Nirmala Sitharaman holds pre-Budget meeting

The Finance Minister Nirmala Sitharaman today held a pre-Budget meeting with the Finance Ministers of all the states.  The meeting was called to hold discussions and invite suggestions on crucial inclusions to be made in the Union Budget 2020 to be presented on July 5 .

Nirmala Sitharaman

In her opening remarks at the pre-Budget consultation meeting, the Finance Minister said that no goals can be achieved if states and the Centre don’t work together in cohesion.

“Unprecedented level of devolution of funds has taken place from Centre to the states which has increased in recent times from Rs.8,29,344 Crore to Rs.12,38,274 Crore ,” Sitharaman said.

She further added that the Centre has the responsibility of setting the direction of the economic growth while it’s the responsibility of the States to implement in the field.

The Finance Minister also said that the share of the states in tax devolution has increased from 32% under 13th Finance Commission to 42% in 14th Finance Commission during the first tenure of the present Government.

The Union Finance Minister had also sought the cooperation of all the states & Union Territories in achieving the aspirations of the people at large and extended full cooperation from her side in achieving the desired goals

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the BFSI industry. Join Us for Elets Digital Lending Summit, Mumbai and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.