Current AffairsIndia

FM holds first Pre-Budget consultations with stakeholders

New Delhi, Dec 16 (GCCurrentAffairs) Union Finance Minister Nirmala Sitharaman started her Pre-Budget Consultations with different stakeholder Groups in connection with the forthcoming General Budget 2020-21 here on Monday.

Her first meeting was with the stakeholder Groups from Digital Economy, Fintech and Start-ups .

The main areas of discussion during the aforesaid meeting included Data Issues such as use of Big Data technology, phenomena by analysing large data sets, Use of Big Data Technology for SME Sector and unleashing the power of Big Data for Public Governance.

Other issues which dominated the discussion included Digital Infrastructure and Role of Government, Regulation of Digital Economy especially in privacy, Financial Regulation , Ease of doing Business environment for start-ups , infrastructure gaps for digital India , Taxation issues among others.

Along with the Finance Minister, the meeting was attended by her deputy Anurag Thakur, Finance Secretary Rajeev Kumar, Economic Affairs Secretary Atanu Chakraborty, Revenue Secretary Ajay Bhushan Pandey among others.

The representatives of Digital Economy, Fintech and Start-ups shared their views and suggestions regarding Big Data, incentives for encouraging setting up of data centres, fiscal incentives for data localisation, incentives for pushing digital penetration in rural areas, corporate guarantee to start-ups for competing with other nations, rationalisation of MAT tax rate, tax exemption for start-up units and creation of specific agency for looking after cross border financial crimes.

Issues also included increasing women employment (gender dividend in skill development), training youth in skill development along with international internships and incentivising Research and Development within India.

While the experts suggested improvements in their respective fields, they also gave a variety of solutions to the sector specific problems. Many speakers suggested giving tax sops to Start-Ups and nurture them in the country.

Via UNI-India

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