FM holds Pre-Budget Consultation with Prominent Economists

PIB News Update: Union Minister of Finance & Corporate Affairs Smt. NirmalaSitharaman held her 8th Pre-Budget Consultation Meeting with the leading Economists here today in connection with the forthcoming General Budget 2020-21.

The main focus areas of the discussions included steps needed to achieve $5 trillion economy, job-oriented growth with focus on manufacturing and services, transparency of fiscal arithmetic, monetary transmission, Government’s fiscal prudence and fiscal stimulus, revival of NBFCs and inflation targeting among others.

Along with the Finance Minister, the said aforesaid meeting was attended by Shri Rajeev Kumar, Finance Secretary; Shri AtanuChakraborty, Secretary, DEA;Shri Ajay Bhushan Pandey, Revenue Secretary;Shri Tuhin Kant Pandey , Secretary , DIPAM ,Shri Pramod Chandra Mody, Chairman, CBDT; Dr K.V. Subramanian, CEA, and other senior officials of the Ministry of Finance.

The Economists were optimistic about the India growth story and put forward ways through which India can achieve the goal of $5 trillion economy. Among the key suggestions were to attractmore investment to support growth; streamlining policy matters and faster resolution of policy issues in all sectors;fiscal management; reforms in the power sector; focus on long-term reforms through structural reforms in simplification of GST and Direct Tax Code reforms; securing supply chains for economy; fiscal deficit; continuity in economic policy making; land and labour reforms; ways to enhance rural demand; improve oversight of financial markets; reforms in small savings rate; boosting agricultural exports;simplifying procedures to give financial savingsa shot in the arm.

The major participants in the aforesaid meeting included Shri Neelkanth Mishra, Credit Suisse; Shri Rathin Roy, Director, NIFP; Shri Sunil Jain, Managing Editor, Financial Express;  Shri Shekhar Shah, Director General, NCAER;  Shri ArvindVirmani, Economist;  Shri Surjit S. Bhalla, Managing Director, O(X)US Investment;  Shri AbheekBarua, Chief Economist, HDFC Bank;  Shri SoumyaKanti Ghosh, Group Chief Economic Adviser, State Bank of India;  Shri Ajit Mishra, Director, Institute of Economic Growth;  Shri AjitRanade, Chief Economist, Aditya Birla Group; Shri PrasannaTantri, Assistant Professor (Finance), Indian School of Business;  Shri Rahul Bajoria, Chief Economist, Barclays Investment Bank and  Shri SuvodeepRakshit, Vice President, Kotak Securities Ltd.; Shri Sachin Chaturdvedi, Director General, RIS;among others.