Budget 2025: Finance Minister discusses budget with trade union representatives

New Delhi| Union Finance and Corporate Affairs Minister Nirmala Sitharaman held the eighth pre-budget consultation meeting with stakeholders and representatives of trade unions. During this, preparations for the Union Budget 2025-26 were discussed. During the meeting an attempt was made to understand the viewpoint of the trade unions.

“Union Minister of Finance and Corporate Affairs Nirmala Sitharaman chaired the eighth pre-budget consultation meeting with stakeholders and representatives of trade unions regarding the upcoming Union Budget 2025-26 in New Delhi”, the Finance Ministry said in a social media post.

The meeting was attended by Union Minister of State for Finance Pankaj Chaudhary along with top officials including Secretaries of Finance Secretary, Department of Economic Affairs and Department of Investment and Public Asset Management (DIPAM) and representatives of the Labor Ministry. Chief Economic Advisor was also present in the Government of India. The Union Budget 2025-26, to be presented on 01 February 2025, is expected to address key economic challenges and boost growth. Earlier on Thursday, Sitharaman met stakeholders from the financial sector and capital markets as part of her series of pre-Budget consultation meetings.

The Ministry of Finance holds a number of pre-budget consultation meetings with experts, industry leaders, economists and state officials. The formal exercise of preparing the annual budget for the next financial year has started. Sitharaman has so far held several meetings with various stakeholders including MSMEs, farmer unions and economists.

Prime Minister Narendra Modi also held talks with a group of eminent economists and thinkers in preparation for the Union Budget 2025-26 at the NITI Aayog campus last week. As per tradition the 2025-26 Union Budget will be presented on February 1, 2025. The 2025-26 budget will be the eighth budget of Finance Minister Nirmala Sitharaman. All eyes will be on the major announcements and economic guidelines of the government for the remaining term of the third innings of the Modi government.

Speaking to reporters after the meeting, TUCC national general secretary SP Tiwari said the government should stop privatization and corporatization of public undertakings and impose an additional 2 per cent tax on super rich for social security funds of informal workers. Tiwari also demanded that agricultural workers should be given social security and their minimum wages should also be fixed.

Bharatiya Mazdoor Sangh’s Organization Secretary (Northern Region) Pawan Kumar said that the minimum pension under EPS-95 should be increased from Rs 1,000 per month to Rs 5,000 per month as a first step and later linked to VDA (Variable Dearness Allowance). He also suggested that the income tax exemption limit should be increased to Rs 10 lakh. Besides, income from pension should also be exempted from tax. Kumar demanded that the 8th Pay Commission be formed immediately to revise the pay structure of government employees.

CITU National Secretary Swadesh Dev Roy has demanded that the 8th Pay Commission should be formed immediately as more than 10 years have passed since the formation of the 7th Pay Commission in February 2014. Dev Roy also expressed concern over the number of permanent employees in CPSEs falling from 21 lakh in the 1980s to over 8 lakh in 2023-24.

NFITU national president Deepak Jaiswal demanded separate budget allocation for the Employees’ Provident Fund (EPF) and Employees’ State Insurance Corporation (ESIC) to provide social security benefits to unorganized sector workers.