New Delhi: The Union Minister of Finance & Corporate Affairs Nirmala Sitharaman held her 6th Pre-Budget Consultation Meeting with the leading Economists in connection with the forthcoming General Budget 2019-20 on Friday.
The main areas of discussion during the aforesaid 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.
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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 included:
- 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
- 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
