Finance Minister Nirmala Sitharaman conducted crucial pre-budget consultations on Tuesday with key representatives from India's capital markets, startup ecosystem, and manufacturing sector. This meeting marks the sixth in a series of stakeholder engagements ahead of the Union Budget 2026-27 formulation.
Key Discussion Points and Stakeholder Proposals
Participants actively urged the ministry to consider India's rapidly evolving startup landscape, proposing concrete measures to deepen innovation, broaden access to capital, and ease regulatory frictions, according to a person familiar with the discussions who spoke anonymously. The comprehensive dialogue covered multiple critical areas including lifting manufacturing capabilities, increasing job creation and productivity, and strengthening credit flows.
The discussions also emphasized financial-system resilience, fintech oversight, digital infrastructure, cybersecurity, and broader policy support for emerging sectors. Market representatives specifically requested the government to lower Securities Transaction Tax (STT) on cash market trades compared to derivatives, aiming to improve capital markets efficiency.
High-Level Government Participation
The significant meeting witnessed participation from top government officials including Department of Economic Affairs Secretary Anuradha Thakur, Chief Economic Adviser V. Anantha Nageswaran, and Minister of State for Finance Pankaj Chaudhary. Their presence underscored the government's serious approach to incorporating stakeholder feedback into budget planning.
Among the industry leaders present were prominent figures representing various financial and investment sectors:
- K. Suresh, President of Association of National Exchanges Members of India (ANMI)
- Renu Maheshwari of Association of Registered Investment Advisors
- Motilal Oswal, Co-founder and CEO of Motilal Oswal Investment Advisers
- Navneet Munot, MD of HDFC Asset Management
- Saurabh Mukherjea, Founder of Marcellus Investment Managers
Broader Consultation Framework and Timeline
The finance minister's pre-budget consultation calendar typically spans a wide spectrum of stakeholders, ranging from farmer groups and agricultural economists to trade unions, education and health experts, employment and skilling bodies, MSMEs, and industry leaders. This comprehensive approach ensures diverse perspectives inform the final budget document.
The consultation process is scheduled to conclude on November 26 with discussions involving social-sector representatives. Earlier last week, Sitharaman met with economists followed by leaders from the agriculture sector and representatives from small enterprises. The upcoming sessions will include representatives from banking, financial services, insurance (BFSI), IT, hospitality, and tourism industries.
The Union Budget for 2025-26, presented in February, had outlined a roadmap for inclusive and resilient growth amid global uncertainties. The current consultations aim to build on this foundation while addressing emerging challenges and opportunities in the Indian economy.
