FM holds Pre-Budget Consultation with Trade and Industry Representatives

By admin On Dec 17, 2019

The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman holding the Pre-Budget Consultation meeting with Stakeholders groups of Industry, Service and Trade, in New Delhi on December 17, 2019. The Minister of State for Finance and Corporate Affairs, Shri Anurag Singh Thakur and other dignitaries are also seen.

Biznextindia Bureau

New Delhi: Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman on Tuesday held third Pre-Budget Consultations with stakeholder Groups from Industry, Trade and Services Sectors.

The main issues of the discussion include regulatory environment impacting private investment, measures for promotion of exports amidst rising protectionist tendencies, Industrial production, logistics, Media & Entertainment services & IT & IT enabled services among others.

Yesterday, she held the first pre-Budget consultation with representatives from the Digital Economy, Startups and Fintechs. Later she conducted a second meeting with Financial Sector, Capital market representatives.

Along with the Finance Minister, the meeting was attended by Anurag Thakur, Minister of State for Finance and Corporate Affairs, Finance Secretary, Rajeev Kumar, Atanu Chakraborty, Secretary, Economic Affairs, Ajay Bhushan Pandey, Revenue Secretary and other senior officials.

With a view to give boost to Indian economy, the representatives of Industry, Services and Trade Sectors submitted several suggestions concerning Ease of doing business for going concern by reduction of compliance burden , reduction of tax litigation , allowing self-certification in low risk industry , decriminalisation of Tax and Company Laws , reduction of cost of equity capital , simplification and rationalisation with regards to duties and labour laws , adoption of international standards of Alternative Dispute Resolution , Export Development funds for helping MSME exporters , ease of investment flow into manufacturing sector.

Representatives of Industry, Services and trade Sectors included Vikram Kirloskar, President, CIL, Sandip Somany, President, Federation of Indian Chambers of Commerce and Industry, Shri Deepak Sood, Secretary General ASSOCHAM , Ashish Vaid President, IMC Chamber of Commerce and Industry, DK Aggarwal , President , PHD Chamber of Commerce and Industry, Animesh Saxena, President, Federation of Indian Micro and Small & Medium Enterprises, Ajay Sahai, DG & CEO, FIEO attended the meeting.