Union Finance Minister Nirmala Sitharaman chaired a pivotal pre-Budget consultation meeting today with finance ministers from states and union territories. The gathering, aimed at gathering insights and recommendations for the upcoming Union Budget 2024-25, witnessed constructive discussions on various fiscal policies and developmental priorities.
Key highlights of the meeting included robust discussions on the ‘Scheme for Special Assistance to States for Capital Investment’, which received commendation from several state ministers. They offered valuable suggestions for enhancing the scheme’s efficacy in supporting state-specific capital projects and reforms.
In her address, Sitharaman reiterated the Union Government’s steadfast commitment to facilitating states through timely tax devolution, Finance Commission grants, and the settlement of GST compensation arrears. She emphasized that the ‘Scheme for Special Assistance’ offers untied loans alongside conditional funding, tied to states’ implementation of citizen-centric reforms and sector-specific capital initiatives.
‘I urge all states to leverage these financial instruments by fulfilling the stipulated criteria,’ Sitharaman affirmed, underlining the importance of alignment between state priorities and national developmental goals.
The Finance Minister assured the participating ministers that their recommendations and inputs would be meticulously considered during the formulation of the Union Budget for the fiscal year 2024-25. The consultation also saw the active participation of Union Minister of State for Finance Pankaj Chaudhary, along with chief ministers and deputy chief ministers from several states, highlighting a collaborative approach towards fiscal policy-making.
The meeting concluded on a positive note, with stakeholders expressing optimism about the forthcoming budget’s potential to address diverse economic challenges and drive inclusive growth across states and union territories.
