Union Minister Nirmala Sitharaman all set for the pre-budget consultation with economists, banks, financial institutions, and industry chambers, between June 11-23,to formulate a road map for banking reforms, including consolidation of the state-owned lenders.
The Budget session of Parliament is likely to be held from June 17 to July 26 and the first Budget of Modi 2.0 government is scheduled to be presented on July 5 by Sitharaman on the backdrop of India’s economy hitting 5-year low growth of 6.8 per cent in 2018-19.
Before the interim budget, The Confederation of Indian Industry (CII) had suggested the government to reduce the corporate tax to 25 per cent and bring it down to 18 per cent in a phased manner. This suggestion might be taken up by the government which was earlier neglected.
Revenue Secretary Ajay Bhushan Pandey has already held one round of discussions with industry chambers on their budget expectations, in which they have demanded an across-the-board reduction in corporate tax rate and abolishing Minimum Alternate Tax (MAT).
In order to make the budget more inclusive and participative, the government has also sought suggestions from the citizens on the ‘mygov.in’ portal.