Union Finance Minister Nirmala Sitharaman chaired the second Pre-Budget Consultation meeting on December 7, 2024, in New Delhi, bringing together representatives from various farmer associations and leading agricultural economists to discuss the upcoming Union Budget 2025-26. This meeting is part of the Finance Ministry's ongoing efforts to ensure a comprehensive and inclusive budget that addresses the diverse needs of the agricultural sector and the rural economy.

The primary focus of the consultation was to gather valuable inputs from stakeholders in the agriculture sector. Farmers' representatives shared their concerns, suggestions, and demands for policy changes, budgetary support, and reforms that can strengthen their livelihoods and enhance their welfare. These recommendations aim to address key challenges such as climate change, market access, and agricultural productivity.

In addition, agricultural economists offered insights on the importance of sustainable agricultural practices and how they can be integrated into the larger framework of agricultural policies. The economists emphasized productivity enhancement through technological innovations, better irrigation techniques, and effective market reforms. These discussions are crucial as India seeks to improve its agricultural output while ensuring the welfare of its vast farming community.

The meeting also saw the participation of Pankaj Chaudhary, Union Minister of State for Finance, along with senior officials from the Department of Economic Affairs and the Department of Investment and Public Asset Management (DIPAM). This consultation is part of a series of similar meetings that will continue in the coming weeks, helping the Finance Ministry prepare a budget that aligns with the needs and aspirations of various sectors.

In previous years, the Finance Ministry has conducted several pre-Budget consultations with stakeholders from various fields, and the 2025-26 budget is expected to be presented on February 1, 2025. These consultations provide a platform for open dialogue between the government and industry leaders, economists, and other relevant stakeholders, ensuring a well-rounded approach to national economic planning.

As part of the process of budget formulation, the discussions also focus on agricultural reforms and long-term solutions for improving the economic condition of farmers. The insights gained from these meetings will guide the Finance Ministry in crafting policies that support agriculture, the rural economy, and farmers' welfare.

The Union Budget 2025-26 is expected to address pressing issues such as rural infrastructure, agricultural subsidies, market access, and the financial inclusion of farmers. These reforms aim to boost agricultural productivity, improve sustainability, and ensure economic resilience in the face of global challenges.

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