New Delhi, Jun 15 (GCBusiness) Union Finance Minister Nirmala Sitharaman on Friday held Pre-Budget Consultation Meeting with the leading Economists in connection with the forthcoming General Budget 2019-20.
The main areas of discussion during the Meeting included boosting Economic Growth, Job Oriented Growth, increased Macro-economic Stability, Fiscal Management including ideal size of Public Sector Borrowing requirements and increase in investments among others.
Along with the Finance Minister, the meeting was attended by NITI Aayog Vice-chairman Rajiv Kumar, Finance Secretary Subhash C Garg, Revenue Secretary Ajay Bhushan Pandey among others.
The Economists put forward their view that this Budget should set the tone for the next five years and is a unique opportunity to promote manufacturing through Make in India.
Various other suggestions received from Economists related to tariff reforms, removing bottlenecks in supply-chain, EXIM policy for agriculture, removal of specific duties on textiles, maintaining fiscal consolidation, revival of Inter-State Councils for holistic domestic growth, boosting employment by focusing on skilling and giving fillip to services and manufacturing sector, macroeconomic stabilisation and structural reforms for long-term growth.
Suggestions were also given on stability of tax rates, reduction of tariffs, further simplification of GST, implementation of Direct Tax Code, promoting labour intensive sectors, constitution of independent fiscal policy committee, incentivising digital transactions, focusing on job-oriented growth, Insolvency & Bankruptcy Code (IBC) type framework for NBFCs sector, infusing capital in banks and tapping into e-commerce’s potential for job growth among others.
Earlier, Ms Sitharaman held her Pre-Budget Consultation Meeting with the stakeholders from Social Sector Groups.
Ms Sitharaman held Consultation Meeting with the stakeholders from Financial Sector and Capital Markets here on Thursday and the main areas of discussion included issues relating to the Capital Markets, Financial Sector, Non-Banking Financial Companies (NBFCs) and Alternative Investment Funds (AIFs) on Wednesday.
Ms Sitharaman held meetings with the stakeholder groups from Industry, Trade and Services Sectors and also the Agriculture and Rural Development Sectors on Tuesday.