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We are open to tweaking inside & outside Budget: FM
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SME Times News Bureau | 14 Feb, 2020
Finance Minister Nirmala Sitharaman on Friday said that she is open to
more tweaking inside and outside the Budget for economic growth based on
the feedback given by economists and experts.
"If more has to be
done beyond the Budget 2020, we are willing to do that. I am open to
take steps beyond it. We are open to hearing from all of you so that as
and when tweakings have to happen or more has to be done beyond the
Budget, we are willing to do that, the Finance Minister said in a panel
discussion.
Participating in an interactive session on 'Budget
& Beyond', organised by the NITI Aayog, the Finance Minister said
that the immediate feedback to the Budget has been motivating, as it has
had a "positive impact" on the currency, bond and equity markets.
"It
is one Budget where the impact on equity, currency and bond market has
been positive. Currency market remains stable, bond market has cooled
off and equity markets is positive," Sitharaman said.
"If more
has to be done beyond the Budget, we are willing to do that. If more has
to be done beyond the Budget 2020, we are willing to do that," the
Finance Minister said at the session, where the participants made
several suggestions to boost economic activity in the country.
The
government announced a host of steps in the Union Budget, presented on
February 1 in Parliament, to expand the economic activities at a time
when the country is faced with a demand slowdown due to several reasons.
She
assured that the Finance Ministry has already been working on many of
the issues addressed in the discussion and continues to move forward in
the same direction. Professionals from asset management, wealth
advisory, tax consultancy and other related fields participated with
their outlook in the discussion with the minister.
The country's
GDP growth is projected to slow to an 11-year low of 5 per cent in the
current financial year.The participants made suggestions for increasing
consumption, giving more money into the hands of consumers, measures
required to boost liquidity and a host of suggestions for the capital
markets.
Several suggestions were also made on the "Vivad se
Vishwas" scheme to deal with disputes related to the direct taxes.
Sitharaman said the finance ministry will provide details of the scheme
soon. First Parliament approval will be required before the scheme is
implemented. She also said the process of obtaining a PAN card will be
made simpler.
On the REITs and InvITs, the Finance Minister said
she wanted to hear the views of the economists and other tax experts on
the Budget.
A key proposal was presented to her during the
interaction related to a Budget proposal on dividend taxation and its
impact on Real Estate Investment Trusts (REITs) and Infrastructure
Investment Trusts (InvITs).
"If more has to be done beyond the
Budget 2020, we are willing to do that," Sitharaman said at the session,
where the participants made several suggestions to boost economic
activities in the country to tax dividends from REITs and InvITs at the
hands of the unit holders. This move could affect the demand for REITs
and InvITs in the country, say experts.
NITI Aayog CEO Amitabh
Kant said, "In order to take India to a high trajectory growth rate, we
will discuss on forward-looking measures regarding the Budget and
Beyond."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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