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Economists wants Fin Min to focus on promoting mfg through Make in India

Updated: Jun 15, 2019 06:41:07am
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Economists wants Fin Min to focus on promoting mfg through Make in India

New Delhi, June 15 (KNN) Leading economists and experts met Finance Minister Nirmala Sitharaman and suggested that the upcoming Budget should focus on promoting the manufacturing sector through Make in India. A Pre-Budget Consultation Meeting was held with the Finance Minister in connection with the Union Budget 2019-20.

The Economists had 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

They suggested the Finance Ministry to take measures for incentivizing digital transactions, focusing on job-oriented growth, Insolvency & Bankruptcy Code (IBC)-type framework for NBFC sector, infusing capital in banks and tapping into e-commerce's potential for job growth to revive the economy.

They proposed steps for macroeconomic stabilization and structural reforms for long-term growth while seeking stability of tax rates, reduction of tariffs, further simplification of GST, implementation of Direct Tax Code, promoting labor intensive sectors and constitution of independent fiscal policy committee.

During discussion, representatives in the meeting said that there must be removal of specific duties on textiles; maintain fiscal consolidation and revival of Inter-State Councils for holistic domestic growth

Along with the Finance Minister, the meeting was attended by Rajiv Kumar, Vice-chairman, NITI Aayog, Subhash C. Garg, Finance Secretary, Ajay Bhushan Pandey, Revenue Secretary, Shri Rajiv Kumar, Secretary, DFS Shri Girish Chandra Murmu, Expenditure Secretary, , Atanu Chakraborty, Secretary, DIPAM, Pramod Chandra Mody, Chairman, CBDT, P.K Das, Chairman, CBIC, Dr K.V. Subramanian, CEA and other senior officials of the Ministry of Finance.

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