Industrialists suggest measures to finance minister to reverse economic downturn

Industrialists suggest measures to finance minister to reverse economic downturn

NEW DELHI: Prominent industrialists on Thursday urged the finance ministry economic growth by improving regulatory environment, encouraging private investment and increasing export competitiveness.

In a customary consultation with finance minister Nirmala Sitharaman and top officials of the finance ministry, industrialists suggested ways to boost the economy. “Other suggestions included ideas to improve IBC (Insolvency and Bankruptcy Code) regarding NCLTs (National Company Law Tribunals) and banks; quicker mergers, acquisitions & demergers processes, approaches to reduce time for FDI (Foreign Direct Investment) endorsement; structural changes in laws for effective and stable business environment; time-bound choices for augmenting Ease of conducting business both in 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 boost consumption in economy,” finance ministry said in a statement.

Vikram Kirloskar, president of Confederation of Indian Industry who had been present in the meeting suggested that decriminalizing various laws and procedures would address the dilemma of trust deficit. “This is going to be in accord with the principle that entrepreneurship is a risk venture. However, in most cases the penalty of fine should be sufficient to address inadvertent non-compliance,” he added.

Among other industrialists who engaged in the Pre-Budget meeting included Sunil Bhrati Mittal, Founder & Chairman of Bharti Enterprises; B.V.N. Rao, 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, 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.; Sandip Somany, President, Federation of Indian Chambers of Commerce and Industry (FICCI); Balkrishan Goenka, President, ASSOCHAM among others.

“Till now, across the board, whoever has asked for our intervention, we have responded to them. I’ll be keen to see if these measures are meeting the expectations of the industries. If not, I might want to determine if I want to do more,” Sitharaman said in a media briefing last week. The authorities announced taxation cuts besides offering incentives to builders, automobile companies and exporters in a string of announcements starting in August.

Sitharaman on Thursday also met representatives of Trade Unions and Labour Organisations as part of their consultations. Their concerns aired about provision of social security for employees apart from up-skilling, re-skilling and skilling of existing labour force. They ensuring minimum wages of workers in detail besides the need for streamlining a variety of schemes to have better results and also emphasised quality of job creation.

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