Left Menu
Development News Edition

Pre-budget meet with FM: Economists seek tax reforms, measures for jobs, investments

PTI | New Delhi | Updated: 14-06-2019 20:13 IST | Created: 14-06-2019 20:11 IST
Pre-budget meet with FM: Economists seek tax reforms, measures for jobs, investments
Image Credit: ANI

Further simplification of GST, implementation of direct tax code, initiating job-oriented growth measures and maintaining fiscal prudence were some of the key suggestions made by economists for the ensuing Budget to Finance Minister Nirmala Sitharaman on Friday. The finance minister is holding customary meetings with different stakeholders, including industry and farmers' bodies. This was the sixth such pre-Budget consultancy meeting.

The economists were of the view that the Budget, to be presented in the Lok Sabha on July 5, should set the tone for the next five years and is a unique opportunity to promote manufacturing through 'Make in India'. They touched upon a host of macroeconomic factors like economic growth, jobs, fiscal management, investments and public sector borrowings, according to a release by the finance ministry.

Among other major suggestions were removing bottlenecks in supply-chain, framing EXIM policy for agriculture, doing away with specific duties on textiles, reviving inter-state councils for holistic domestic growth, skilling youths, giving fillip to services and manufacturing sector, and bringing structural reforms for a long-term growth. Stability of tax rates, reduction in tariffs, further simplification of GST, implementation of direct tax code, promoting labour intensive sectors, constitution of independent fiscal policy committee and incentivising digital transactions were also made part of the discussions.

"I have basically talked about the external threats and opportunities because most people focus on fiscal monetary. So I said (it) is a once in a generation opportunity of moving supply chain to India," said former CEA Arvind Virmani after the meeting. Manoj Panda, Director, Institute of Economic Growth, stressed that the agriculture sector must be liberalised and farmers should be taught learn how to face markets.

The participating economists also underlined the need for bringing Insolvency and Bankruptcy Code type framework for NBFC sector, infusing capital in banks and tapping into e-commerce's potential for job growth. Rathin Roy (CEO and Director, NIPFP), S Mahendra Dev (Vice Chancellor, Indira Gandhi Institute of Development Research), Shekhar Shah (DG, National Council of Applied Economic Research), T N Ninan (Chairman, Business Standard), Sunil Jain, (Managing Editor, Financial Express), and Surjit S Bhalla (MD, O(X) US Investment) also put forth their views during the meeting which among others was also attended by top officials of the ministry. Other prominent economists in the meeting were Rakesh Mohan, Nitin Desai, and Soumya Kanti Ghosh (Chief Economist, SBI).



Why COVID-19 is unstoppable in USA despite it being ranked at the top of GHS Index?

Several worst-hit countries such as Italy, France, Spain, the UK, Canada, and Russia have peaked COVID-19 cases in April. Almost all of them have gradually flattened the curve. However, the USA is setting new daily records of infections tha...

COVID-19 seems cooking biggest ever global scam

The increasing number of corruption cases on COVID-19 funds from throughout the world and involvement of high profile persons indicate that the countries cant ignore corruption in their pandemic response programs. This has generated the nee...

Health Management Information Systems lack holistic, integrated, and pandemic resilient character

Being a part of the United Nations system, the World Health Organization WHO deserves its share of rebuke for its alleged failure issue COVID-19 health emergency alerts on appropriate time. However, the pandemic has also exposed loopholes i...

Pride in the time of coronavirus: a welcome move online?

This year is different in many ways not least as celebrations are also taking place against the dramatic backdrop of a global health crisis and a resurgence in grassroots activism following the death of George Floyd in Minneapolis. ...


Latest News

Singapore's ruling PAP holds power, but loses votes in pandemic poll

Singapores ruling Peoples Action Party retained power comfortably in Fridays election, but their vote slipped and opponents looked set to make historic inroads in a ballot held under the cloud of the COVID-19 pandemic. In power since indepe...

Erdogan declares Hagia Sophia a mosque after Turkish court ruling

President Tayyip Erdogan declared Istanbuls Hagia Sophia a mosque on Friday with the first Muslim prayers to begin in two weeks, after a top court ruled the ancient buildings conversion to a museum by modern Turkeys founding statesman was i...

EXCLUSIVE-TIM excludes Huawei from 5G core equipment tender - sources

Telecom Italia TIM excluded Chinas Huawei Technologies from a tender it launched this month for 5G equipment for the core network it is preparing to build in Italy and Brazil, two sources familiar with the matter said. The list of invited s...

Derailed economic activities getting back on track amid unlocking: Khattar

Haryana Chief Minister Manohar Lal Khattar on Friday said that with the unlocking of the economy, several disrupted activities were getting back on track. Speaking in Rohtak, Khattar said the revenue generation of the state has also increas...

Give Feedback