NABARD trends increase in state wise fund disbursments for Agro Development (See 'Corpbrief') SCRA, 1956 - Advocate representing listed company before Delisting Committee does not stand at same footing as other officers & directors : SAT (See 'Legal Desk') PMLA, 2002 - Retrospective penalization as per second proviso to Section 5(1) is permissible in respect of property acquired before enactment of such provision if offence alleged is continuing offence: HC (See 'Legal Desk') RBI Dy Governor Viral Acharya puts in his papers Binny Bansal sells Flipkart shares worth Rs 531 Cr to Walmart 8 Maruti Suzuki models feature in list of top 10 best-selling cars in India Bitcoin prices surge 13% to cross USD 11000 271 companies scalped in 3 years for investors' protection: FM (See 'Corpbrief') Public banks outclass private ones in loan types & approval: Fin Min (See 'Corpbrief') PMEGP scheme provided job to 5.87 lakh persons so far: Gadkari (See 'Corpbrief') No proposal from any State to set up local bank: FM (See 'Corpbrief') IBC, 2016 - Foreign court order of bankruptcy against Indian Company of country with which no reciprocal arrangement exist with UOI has no applicability in India: NCLT (See 'Legal Desk') IBC, 2016 - During pendency of application u/s 7, trial court addressing suit to restrain transfer of shares cannot reject such application without considering application for amendment of suit brought to distinguish suit and save it from rejection: HC (See 'Legal Desk') BHEL bags emission control equipment order from NTPC subsidiary (See 'Corpbrief') BSR & Associates LLP resigns as auditors of IL&FS amidst MCA chasing ban Jet Airways case: NCLT Admits SBI's insolvency petition; refuses to withold bankruptcy order of Netherlands court CCI okays merger of Indiabulls Housing Finance & Lakshmi Vilas Bank Tax rebates aiding domestic textile sector to compete with MNC brands: Irani (See 'Corpbrief') PMKSY - Over 2 lakh youth turned entrepreneurs till June 2019: MoS (See 'Corpbrief') Fund of Funds - 31 start-ups receive aid this fiscal (See 'Corpbrief') Govt rearing workforce skilled in handling AI: RK Singh (See 'Corpbrief') Govt okays disinvestment plan in Hindustan Organic Chemicals Ltd (See 'Corpbrief') SEBI, 1992 - Promoters of NDTV cannot be restrained to hold key managerial positions during disposal of appeal relating to violation of PFUTP Regulations if it is not in interest of investors: SAT (See 'Legal Desk') Competition Act 2002 - Contravention of Section 3(4) cannot be said to have occurred if restrictions placed by cell phone distributors due to high inter-brand competition do not cause harm to consumers: CCI (See 'Legal Desk') Handling of Clients’ Securities by Trading Members/Clearing Members Harley-Davidson in talks with Hero MotoCorp for outsourcing 250-500 cc motorcycle production Govt to offer collateral-free loans of upto Rs 50 lakhs: Kovind Tech Mahindra inks multi-year contract with Airbus for cabin & cargo design engineering Microsoft's Satya Nadella & Adobe's Shantanu Narayen among top 10 CEOs in USA: Glassdoor survey Govt okays creating agency to resolve renewable energy disputes (See 'Corpbrief') Govt appoints New Judicial & Technical members at NCLT Benches

Trade & industry leaders present Budget wish-list

Published: Jun 11, 2019

BY TIOLCORPLAWS News Service

NEW DELHI, JUNE 11, 2019: THE Union Minister of Finance & Corporate Affairs, Ms Nirmala Sitharaman, started her Pre-Budget Consultations with different stakeholder Groups in connection with the forthcoming General Budget 2019-20 here today. Her second Meeting was with the stakeholder Groups from Industry, Trade and Services Sectors. In her opening remarks, she stated that the Central Government had taken several industry specific initiatives since 2014 that had significantly improved the overall business environment. She said that the emphasis was given to simplification and rationalization of the existing rules and introduction of Information Technology to make governance more efficient and effective.

As a result, Ms Sitharaman stated that India has considerably improved its ranking to 77th position among the 190 countries and has kept 23 ranks over its rank of 100 in the Doing Business Report 2018 as per the World Bank Doing Business (DB) Report, 2019. She also mentioned that since 24% of the total work force in India is in industrial sector, therefore in order to reap the benefits of demographic dividend, industry should be able to accommodate more work force, the Minister concluded.

With a view to give boost to Indian economy, the representatives of  Industry, Services and Trade Sectors submitted several suggestions concerning Industrial sector, land reforms, special economic zones, industrial policy, investment in research and development, simplification of tax regimes, tapping potential in tourism sector, Foreign Direct Investment (FDI), Good & Services Tax (GST), Capital Gains Tax, Corporate Tax, MSME Sector, e-commerce, skill development, education and healthcare sectors, start-ups, media and entertainment sector and food manufacturing industry.

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