FM urged to boost economy

Industrialists have suggested ways to reduce time for Foreign Direct Investment (FDI) approval during the Pre-Budget meeting with Finance Minister Nirmala Sitharaman in Delhi on 19 Dec 2019.

During interactive session lasting over 2 hours, the country’s prominent industrialists called for new investment capital and CAPEX for building infrastructure to boost economy.

They called for harnessing Public-Private-Partnership by leveraging social funding through a new programme and ensuring liquidity for NBFCs with focus on rural economy.

They spoke about improving regulatory environment to safeguard investments through Ease of Doing Business, increasing export competitiveness, reviving private investment and kick-starting growth of economy.

The industrialists suggested many ways to boost the rural economy, especially ways to increase consumption.

Other suggestions included ideas to improve Insolvency and Bankruptcy Code in relation to National Company Law Tribunal and banks, faster mergers, acquisitions & demergers processes, structural changes in laws for effective and stable business environment, time-bound decisions for augmenting Ease of Doing Business both at Central and State levels.

The industrialists also highlighted the need to prevent predatory pricing and dumping in India, facilitating R&D in India to boost Make in India initiative and ways to increase consumption in economy.

Industrialists at the meeting included Sunil Bhrati Mittal, Founder and Chairman of Bharti Enterprises, B.V.N. Rao, Business Chairman, GMR Group, Vipin Sondhi, Managing Director and CEO, Ashok Leyland Ltd, Sanjiv Goenka, Chairman, RP-Sanjiv Goenka Group, Jatin Dalal, Global Chief Financial Officer (CFO), Wipro Ltd, Manoj Chugh, President, Group Public Affairs and Member-Group Executive Board, Mahindra & Mahindra Ltd, Ravi Raheja, Group President, K Raheja Corp Group, Acharya Balkrishan, Chairman Patanjali Ayurved Ltd, Vikram Kirloskar, President, CII, Sandip Somany, President, Federation of Indian Chambers of Commerce and Industry (FICCI) and Balkrishan Goenka, President, ASSOCHAM among others.

Chaired by Minister Sitharaman, the meeting was attended by Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs, Rajeev Kumar, Finance Secretary, Injeti Srinivas, Secretary, Ministry of Corporate Affairs, Atanu Chakraborty, Secretary, DEA, Ajay Bhushan Pandey, Revenue Secretary, Tuhin Kant Pandey, Secretary, DIPAM, Guruprasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Amit Yadav, DG, Directorate General of Foreign Trade, Pramod Chandra Mody, Chairman, CBDT, Dr K.V. Subramanian, Chief Economic Adviser and many senior officials of the Ministry of Finance. fiinews.com