Finance Minister Arun Jaitley will meet captains of the Indian industry to elicit their views on the budget, which is likely to be presented in the first week of July.
As a part of the pre-budget consultation exercise, the Finance Minister has already met with agriculturists and will meet representatives of social sector later on Thursday.
The industry wants the new government to take steps to boost the manufacturing sector, which has remained stagnant in the past two years.
It also wants clear and credible policies to attract investments, push mega projects and encourage growth.
It has already made a case for non-adversarial, conducive and fair tax regulatory environment.
The sub-5 per cent GDP expansion poses a big challenge for the new government which needs to act fast to revive the economy.
The economy grew 4.7 per cent in fiscal year 2013-14 and 4.5 per cent in 2012-13.
The manufacturing sector contracted by 0.7 per cent in 2013-14. It grew by 1.1 per cent in the earlier fiscal year.