Jammu, Jan 11 :
Union Finance Minister Nirmala Sitharaman on Saturday chaired a pre-budget consultation meeting with representatives of States and Union Territories having legislatures, marking a key step in the formulation of the Union Budget for 2026-27, which is slated to be presented in Parliament on February 1.
The high-level meeting, held in New Delhi, was attended by Union Minister of State for Finance Pankaj Chaudhary and witnessed participation from Chief Ministers, Governors, Deputy Chief Ministers, Finance Ministers of States and UTs, along with senior officials of the Ministry of Finance, as per news agency Kashmir News Corner — KNC.
Jammu and Kashmir was represented by Chief Minister Omar Abdullah, who also holds the Finance portfolio. He is scheduled to present his second budget during the forthcoming legislative session beginning on February 2, following the address of Lieutenant Governor Manoj Sinha.
In a post on X, the Chief Minister’s Office said that Omar Abdullah shared J&K’s key fiscal concerns and priorities during the consultation, stressing the need for enhanced institutional support to tackle the Union Territory’s financial challenges.
The consultation focused on eliciting inputs from States and UTs on fiscal priorities, development requirements and strengthening cooperative federalism. The Governor of Manipur, Chief Ministers of Delhi, Goa, Haryana, Jammu and Kashmir, Meghalaya and Sikkim, and Deputy Chief Ministers of Arunachal Pradesh, Madhya Pradesh, Odisha, Rajasthan and Telangana were among those present.
Discussions also included Finance Ministers from various States and UTs, along with Secretaries from the Departments of Economic Affairs, Expenditure and Revenue.
Addressing the gathering, Sitharaman underlined the pivotal role of States in India’s growth trajectory, noting that the Centre values constructive and practical suggestions from State governments to ensure the Budget reflects grassroots needs while maintaining macroeconomic stability and inclusive growth.
Sources said several States raised issues related to higher capital expenditure support, flexibility in borrowing limits, timely release of Central funds and increased allocations for social sector schemes. Infrastructure development, employment creation, green growth and strengthening of State finances were among the major themes.
MoS Finance Pankaj Chaudhary said the consultations reaffirm the Centre’s commitment to cooperative federalism, adding that inputs from States and UTs are vital for shaping balanced and growth-oriented fiscal policies.
Pre-budget consultations with States and Union Territories are a long-standing practice aimed at incorporating regional perspectives into the national fiscal framework. These meetings form part of a broader series of stakeholder interactions being conducted by the Finance Ministry ahead of the presentation of the Union Budget, which will be Sitharaman’s eighth consecutive budget. (KNC)