The Finance Minister of India Nirmala Sitharaman held discussions with the stakeholders' group from industry, trade, and service sectors on the regulatory environment that impact investment and exports. Reduction in compliance burden, tax litigation, decriminalization of tax and company law, and allowing self-certification in the low-risk industry are some of the suggestions submitted by the representatives.
Along with it, they had also demanded simplification and rationalization of duties and labour laws, reduction of cost of equity capital, export development funds for helping MSME exporters, international standards of alternative dispute resolution, and making investment easy in the manufacturing sectors.
The ministers have understood the situation of India and looked at all the possible suggestions to achieve the USD 5 trillion economy such as fiscal easing, improve tax collection ways, improved taxes, etc said by Vikram Kirloskar, President of Confederation of Indian Industry (CII).
PHD Chamber of Commerce and Industry has demanded the creation of USD 3.5 billion funds for micro, small and medium-sized businesses that are facing difficulties in getting funds from bank and NBFCs said by its President D K Aggarwal.
Ajay Sahai President of FIEO said that they have sought the ease of liquidity for the exporters and suggest the rollout of e-wallet recommended by the GST council.
Economic Affairs Secretary Atanu Chakraborty, Minister of State for Finance and Corporate Affairs Anurag Thakur, Revenue Secretary Ajay Bhushan Pandey, and Finance Secretary Rajeev Kumar have also attended the meeting and promised to bring liquidity, easiness in business and exports to lift the Indian economy.