FM Nirmala Sitharaman, industry bodies discuss ways to boost economy in pre-budget meeting

FM Nirmala Sitharaman, industry bodies discuss ways to boost economy in pre-budget meeting

Representatives from industry bodies suggested ways to improve tax collections to Finance Minister Nirmala Sitharaman in the third pre-Budget consultations with industry stakeholders on December 17.

"The finance minister and her team have understood headwinds in the economy. Have suggested fiscal easing. Haven't suggested changes in personal income tax as it's not needed at present," said Vikram S. Kirloskar - President, Confederation of Indian Industry.

The stakeholder groups have also discussed bottlenecks that the industry is trying to deal with.

"Government wants to reduce or eliminate these bottlenecks as soon as possible. Government has already cut corporate tax which will make the Indian industry more competitive," said Sandip Somany - President, FICCI.

Somanu said that the minister had called a separate meeting on taxation issues and he would give his proposals on taxation to Sitharaman on December 19.

The main areas of discussion during the meeting included the regulatory environment impacting private investment and measures for promotion of exports amid rising protectionist tendencies, an official statement said.

The meeting was attended by Anurag Thakur (Minister of State for Finance and Corporate Affairs), Rajeev Kumar (Finance Secretary), Atanu Chakraborty (the Department of Expenditure Secretary) and Ajay Bhushan Pandey (Revenue Secretary), among others