sitharaman on February 1, 2026.
Key Attendees and Discussion Points
The meeting saw the participation of key government officials, including Finance Minister Nirmala Sitharaman, NITI Aayog Vice Chairman Suman Bery, and NITI Aayog CEO BVR Subrahmanyam, alongside other members of the NITI Aayog and a diverse group of economists and experts.
Discussions during the session covered a broad spectrum of economic issues, with a strong emphasis on:
- Economic growth and employment generation
- Enhancing the investment climate and technological advancement
- Promoting industrial competitiveness and financial sector stability
- Addressing labour welfare and fostering sustainable development
- The need for 'mission-mode reforms across diverse sectors' to build global capability and attain global integration.
- Accelerating structural transformation through increased household savings, robust infrastructure development, and the adoption of cutting-edge technology.
- The role of Artificial Intelligence (AI) as an enabler of cross-sectoral productivity and the continued scaling of India's Digital Public Infrastructure (DPI).
Prime Minister Modi also highlighted the 'core pillars for India's journey toward 2047,' emphasizing that the vision of a developed India, or Viksit Bharat, has transitioned from government policy to a 'genuine mass aspiration'.
Broader Consultation Process
This meeting forms a crucial part of the government's extensive pre-budget consultation process. Prior to the Prime Minister's engagement, Finance Minister Nirmala Sitharaman had already conducted 10 rounds of consultations with various stakeholders. These included representatives and experts from critical sectors such as agriculture, MSMEs (Micro, Small, and Medium Enterprises), capital markets, manufacturing, services, and technology, as well as farmer associations, trade unions, and labour organizations.
The government has also extended an invitation to the general public to submit their suggestions for the Union Budget 2026-27 through the MyGov platform, underscoring an inclusive approach to policy formulation.
Economic Context and Recommendations
The upcoming budget is being framed against a backdrop of global economic uncertainties and trade challenges, including a 'steep 50% US tariff on shipments from India'. Experts at the meeting also discussed measures to boost exports and strengthen India's competitiveness in foreign markets.
The Confederation of Indian Industry (CII) has put forth a four-pronged fiscal strategy for the budget, advocating for debt stability, fiscal transparency, revenue mobilization, and expenditure efficiency. These recommendations aim to maintain macro-credibility while supporting economic growth.
5 Comments
Mariposa
The consultation process seems thorough, involving various sectors and stakeholders, which is commendable. Still, the challenge remains in balancing the recommendations of industry bodies like CII with the welfare needs of ordinary citizens and small businesses, especially concerning fiscal transparency and expenditure efficiency.
Muchacha
Focusing on economic growth and technological advancement is crucial for India's future, especially with AI and DPI. Yet, we must ensure these advancements translate into equitable benefits for all sections of society, not just a select few.
Africa
Modi's focus on Viksit Bharat and tech is exactly what India needs. Forward-thinking leadership!
Coccinella
They'll listen to economists, but will they actually address inflation and unemployment effectively?
ZmeeLove
While the emphasis on 'Viksit Bharat' as a mass aspiration is inspiring, the article acknowledges significant global economic uncertainties and trade challenges. The budget needs to provide concrete, resilient strategies to navigate these headwinds, beyond just high-level discussions.