Financial sector pre-Budget consultation urges detailed examination of regulators' proposals for inclusion in the Union Budget.
Pre-Budget consultations by the Financial Stability and Development Council convened under the Union Finance Minister to solicit sectoral regulatory development proposals. Key financial regulators and senior government officers presented proposals; the Council deliberated and advised concerned Ministries and Departments to examine the proposals in detail for appropriate further decision-making.

Government borrowing adjustment: reduce short term T bills and offset with targeted dated security auctions to keep net borrowings neutral.
The Government will run down T bill stocks to a lower level by fiscal year end and undertake limited additional dated government security issuance so that there is no net increase in overall borrowings; the revised calendar specifies equal weekly dated security auctions across five weeks with allocations by maturity buckets and a multi week T bill auction schedule allocating across 91 , 182 and 364 day instruments, with tables showing aggregate raises, repayments and net issuance for the quarter.

Bank recapitalization to restore capital adequacy and spur credit growth, alongside tax and regulatory reform proposals.
The Central Government announced a front-loaded Bank Recapitalization programme for Public Sector Banks using budgetary provision, recapitalisation bonds and market capital raising to restore capital adequacy and support credit growth and employment. Stakeholders proposed raising the TDS threshold on bank interest, a Credit Guarantee Fund for agriculture, tax reliefs for insurance and housing, parity for Farmer Producer Organizations, DBT for crop insurance and interest subvention, alignment of bad-debt recognition timelines, annual rather than monthly bank reporting to tax authorities, promotion of digital transactions, and extension of Masala bond TDS timing.

Electronics manufacturing promotion urged: tariff rationalization, tax incentives and protection against foreign protectionist measures to boost domestic industry.
Stakeholders urged fiscal and trade measures to strengthen domestic electronics and telecom manufacturing: extend differential excise duty dispensation to mobile handsets, tablets and specified equipment; rationalize tariff structure; continue and enhance incentive schemes; impose customs duty measures on non-ITA-1 products; provide depreciation and tax incentives to support Make in India and component-hub development; lower GST on telecom services; facilitate telecom funding; and keep the electronics sector out of RCEP.

Increase social security pension to expand coverage and strengthen social protection while maintaining fiscal targets.
Experts urged raising the social security pension and expanding coverage, arguing the current benefit is inadequate and fiscal impact would be minimal; they also called for full implementation of pending maternity entitlements and stressed maintaining fiscal deficit and revenue deficit targets while pursuing customs and exim duty reform, consideration of a long term capital gains tax on equity, and measures to address rural distress and interest rate transmission.

Fiscal consolidation paired with tax reform and targeted incentives to boost infrastructure, SMEs, and social protection.
The consultations emphasised continuation of fiscal consolidation and clear treatment of any fiscal shortfalls, coupled with revenue and expenditure reforms such as expenditure rationalisation, wider Direct Benefit Transfer use, PSUs disinvestment, issuance of long term bonds for infrastructure and pensions, and administrative measures to maximise revenue. A tax reform agenda was urged - including a roadmap for tax reform and GST convergence, lowering statutory corporate tax by removing exemptions, taxing long term capital gains, reducing MAT, and making tax administration more taxpayer friendly - alongside targeted incentives for infrastructure, SMEs, labour intensive sectors, and rural non farm activities.

Administrative release of welfare funds prioritized to beneficiaries, with reforms for transparency and targeted social sector funding.
Pre budget consultations urged prioritisation of administrative release of welfare scheme funds to beneficiaries and enhanced cost effective utilisation across social sector ministries. Stakeholders sought targeted increases and reforms for child protection, nutrition security, school quality benchmarks, elderly healthcare, working mothers' employment incentives, vocational training for employment, and labour transparency through paperless, presence less and cashless employer interactions.

Infrastructure investment urged to boost growth and jobs; proposals include NIIF, land monetization and tax and GST reforms.
Investment in infrastructure is promoted as central to growth and job creation, with private, public and foreign capital complementary; proposals include strengthening long-term finance via the National Investment and Infrastructure Fund (NIIF), permitting public and institutional purchase of bank recapitalization bonds, enabling bank loan securitisation and sale, and establishing a Land Bank Corporation to monetise government lands. Concurrently, tax and regulatory reforms are urged: broad tax rate reductions, Dividend Distribution Tax cut, GST simplification and clarity on anti-profiteering, MAT exemption on write-backs under IBC, improvements to Patent Box and R&D incentives, and creation of Regulation Free Zones and a National Innovation Fund.

Minimum wages enforcement: government urged to ensure compliance and adopt 'same wages for same work' protections.
The Government reaffirmed commitment to protect workers, insisting on strict compliance with statutory minimum wages and raising labour issues in pre budget consultations. Trade unions submitted a 12 point memorandum seeking increased social sector allocations, progressive taxation, measures against tax evasion and dumping, fixation of minimum wages linked to the Consumer Price Index, resolution of pay commission matters, price controls, ban on speculative trading, halt to PSU disinvestment, investment to generate employment, regulation of imports, expansion of MGNREGA, prohibition of perennial contractual deployment with regularisation and adoption of 'Same wages for same work', restrictions on FDI and privatisation in critical sectors, ratification of ILO Convention 189, creation of a National Fund for unorganised workers, withdrawal of the New Pension Scheme and a guaranteed minimum pension, and enhancement of gratuity and rail allocations.

Agriculture policy reform to secure farmer prices and shift subsidies to direct transfers, boosting storage, processing and R&D.
Consultations urged water conservation, expanded cold chains and agro processing, and promotion of high value agriculture to boost farm incomes; recommended immediate Price Deficiency Payment where procurement is infeasible, a nationwide debt relief package with state matching, expansion of low interest small loans with unique beneficiary identification, and migration of subsidies to Direct Benefit Transfer. Proposals also included an Agricultural Inputs Regulatory Authority, increased R&D funding, differentiated state level policies, mechanisation support, and transport and storage subventions for horticulture.