News Bureau

Focus to create Regulations Free Export Zone

FM holds 3rd Pre-Budget Consultation

The Union Minister of Finance and Corporate Affairs Shri Arun Jaitley holds his 3rd Pre-Budget Consultation Meeting with representatives of Indian Trade and Industry in Delhi; Asks the Business Leaders for making investments in infrastructure sector to build a stronger India; Private investment along with Public and Foreign Investment are the key to boost growth and create job opportunities.

The Union Minister of Finance and Corporate Affairs Shri Arun Jaitley asked business leaders for making investments in infrastructure sector to build a stronger India. The Finance Minister said that private investment along with public and foreign investment are the key to boost growth and create job opportunities. The Finance Minister, Shri Arun Jaitley was making his Opening Remarks during his third Pre-Budget Consultation Meeting with the Business Leaders and representatives of the various Chambers of Indian trade and industry here.

Along with the representatives of the Indian Trade and Industry Associations/Chambers present during the aforesaid Meeting Ganesh Kumar Gupta, President, Federation of Indian Exports Organisation (FIEO), Anoop Mehta, Sr. Member, Gems & Jewellery Export Promotion Council remained present.

Various suggestions were made by the business leaders and the representatives of different Chambers of Indian Trade and Industry among others. The major suggestions/demands included permitting the purchase of Banks’ Recapitalization Bonds by the Institutes and the public at large, reducing Government stakes in Public Sector Banks(PSBs).

Other suggestions include reduction in Dividends Distribution Tax and to bring down the maximum rate of Income Tax to 20% to encourage investment, at par with other development countries. It was also suggested to create Regulations Free Export Zone for setting-up 100% Export Oriented Units both by domestic and foreign investors which in turn would help not only in creating employment opportunities but also in earning foreign exchange for the country.

Another suggestion was made for introduction of system of e-wallet with effect from 1st April, 2018 under GST, extension of Duty Draw Back System for GST for a year.

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