Prime Minister Narendra Modi is set to hold consultations with a group of economists and sectoral experts on Tuesday, December 30, as part of the government’s pre-Budget exercise ahead of the Union Budget for 2026-27, which Finance Minister Nirmala Sitharaman is scheduled to present in Parliament on February 1.
According to reports, the meeting comes at a crucial juncture, with policymakers grappling with both global and domestic economic challenges. The upcoming Budget is being prepared amid heightened geopolitical uncertainty and against the backdrop of a steep 50 percent tariff imposed by the United States on shipments from India, which is expected to weigh on trade dynamics.
The interaction will also be attended by senior officials from NITI Aayog, including Vice Chairman Suman Bery, CEO BVR Subrahmanyam, and other members of the government’s policy think tank. Finance Minister Sitharaman is also expected to participate in the discussions.
The consultations are likely to focus on the overall economic outlook, covering growth prospects, fiscal management, and structural reforms needed to support long-term development. Experts are expected to flag areas requiring policy intervention to strengthen macroeconomic stability and address emerging risks, according to a report by CNBC-TV18.
Pre-Budget consultations with economists, industry leaders, and sectoral specialists are a regular feature of the government’s Budget-making process. The objective is to draw on a wide range of perspectives before finalising policy decisions, particularly in a year marked by external pressures and evolving global trade conditions. Inputs from the meeting at NITI Aayog are expected to feed into the government’s broader economic planning for the Budget.
Budget preparation process
The process of preparing the Union Budget typically begins several months in advance, usually around August or September. The Ministry of Finance issues guidelines to central ministries, state governments, Union territories and autonomous bodies, seeking estimates of revenue and expenditure. These submissions form the foundation of the Budget exercise.
Officials then assess projected revenues, spending requirements and the fiscal deficit. The Chief Economic Advisor (CEA) plays a key role in advising the government on economic trends and policy priorities, helping shape decisions on resource allocation.
