Suggestions were made to boost credit to MSME sector: Jaitley on meeting with industry bodies
Updated: Jan 07, 2016 01:03:16pm
New Delhi, Jan 7 (KNN) Union Finance Minister Arun Jaitley, who had a pre-budget consultation with the industry associations on Wednesday, said suggestions were made to take measures to improve credit to the MSME sector and boost exports from the MSME sector.
“It was suggested that measures be taken to uplift the power sector which is facing a challenging time, credit to MSME sector be boosted, Mid-Day Meal Scheme may be scrapped due to large scale seepages and non-transparency in the implementation of the same. Suggestions were made to boost the exports, especially the MSME exports,” he said.
Jaitley was making the Opening Remarks during his third Pre-Budget Consultative Meeting with the representatives of Industry and Trade Groups here on Wednesday.
“Start-up parks for attracting young entrepreneurs be set-up on the line of IT parks,” he said on the suggestion made by the trade bodies .
Suggestions were made that in order to ‘Make in India’ and ‘Ease of doing Business’ successful, measures may be taken to reduce the cost of doing business for which we need to improve infrastructure and reduce credit cost. To deal with the problem of NPA, recapitalization of banks be done through offering of shares to public.
As regards tax matters, it was suggested that no appeal should be made where the two consecutive orders are in favour of the assesse except in rare situation and assesses may not be asked to deposit in case of first appeal and be asked to deposit only in case of second appeal, Jaitley said.
It was suggested that measures be taken to generate demand in real estate sector which will in turn boost the steel and cement sectors which are major sectors for employment generation. Other suggestions include raise in exemption limit in case of income tax be raised from Rs. 2.00 lakh to Rs. 5.00 lakh, corporate tax be reduced to 25%, nominal rate of interest be charged on delayed payments, rationalization of exemptions and allowances and reduction in tax rates, reduction in corporate tax be extended to partnership firms etc.
Along with the Finance Minister aitley, the Pre-Budget Consultative Meeting with the representatives of Industry and Trade Groups was also attended among others by R.N. Watal, Finance Secretary, Shaktikanta Das, Secretary, DEA, Hasmukh Adhia, Revenue Secretary, Anjuly Chib Duggal, Secretary, Financial Services, Amitabh Kant, Secretary, DIPP and Dr. Arvind Subramanian, Chief Economic Adviser (CEA).
The representatives of the Industry and Trade Groups present during the meeting included Sumit Mazumdar, President, CII, Sunil Kanoria, President, ASSOCHAM, Harshavardhan Neotia, President, FICCI, S.C. Ralhan, President, FIEO, Sangam Kurade, President, Federation of Indian Micro and Small & Medium Enterprises (FISME) and others. (KNN Bureau)
“It was suggested that measures be taken to uplift the power sector which is facing a challenging time, credit to MSME sector be boosted, Mid-Day Meal Scheme may be scrapped due to large scale seepages and non-transparency in the implementation of the same. Suggestions were made to boost the exports, especially the MSME exports,” he said.
Jaitley was making the Opening Remarks during his third Pre-Budget Consultative Meeting with the representatives of Industry and Trade Groups here on Wednesday.
“Start-up parks for attracting young entrepreneurs be set-up on the line of IT parks,” he said on the suggestion made by the trade bodies .
Suggestions were made that in order to ‘Make in India’ and ‘Ease of doing Business’ successful, measures may be taken to reduce the cost of doing business for which we need to improve infrastructure and reduce credit cost. To deal with the problem of NPA, recapitalization of banks be done through offering of shares to public.
As regards tax matters, it was suggested that no appeal should be made where the two consecutive orders are in favour of the assesse except in rare situation and assesses may not be asked to deposit in case of first appeal and be asked to deposit only in case of second appeal, Jaitley said.
It was suggested that measures be taken to generate demand in real estate sector which will in turn boost the steel and cement sectors which are major sectors for employment generation. Other suggestions include raise in exemption limit in case of income tax be raised from Rs. 2.00 lakh to Rs. 5.00 lakh, corporate tax be reduced to 25%, nominal rate of interest be charged on delayed payments, rationalization of exemptions and allowances and reduction in tax rates, reduction in corporate tax be extended to partnership firms etc.
Along with the Finance Minister aitley, the Pre-Budget Consultative Meeting with the representatives of Industry and Trade Groups was also attended among others by R.N. Watal, Finance Secretary, Shaktikanta Das, Secretary, DEA, Hasmukh Adhia, Revenue Secretary, Anjuly Chib Duggal, Secretary, Financial Services, Amitabh Kant, Secretary, DIPP and Dr. Arvind Subramanian, Chief Economic Adviser (CEA).
The representatives of the Industry and Trade Groups present during the meeting included Sumit Mazumdar, President, CII, Sunil Kanoria, President, ASSOCHAM, Harshavardhan Neotia, President, FICCI, S.C. Ralhan, President, FIEO, Sangam Kurade, President, Federation of Indian Micro and Small & Medium Enterprises (FISME) and others. (KNN Bureau)
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