In a customary pre-budget consultation with finance minister Nirmala Sitharaman and top officials of the finance ministry, industrialists suggested ways to boost the rural economy by boosting consumption. “Other suggestions included ideas to improve IBC (Insolvency and Bankruptcy Code) in relation to NCLTs (National Company Law Tribunals) and banks; faster mergers, acquisitions & demergers processes, ways to reduce time for FDI (Foreign Direct Investment) approval; structural changes in laws for effective and stable business environment; time-bound decisions for augmenting Ease of Doing Business both at Central & State levels; new investment of capital for building infrastructure; Capital expenditure for infrastructure to boost economy; preventing predatory pricing and dumping in India; facilitating R&D in India to boost Make in India; harnessing Public-Private-Partnership (PPP) by leveraging social funding through a new programme; ensuring liquidity for NBFCs (Non-Bank Financial Institutions) with focus on rural economy and ways to increase consumption in economy," finance ministry said in a statement.
Vikram Kirloskar, president of Confederation of Indian Industry who was present in the meeting suggested that decriminalizing various laws and procedures would address the issue of trust deficit. “This will be in line with the principle that entrepreneurship is a risk venture. Any willful defaults should be dealt with firmly. However, in most cases the penalty of fine should be enough to deal with inadvertent non-compliance," he added.
Industry asks govt to boost private investments to kick-start growth
Reviewed by Team Exprssnews
on
December 19, 2019
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Reviewed by Team Exprssnews
on
December 19, 2019
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