New Delhi: Finance Minister Nirmala Sitharaman said on Friday that the government is ready to take more steps apart from budget announcements if needed to speed up the economy.
In a discussion with professionals from asset management, property consultancy, tax advisors and other related services on the subject of ‘Budget and beyond’, the Minister also said that the budget for 2020-21 is one that has a positive impact on equity, bonds and money markets.
Sitharaman said, “If there is a need to do more than the budget, we are ready to do it.” During the discussion, professionals made several suggestions to increase economic activities in the country. In the budget presented on February 1, the government has announced several steps to increase economic activity.
This announcement was made at a time when there is a softening of demand in the country due to several reasons. The country’s GDP (GDP) growth rate is estimated to be 5 percent in the current financial year, which is the lowest level of 11 years.
During the discussion, the professionals made several suggestions about increasing consumption, putting more money in customers’ pockets, necessary measures to increase cash and capital markets. Apart from this, many suggestions were also made regarding the ‘Dispute to Confidence’ scheme brought about the resolution of disputes related to direct tax. This plan has been announced in the budget of 2020-21. He said that the Finance Ministry will soon provide detailed details about the scheme.
However, before the implementation of the plan, approval of Parliament will be required. The Finance Minister assured the professionals involved in the discussion that his ministry would listen to the suggestions. Earlier, Sitharaman has held similar discussions in Mumbai, Chennai and Kolkata. Baik included Deputy Chairman of NITI Aayog Rajiv Kumar and Chief Executive Officer Amitabh Kant. Apart from this, the Secretary of the Ministry of Finance was also present.
