Business: Union Finance Minister Nirmala Sitharaman on Monday chaired the first pre-Budget consultation meeting with leading economists of the country as part of preparations for the upcoming Union Budget 2026-27. This meeting was held in New Delhi. The Finance Ministry gave information through social media post.

Secretary of the Department of Economic Affairs (DEA), Ministry of Finance, Chief Economic Advisor to the Government of India and senior officials of the department were also present in the meeting. Through this meeting, the government invited suggestions from economic experts on budget-related policy priorities, development strategies and financial stability.

Beginning of series of preliminary discussions
Pre-Budget consultations with economists began at 10 am and continued till 12 noon. After this, there will be another round of consultation with eminent agriculturalists and farmer organizations from 1 pm to 3 pm. These meetings mark the beginning of the series of pre-budget discussions that the Finance Ministry conducts every year as part of the budget preparation process.

Why are these meetings held?
Pre-budget meeting is the process of consultation and discussion held by government finance officials and the Finance Minister with various stakeholders before preparing the final annual budget and presenting it to the Legislature. These meetings serve as an important forum for the Finance Minister to collect suggestions, demands and inputs from a wide variety of participants including industry associations, trade unions, economists, state government officials and social sector representatives.

Through these discussions the Finance Ministry aims to ensure that the Union Budget reflects diverse perspectives and meets the needs of different sectors of the economy. Today’s consultation with economists and agriculturalists is the first phase of the government’s broader engagement process leading up to the presentation of the Union Budget 2026-27.

Budget will be presented on 1 February
The Union Budget is usually presented on 1 February every year. This year too, Finance Minister Nirmala Sitharaman will present the Union Budget 2026-27 in Parliament on 1 February. Various chambers of commerce, including the Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce and Industry (FICCI) and PHD Chamber of Commerce and Industry (PHDCCI), have submitted their pre-budget memorandum for the Union Budget 2026-27 to the ministry. He urged the government to adopt a series of direct tax reforms, take steps to widen the tax base, promote manufacturing, innovation and tax compliance.