SME Times News Bureau | 13 Jul, 2019
Budget 2019-20 has set out a clear goal for the Government
for the next 5 years to achieve US$ 5 trillion economy with high degree of
equity by ensuring delivery of minimum services to every Indian including
housing, sanitation, and water supply ,which will enhance ease of living, said Subhash
Chandra Garg, Secretary (Finance and Economic Affairs), Ministry of Finance.
He was interacting with industry leaders on Budget 2019-20
at a meeting organized by Confederation of Indian Industry (CII) in New Delhi
The Budget also targets opening up Indian economy to private
sector and global investors recognizing the fact that domestic industry and
foreign investors would be the prime movers of growth in India with government
playing a supportive role, Garg said.
Fiscal prudence and Government opting for external financing
of deficit will help channelize more investible resources for the private
sector. It is an opportune time for private sector to invest in infrastructure
and the digital economy to spur growth, he added.
Atanu Chakraborty, Secretary, Department of Investment and
Public Asset Management, said that ownership and control of PSUs needs to be
separated for creating more investment space and a larger float for
international investors. Government has also expressed its intent to bring down
the Government and Government controlled entities’ holding to below 51%.
Many more CPSEs, other than Air India, will be put on the
block for strategic disinvestment. About 14 are already on the list. Minimum
public share holding norms will be met by PSUs as applicable for any other
company registered under Companies Act, he said.
Vinayak Chatterjee, Chairman, CII Economic Affairs Council
and Chairman, Feedback Infrastructure, highlighted two pain points for Indian
industry pertaining to declining consumption and delayed payments. He also
mooted the idea of creation of delayed payments monitoring portal to address
payments due to suppliers to the Government.
On the suggestion of developing a portal for monitoring
delayed payments other than the one for MSMEs, Mr Garg said that Government
would be open to work with industry to address the issue.
Chandrajit Banerjee, Director General, CII said that Government has prioritised trust
with industry which paves the way for a strong relationship between the two to
build a New India.
Commending the Government on fiscal prudence, Banerjee
stressed on the need for maintaining the quality of public spending to drive
growth. He also added that Government should consider brownfield disinvestments
and earmark the proceeds for public capex.