Finance Minister Nirmala Sitharaman said that if needed to speed up the economy, the government is ready to take more steps apart from the budget announcements. In a discussion held on Friday on the subject of ‘Budget and beyond’ with professionals in asset management, property consultancy, tax advisors and other related services, the Minister also said that the 2020-21 budget is one whose equity, bond and currency market is on Has a positive impact.
Sitharaman said, “If there is a need to do more than the budget, we are ready to do it.” During this time, the professionals gave many 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 softening of demand in the country due to many 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.
Suggestion to increase consumption and cash flow
During this time, the professionals gave many 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 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 scheme, approval of Parliament will be required.
Ministry will take action on suggestions received on budget
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. The meeting was attended by NITI Aayog Vice Chairman Rajiv Kumar and CEO Amitabh Kant. Apart from this, the Secretary of the Ministry of Finance was also present in it.