ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • RBI extends implementation of card tokenisation norms by 3 months; deadline extended till 30 September
  • EXCLUSIVE: 'Noida International Airport at Jewar to be jewel in crown of Indian aviation sector' - Know what all is coming up at
  • D-Street Corner: Market gains 2.7% in highly volatile week, investors richer by 5.5 lakh cr; what should investors do on Monday?
  • Sebi allows UPI payment option to invest in public issues of REITs, InvITs with effect from 1 August
  • Netflix lays off 450 employees in two months—Here's what's bothering OTT giant
Read in App
Business News » India News

Expect Budget 2019 to be realistic, says Raj Nair, President, IMC Chamber of Commerce and Industry

Raj Nair, President - IMC Chamber of Commerce and Industry, who was present during pre-Budget consultations with FM Nirmala Sitharaman, said he expects Budget 2019 to be more realistic. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Expect Budget 2019 to be realistic, says Raj Nair, President, IMC Chamber of Commerce and Industry
Raj Nair, President - IMC Chamber of Commerce and Industry. Photo: Official PR

Budget 2019 is just around the corner, and many are expecting major reforms to take place this fiscal. Among major developments that are expected by industry are cuts in corporate taxes, further resolution in banking sector and most importantly revival in Indian economy. The new Finance Minister Nirmala Sitharaman will be announcing India's FY20 budget. Raj Nair, President - IMC Chamber of Commerce and Industry, who was present during pre-Budget consultation with FM Sitharaman said he expects Budget 2019 to be more realistic. 

Talking to Zee Business Online, Nair said, "When I met the FM and her team on Tuesday last week, for their pre-Budget consultation, I made our chambers and my views known on a number of issues."

He said, "I am calling out the auto sector because it is one of the mother industries on which depend metals, chemicals, textiles, rubber and many other industries. A very large percentage of automobiles are purchased with financing. If the latter stops or slows down, purchases get postponed, especially replacement demand. similar things are happening to consumer durables which are also bought on credit. The government is aware of this."

On banking system, Nair explained that bankers don’t lend these days because they are scared stiff of being accused of corruption when loans go sour. 

This is what Budget may focus on according to Nair:

Boosting economic growth (incentives for capital investment in manufacturing, infrastructure and services)

Job creation (specific incentives for net job addition, higher allocation for skill development and linkage with job)

Alleviating the water problem (MNREGA focus on desilting and dredging water bodies to capture and store as much of the rainfall as is possible)
Startups: The Angel Tax problem will be eased. We have asked for it to be deleted. Section 56(2)(viib)] is an outlier provision and should be deleted since tax authorities have enough ammunition to deal with mala fide cases.

Apart from this, Nair also discussed other matters such  as GST, Corporate taxation rate (reduction to 18-20% after removing all deductions), rationalising the laws relating to M&A and corporate restructuring (eg allow conversion from one corporate structure to another without being taxed for it.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Budget 2019Budget 2019 expectationsbudget 2019 india expectationsbudget 2019 latest newsNirmala SitharamanNarendra ModiParliament Session
Written By: ZeeBiz WebTeam
Updated: Mon, Jun 17, 2019
03:24 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Social Stock Exchange: What is it? Will it benefit social enterprises in India? Social Stock Exchange: What is it? Will it benefit social enterprises in India?
Housing for all by 2022: Outlook positive for affordable housing in the next 3 years Housing for all by 2022: Outlook positive for affordable housing in the next 3 years
Hit by massive trouble, NBFC sector gets a big boost; here is how Hit by massive trouble, NBFC sector gets a big boost; here is how
Investment tips: These 10 stocks can help your wealth grow in July 2019  Investment tips: These 10 stocks can help your wealth grow in July 2019
Sensex crash! Rs 5.61 lakh crore of investor wealth wiped out in 2 days - 8 reasons why Sensex crash! Rs 5.61 lakh crore of investor wealth wiped out in 2 days - 8 reasons why

LATEST NEWS

Two-thirds of MSME loan originations concentrated in Maharashtra, Tamil Nadu, and Delhi: Credit information company data

Indian markets should start its journey upward by October – know why? Analyst lists out 4 reasons

This Mukul Agrawal textile stock may grow over 52% on strong export outlook and government initiatives

iOS users can now securely save their passwords in Chrome

Strong fundamentals, good dividend yield make Coal India, ONGC, NTPC, 3 other stocks good bets in current market—Check TPs, dividend payout ratios

US one step away from historic gun law reforms

Auto major Ford extends production at Tamil Nadu plant till July-end

Net profits of manufacturing companies surged by over 50% in FY22, says RBI

BharatNCAP: Government proposes to implement vehicle safety rating, issues draft notification

Government extends levy of GST compensation cess till March 2026, finance ministry issues notification

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV