NEW DELHI:  Financial Minister Nirmala Sitharaman has officially started her pre-budget consultations from Monday, meeting the representatives from the financial sector and capital markets.

The meeting discussed availability of easy credit from banks, making public sector banks more efficient and sought suggestions to overcome the crisis in the nonbanking financial companies. Apart from that, alternative investment funds for the real estate sector were also discussed.

They also discussed mutual funds, commercial papers and standardisation of bond features, promoting leasing by reducing GST rates on term insurance for increasing its penetration and providing easier credit to digitally active users by streamlining KYC norms. The meeting was attended by leading players from industry and banking sector including Reserve Bank deputy governor N S Vishwanathan, State Bank of India chairman Rajnish Kumar, LIC chairman M R Kumar, as well as heads or senior officials of banks like Kotak Mahindra Bank, Punjab National Bank, Bank of Baroda, Citibank, ICICI Bank, HDFC Bank a n d o t h e r f i n a n c i a l institutions. She also met representatives from the technology sector, including officials of the computer hardware sector, as well as those from the fintech start-up ecosystem.

The finance minister sought suggestions on boosting entrepreneurship and also the ease of doing business. MAIT (Manufacturers Association of Information Technology), the industry body representing the computer hardware sector gave a memorandum pleading for the reinstatement of MEIS (merchandise export from India scheme). “Electronics exports will be hit hardest without MEIS,” said George Paul, CEO of MAIT.

Published On : 17-12-2019

Source : Newindian Express