STOCK MARKET BSE NSE

Nirmala Sitharaman to hold pre-Budget consultations with stakeholders beginning Monday 

They said the main focus of the Budget this time will be on boosting economic growth, which slowed to an over six-year low of 4.5 per cent in the second quarter of 2019-20.

Published: 15th December 2019 03:19 PM  |   Last Updated: 15th December 2019 03:19 PM   |  A+A-

Nirmala Sitharaman

Minister of Finance and Corporate Affairs Nirmala Sitharaman (File Photo| Shekhar Yadav, EPS)

By PTI

NEW DELHI: Beginning the customary pre-Budget consultation exercise from Monday, Finance Minister Nirmala Sitharaman will seek inputs from various stakeholders including industry bodies, farmer organisations and economists for reviving consumption and boosting growth.

Sitharaman is likely to present her second Budget for the Modi 2.0 government in Parliament on February 1. Sources said the pre-Budget consultations starting Monday will last till December 23.

They said the main focus of the Budget this time will be on boosting economic growth, which slowed to an over six-year low of 4.5 per cent in the second quarter of 2019-20.

As per the finance ministry, Sitharaman will meet stakeholder groups of 'New Economy: Start-ups, Fintech and Digital Sector' on Monday morning, and financial sector and capital market representatives later in the day.

Industry sources said the government has sought their views on matters like the ease of doing business, regulatory environment impacting private investment, export competitiveness, the role of the state (delayed payments, contract enforcement), and revival of private investment and growth, among others.

The minister is likely to meet industry chambers on December 19. With the government already affecting significant cut in corporate taxes, expectations are high that it would announce some relief for the salaried class by making changes in the personal income tax structure.

Industry bodies have demanded that income up to Rs 5 lakh should be exempt from tax for individual taxpayers from the current Rs 2.5 lakh to spur demand for goods and services. They are also demanding hiking the overall deduction limit to at least Rs 3 lakh (from the current Rs 1.5 lakh under Section 80C of the Income Tax Act) to boost investments and increase tax savings for individual taxpayers.

The finance ministry has already started the Budget preparation exercise, with different ministries and departments making expenditure projections.

The Budget will be keenly watched by market participants for numbers on key macroeconomic indicators like fiscal deficit.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp