Budget to fix many eco issues: Thakur

Kolkata: The Centre is keeping its fingers crossed for revival of India’s economy by shifting its focus from ‘Look East’ to ‘Act East’ policy.

The Union Budget 2020-21 slated to be presented on February 1 is likely to resolve several issues being faced by traders in the country and give thrust on agriculture, job creation and boosting investment on infrastructure development, said Anurag Singh Thakur, Union minister of state, finance and corporate affairs.

Thakur met the representatives of various merchants and traders’ associations at a special session in the city on Thursday and took down their suggestions to resuscitate the economy. “This time, I am in the city to listen to the problems being faced by the traders and know about their expectations in the budget,” said Thakur.

However, the minister of the state sounded confident that the present financial capacity of the country would take a leap in the next five years when “Prime Minister’s targeted 5 trillion economy” can be achieved. “Till now, the Central government has achieved $1 trillion of the target,” he added.

Divestment in share markets, generation of employment, tweak in the policy of environmental clearance for industrial sectors, abolition of GST from real estate sector, boost for housing sector, governmental support to create an appropriate roadmap for the NRIs who are keen to open startups in the country were among the suggestions given to the minister by the representatives of Merchants’ Chamber of Commerce, Bharat Chamber of Commerce, Calcutta Chamber of Commerce, Direct Taxes Professionals’ Association and Association of Corporate Advisors and Executives.

Vivek Gupta, president of MCCI told the minister, “The landmark legislation on insolvency and bankruptcy may step up the industrial sector of the country but its implementation is still very slow.” Narendra Kumar Goyal, president of DTPA urged through Thakur that the Centre take a call on the settlement of the cases pending with National Company Law Tribunal. Total 19,771 cases have been pending with the NCLT benches and 10,860 of these cases come under the Insolvency and Bankruptcy Code 2016.

“The central bank’s five interest rate cuts last year and billions of dollars of liquidity pumped into financial markets have done little to spur lending. The NPA norms need to be aligned to global norms so that the banks will no longer remain saddled with stressed asset ratios,” said Gupta.

Ramesh Kumar Saraogi, president of BCC, suggested the minister that the Centre make the power sector competitive through PPP model. He also rued that banks only favour big borrowers and are indifferent to MSME units that are “engine of economic growth in the country and have high employment potential.”

The minister said, “I shall take up these issues with the finance ministry and if needed, the government will change policies and amend laws for the country’s economic growth.”