New Delhi: Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman, held the third Pre-Budget Consultations with stakeholder groups from Industry, Trade and Services sectors in connection with the forthcoming General Budget 2020-21 here today. Yesterday, FM Sitharaman also met with representatives of IIM, ISB, Apple, Paytm, Jio and others to discuss fintech, startups and digital economy, and later with reps of RBI, SBI, SEBI, ICICI, PNB and others to discuss the financial sector & capital markets.
The main areas of discussion during the meeting included regulatory environment impacting private investment, measures for promotion of exports amidst rising protectionist tendencies, industrial production, logistics, media & entertainment services, and IT & IT-enabled services, among others.
Along with Finance Minister (FM) Sitharaman, the meeting was attended by Anurag Thakur, Minister of State (MoS) for Finance and Corporate Affairs, Finance Secretary, Rajeev Kumar, Atanu Chakraborty, Secretary, Economic Affairs, Ajay Bhushan Pandey, Revenue Secretary, Yogendra Tripathi, Secretary, Ministry of Tourism, Guruprasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Anup Wadhanwan, Secretary Department of Commerce, Pramod Chandra Mody, Chairman, CBDT, P.K. Das, Chairman, CBIC, Dr K.V. Subramanian, CEA, and other senior officials of Ministry of Finance.
With a view to boost the Indian economy, the representatives of Industry, Services and Trade Sectors submitted several suggestions concerning ease of doing business going forward 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 (ADR), export development funds for helping MSME exporters, and 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 (FICCI), 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 (FISME), Ajay Sahai, DG & CEO, FIEO, C Veeramani, IGIDR, Pramod Kumar Agrawal, Chairman, GJEPC, Rajeev Singh, Director General, ICC, C.R. Janardhana, President, FKCCI, Panaruna Aqeel Ahmed, Chairman, Council for Leather Exports, V. Venugopal, President, Cochin Chamber of Commerce & Industry, Padmanabh Sinha, Chairman, IVCA, Rajni Aggrawal, President, Federation of Indian Women Entrepreneurs (FIWE), Sachin Taparia, Chairman & CEO, Local Circles India Pvt. Ltd, Aswani Mahajan, Swadeshi Jagaran Manch, Govind Lale and Jitendra Gupta, Laghu Udyog Bharathi.
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