Finance Minister holds Pre-Budget Consultation with the Representatives of Industry, Services and Trade Groups

Discussion included regulatory environment impacting private investment, measures for promotion of exports, Industrial production, logistics etc

Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman, held third Pre-Budget Consultations with stakeholder Groups from Industry, Trade and Services Sectors in connection with the forthcoming General Budget 2020-21 on 17 December 2019.

The main areas of discussion during the aforesaid meeting included 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.

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, 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 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, 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, 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, Ms. Rajni Aggrawal, President, Federation of Indian Women Entrepreneurs (FIWE), Sachin Taparia, Chairman & CEO, Local Circles India, Aswani Mahajan, Swadeshi Jagaran Manch, Govind Lale, Laghu Udyog Bharathi, Jitendra Gupta, Laghu Udyog Bharathi.

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