The Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman started her Pre-Budget Consultations with different stakeholder Groups in connection with the forthcoming General Budget 2020-21 here on the 16th of December. Her first meeting was with the stakeholder Groups from Digital Economy, Fintech and Start-ups .
The main areas of discussion during the aforesaid meeting included Data Issues such as use of Big Data technology, phenomena by analysing large data sets, Use of Big Data Technology for SME Sector and unleashing the power of Big Data for Public Governance. Other issues which dominated the discussion included Digital Infrastructure & Role of Government, Regulation of Digital Economy especially in privacy, Financial Regulation , Ease of doing Business environment for start-ups , infrastructure gaps for digital India , Taxation issues among others.
Along with the Finance Minister, the meeting was attended by Shri Anurag Thakur, Minister of State for Finance and Corporate Affairs, Finance Secretary, Shri Rajeev Kumar, Shri Atanu Chakraborty, Secretary, Economic Affairs , Shri Ajay Bhushan Pandey, Revenue Secretary, Shri Ajay Prakash Sawhney, Secretary, Department of Electronics & Information technology, Shri Anshu Prakash, Secretary, Department of Telecommunications, Shri Pramod Chandra Mody, Chairman, CBDT, Shri P.K Das, Chairman, CBIC, Dr K.V. Subramanian, Chief Economic Advisor and other senior officials of Ministry of Finance.
The representatives of Digital Economy, Fintech and Start-ups shared their views and suggestions regarding Big Data, incentives for encouraging setting up of data centres, fiscal incentives for data localisation, incentives for pushing digital penetration in rural areas, corporate guarantee to start-ups for competing with other nations, rationalisation of MAT tax rate, tax exemption for start-up units, creation of specific agency for looking after cross border financial crimes, increasing women employment (gender dividend in skill development), training youth in skill development along with international internships and incentivising Research & Development (R&D) within India. While the experts suggested improvements in their respective fields, they also gave a variety of solutions to the sector specific problems. Many speakers suggested giving tax sops to Start-Ups and nurture them in the country.
The participants included Shri Deepak Acharya, Global Chief Legal Officer (CLO), Wipro Ltd., Shri. Mandeep Singh Puri, Chairman, Electronic and Computer Software Export Promotion Council, Ms Vishakha Saigal Jio Mobiles, Shri Dheeraj P. Sharma. Director, IIM Rohtak, Shri George Paul CEO, MAIT, Shri Ashish Aggarwal, Head of Public Policy, Nasscom, Shri Suneel Maggo, President, Chamber of Start-ups, Industries and Entrepreneur (India) Council, Shri Raj Nehru, Vice Chancellor, Shri Vishwakarma Skill University, Shri Anand Nandkumar, Indian School of Business, Shri Amrit Manwani, President, ELCIN, Shri Peyush Bansal, Founder, Lenskart, Shri Amit Bansal, Head of Tax, Uber India and South Asia, Shri H. Nagaraj, Financial Controller, Velankani Electronics (P) Ltd., Shri Virat Bhatia, Managing Director, Strategy & Policy, Apple India, Shri N.K. Goyal, President, Telecom Equipment Manufacturers Association of India, Shri Pankaj Mohindroo, Chairman, Indian Cellular & Electronics Association. Ms. Deepa Mani, Professor, Indian School of Business, Shri Hari Om Rai, Chairman & Managing Director, Lava International Ltd and Shri Madhur Deora, Paytm.
FM also helds Pre-Budget Consultation with representatives of Financial Sector and Capital Markets
The Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman held her second Pre- Budget Consultation meeting with the stakeholders from Financial Sector and Capital Markets in connection with the forthcoming General Budget 2020-21 here today.
The main areas of discussion during the meeting included issues namely increasing credit off take from Banks , Governance changes in PSBs with special focus on PJ Nayak Committee recommendations, Creation of a well functioning bond markets , benefits of Partial Credit Guarantee Scheme , Alternative Investment Funds in Real Estate Sector , measures for alleviating stress among NBFCs among others.
Along with the Finance Minister, the meeting was attended by Shri Anurag Thakur, Minister of State for Finance and Corporate Affairs, Finance Secretary, Shri Rajeev Kumar, Shri Atanu Chakraborty, Secretary, Economic Affairs , Shri Ajay Bhushan Pandey, Revenue Secretary, Shri Pramod Chandra Mody, Chairman, CBDT, Shri P.K Das, Chairman, CBIC, Dr K.V. Subramanian, CEA and other senior officials of Ministry of Finance.
With a view to give boost to Indian markets, the representatives of Financial Sector & Capital Markets submitted several suggestions concerning enhancing credit off take from banks , PSBs governance, Risk capital issues, improving functioning and alleviation of stress among NBFCs , Alternative Investment funds , Mutual funds , commercial papers and standardisation of Bond features, promoting leasing by reducing GST, reduction of GST rates on Term insurance for increasing its penetration and to provide easier credit to digitally active users by streamlining KYC norms . Suggestions were also received for enhancing support from Private Banks to Stand up India Scheme.
Major Stakeholders of Financial Sector and Capital Markets participated in the meeting including Shri N. S. Vishwanathan, Deputy Governor, Reserve Bank of India, Shri Rajnish Kumar, Chairman, State Bank of India, Shri Supratim Bandopadhyay, WTM (F) PFRDA, Ms. Madhabi Puri Buch, Whole Time Member, SEBI, Shri L. V. Prabhakar . Executive Director, Punjab National Bank, Shri M.R. Kumar, Chairman, LIC, Shri Uday Kotak, MD & CEO, Kotak Mahindra Bank Ltd, Shri S.L. Jain, Executive Director, Bank of Baroda, Shri Ashok Swarup, MD, Head of Government affairs and Business Development, CITI Bank, Shri Rashesh Shah, CEO, Edelweiss, Shri Rakesh Diwan, Senior General Manager, The Muthoot Group, Shri Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank, Shri N.S. Venkatesh, Chief Executive, Association of Mutual Funds in India (AMFI), Shri N.S. Kannan, CEO, ICICI Prudential Life Insurance Company Limited, Shri Navin Ashok Kumar Chandani, Chief Business Officer, Bank Bazaar, Shri Raman Aggarwal, Co-Chairman, Finance Industry Confirm Development council (FIDC), Shri Prasanna Balachander, Group Head Global Markets, ICICI Bank Ltd, Shri Rahul Shukla, Group Head, Corporate Banking and Confirm Business Banking, HDFC Bank Ltd, Shri Milind Kamble, Chairman, DICCI, Shri Prashant Tripathy, MD and CEO of Max Life Insurance among others.