SME Times News Bureau | 11 Jun, 2019
Minister of Finance Nirmala Sitharaman started her Pre-Budget Consultations
with different stakeholder Groups in connection with the forthcoming General
Budget 2019-20 in New Delhi on Tuesday.
second Meeting was with the stakeholder Groups from Industry, Trade and
Opening Remarks, the Finance Minister, Sitharaman said that the Central
Government has taken several industry specific initiatives since 2014 that had
significantly improved the overall business environment.
said that the emphasis was given to simplification and rationalization of the
existing rules and introduction of Information Technology to make governance
more efficient and effective.
result, the Finance Minister said that India has considerably improved its
ranking to 77th position among the 190 countries and has kept
23 ranks over its rank of 100 in the Doing Business Report 2018 as per the
World Bank Doing Business (DB) Report, 2019.
Finance Minister, Sitharaman also mentioned that since 24 % of the total work
force in India is in industrial sector, therefore, in order to reap the
benefits of demographic dividend, industry should be able to accommodate more
work force, the Minister concluded.
with the Finance Minister, the meeting was attended by officials from CII,
Assocham, FICCI, FISME, FIWE, etc.
view to give boost to Indian economy, the representatives of Industry,
Services and Trade Sectors submitted several suggestions concerning Industrial
sector, land reforms, special economic zones, industrial policy, investment in
research and development, simplification of tax regimes, tapping potential in
tourism sector, Foreign Direct Investment (FDI), Good & Services Tax (GST),
Capital Gains Tax, Corporate Tax, MSME Sector, e-commerce, skill development,
education and healthcare sectors, start-ups, media and entertainment sector and
food manufacturing industry.