Modi 2.0: Finance Ministry holds important meet - Know participants, issues and more from the discussion
Union Finance Ministry on Friday held an important meeting to carve out the outlining of fiscal policies for the second tenure of Modi government.
Among the participants were Finance Secretary, Revenue Secretary and officers involved in economic affairs. Matters like Economic Survey and Budget were also discussed during the high-level meet. Niti Aayog members also participated in the meet. A discussion was also taken up to increase employment generation.
नई सरकार की आर्थिक नीतियों पर वित्त मंत्रालय की अहम बैठक, बैठक में शामिल हुए वित्त सचिव, रेवेन्यू सेक्रेटरी और आर्थिक मामलों से जुड़े अधिकारी। pic.twitter.com/vNqDOW9NGL
— Zee Business (@ZeeBusiness) May 24, 2019
The government had presented an Interim Budget for 2019-20 in February. A full Budget is likely to be presented in July.
Earlier in the day, it was reported that industry body Ficci has sought reduction in corporate tax and abolition of Minimum Alternate Tax (MAT) to spur investment. "The key recommendation was that the focus of the government should be to spur domestic investment and in order to retain India's competitiveness globally, corporate tax rate cut should be considered," Ficci said after its delegation met Revenue Secretary Ajay Bhushan Pandey as part of the pre-budget discussion.
In the 2015-16 budget, the government had announced that the corporate tax rate would be gradually lowered to 25 per cent from 30 per cent over the next four years and exemptions available to companies would be phased out.
In the subsequent years, the tax rate was reduced to 25 per cent for companies with a turnover of up to Rs 250 crore.
BJP has won more than 300 seats in the latest polls, bettering its performance in 2014.