As the countdown begins for the Union Budget 2026-27, FM Nirmala Sitharaman held the first pre-budget consultation meeting with leading economists in New Delhi on Monday, November 10. The meeting marks the beginning of a series of high-level interactions aimed at shaping the upcoming Budget, which is expected to focus on growth, employment generation and fiscal stability.
According to the Ministry of Finance, "Union Minister for Finance and Corporate Affairs FM Sitharaman chairs the first Pre-Budget Consultation with leading economists in connection with the upcoming Union Budget 2026-27, in New Delhi today." The meeting was also attended by Chief Economic Advisor (CEA) V. Anantha Nageswaran, Secretary of the Department of Economic Affairs (DEA), and other senior government officials.
Union Minister for Finance & Corporate Affairs Smt. @nsitharaman chairs the first Pre-Budget Consultation with leading economists in connection with the upcoming Union Budget 2026-27, in New Delhi, today.
— Ministry of Finance (@FinMinIndia) November 10, 2025
The meeting was also attended by Secretary, Department of Economic… pic.twitter.com/I9yn5FxpOD
Government Engages with Industry Representatives
The Finance Ministry has also initiated dialogues with industry chambers and trade bodies to gather feedback and sector-specific recommendations. Discussions have revolved around simplifying tax structures, improving ease of doing business and ensuring liquidity support for MSMEs.
Officials from the PHD Chamber of Commerce and Industry (PHDCCI) recently met Revenue Secretary Arvind Srivastava, submitting proposals on both direct and indirect tax policies. The suggestions include measures to streamline compliance procedures, reduce litigation, and enhance trade facilitation for small and medium enterprises.
Consultation with Farmer Unions and Agriculture Experts
In another round of pre-budget consultations, the Finance Minister interacted with farmer unions and agricultural experts to identify policy priorities for the farm sector. Stakeholders emphasized the need to strengthen agro-processing infrastructure, provide low-interest loans for food processing units, and enhance value addition in agricultural produce.
Experts also urged the government to establish a dedicated R&D fund for agricultural innovation, improve crop insurance coverage under the Pradhan Mantri Fasal Bima Yojana (PMFBY), and impose import duties on crops under the Minimum Support Price (MSP) mechanism to protect domestic farmers.
CII Calls for Comprehensive Tax Reforms
The Confederation of Indian Industry (CII) has put forth a strong call for comprehensive tax reforms in the upcoming Budget. The industry body has recommended speeding up tax dispute resolution, simplifying the TDS regime, and introducing a digital customs system to boost transparency.
CII further highlighted the need for a trust-based, technology-driven compliance framework, emphasizing that the tax system should shift from being dispute-driven to dispute-preventive. "The Budget can be a pivot for a truly modern, transparent, and globally benchmarked tax regime that promotes investment, innovation, and competitiveness," a CII spokesperson noted.
Focus on MSME Growth and Ease of Doing Business
Industry leaders have urged the government to address liquidity constraints faced by MSMEs, particularly in the post-pandemic recovery phase. Recommendations include tax relief measures, simplified GST compliance and credit facilitation schemes to strengthen the MSME ecosystem.
Next Steps in Budget Preparations
The Finance Ministry will continue its pre-budget consultations in the coming weeks with sectoral associations, economists, and social welfare groups. Inputs from these discussions will play a crucial role in shaping Budget 2026-27, expected to be tabled in Parliament in early February 2026.
With the government focusing on inclusive growth, fiscal discipline, and tax simplification, the upcoming Budget is being closely watched by all sectors of the economy-from corporates to farmers-as a blueprint for India's next phase of sustainable development.
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