FM holds 6th pre-budget consultation with prominent industrialists

Industrialists spoke about Ease of Doing Business, increasing export competitiveness, reviving private investment and kick-starting growth of economy

Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman held her 6th Pre-Budget Consultation with leading Industrialists here today in connection with the forthcoming General Budget 2020-21.

Along with the Union Finance Minister, the meeting was attended by Anurag Singh, Thakur, Union Minister of State for Finance & Corporate Affairs; Rajeev Kumar, Finance Secretary; Injeti Srinivas, Secretary, Ministry of Corporate Affairs, Secretary; Atanu Chakraborty, Secretary, DEA; Ajay Bhushan Pandey, Revenue Secretary; Tuhin Kant Pandey, Secretary, DIPAM, Guruprasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT); Amit Yadav, DG, Directorate General of Foreign Trade; Pramod Chandra Mody, Chairman, CBDT; Dr K.V. Subramanian, Chief Economic Adviser besides many senior officials of the Ministry of Finance.

During interactive session lasting over 2 hours, prominent Industrialists spoke about improving regulatory environment to safeguard investments through Ease of Doing Business, increasing export competitiveness, reviving private investment and kick-starting growth of economy.

Industrialists suggested many ways to boost the rural economy, especially ways to increase consumption. Other suggestions included ideas to improve IBC in relation to NCLTs and banks; faster mergers, acquisitions & demergers processes , ways to reduce time for FDI approval; structural changes in laws for effective and stable business environment; time-bound decisions for augmenting Ease of Doing Business both at Central & State levels; new investment of capital for building infrastructure; CAPEX for infrastructure to boost economy; preventing predatory pricing and dumping in India; facilitating R&D in India to boost Make in India; harnessing Public-Private-Partnership (PPP) by leveraging social funding through a new programme; ensuring liquidity for NBFCs with focus on rural economy and ways to increase consumption in economy.

Leading Industrialists who participated in the Pre-Budget meeting included Sunil Bhrati Mittal, Founder & Chairman of Bharti Enterprises; B.V.N. Rao, Business Chairman, GMR Group; Vipin Sondhi, Managing Director and CEO, Ashok Leyland; Sanjiv Goenka, Chairman, RP-Sanjiv Goenka Group; Jatin Dalal, Global Chief Financial Officer (CFO), Wipro; Manoj Chugh, President, Group Public Affairs and Member-Group Executive Board, Mahindra & Mahindra; Ravi Raheja, Group President, K Raheja Corp Group; Acharya Balkrishan, Chairman Patanjali Ayurved; Vikram Kirloskar, President, CII; Sandip Somany, President, Federation of Indian Chambers of Commerce and Industry (FICCI); Balkrishan Goenka, President, ASSOCHAM among others.

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