New Delhi: Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman, held her 8th Pre-Budget Consultation Meeting with the leading economists here today in connection with the forthcoming General Budget 2020-21.
The main focus areas of the discussions included steps needed to achieve $5 trillion economy, job-oriented growth with focus on manufacturing and services, transparency of fiscal arithmetic, monetary transmission, Government’s fiscal prudence and fiscal stimulus, revival of NBFCs and inflation targeting, among others.
The economists were optimistic about the India growth story and put forward ways through which India can achieve the goal of $5 trillion economy.
Among the key suggestions were to attract more investment to support growth; streamlining policy matters and faster resolution of policy issues in all sectors;fiscal management; reforms in the power sector; focus on long-term reforms through structural reforms in simplification of GST and Direct Tax Code reforms; securing supply chains for economy; fiscal deficit; continuity in economic policy making; land and labour reforms; ways to enhance rural demand; improve oversight of financial markets; reforms in small savings rate; boosting agricultural exports; simplifying procedures to give financial savings a shot in the arm.
The major participants in the meeting included Neelkanth Mishra, Credit Suisse; Rathin Roy, Director, NIFP; Sunil Jain, Managing Editor, Financial Express; Shekhar Shah, Director General, NCAER; Arvind Virmani, Economist; Surjit S. Bhalla, Managing Director, O(X)US Investment; Abheek Barua, Chief Economist, HDFC Bank; SoumyaKanti Ghosh, Group Chief Economic Adviser, State Bank of India (SBI); Ajit Mishra, Director, Institute of Economic Growth; Ajit Ranade, Chief Economist, Aditya Birla Group; Prasanna Tantri, Assistant Professor (Finance), Indian School of Business (ISB); Rahul Bajoria, Chief Economist, Barclays Investment Bank and Suvodeep Rakshit, Vice President, Kotak Securities Ltd.; Sachin Chaturdvedi, Director General, RIS; among others.
Along with the Finance Minister, the meeting was attended by Rajeev Kumar, Finance Secretary; AtanuChakraborty, Secretary, DEA; Ajay Bhushan Pandey, Revenue Secretary; Tuhin Kant Pandey, Secretary, DIPAM, Pramod Chandra Mody, Chairman, CBDT; Dr K.V. Subramanian, CEA; and other senior officials of the Ministry of Finance.
Since the week began, FM Sitharaman has held Pre-Budget Consultations with representatives of various Trade Unions and Labour Organisations. She also met with Chief Ministers of Haryana and Goa, and Finance Ministers of all states & UTs to discuss fiscal policy
Sitharaman also interacted with representatives of Wipro, Mahindra, FICCI, Patanjali, CII, ASSOCHAM and other industrialists to discuss the economy and polices, and met with representatives of of TERI, SIAM, ISB, Hero EVs and other experts in the infrastructure & energy sector, and climate change.
The FM met with representatives of CIL, FICCI, ASSOCHAM, FIWE, FIEO and other industry organisations to discuss trade & services, and with representatives of CII, IFFCO, NABARD, NRAA and other organisations to discuss the agricultural sector and agro processing industries.
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.
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