Finance ministry begins consultation with industry bodies in run-up to 2019-20 Budget

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New Delhi: The Finance Ministry has begun the pre-budget session train with business our bodies within the run-up to the total finances for the present monetary 12 months to be unveiled by the brand new authorities someday in July.

Finance ministry officers met the representatives of business physique Society of Indian Car Producers (SIAM) on Wednesday and would maintain comparable session conferences with different key chambers, together with CII, subsequent week.

Following the custom, the federal government had on 1 February unveiled interim Finances for 2019-20 in view of the Lok Sabha elections. The ultimate Finances for the fiscal is prone to be tabled in July after formation of the brand new authorities.

The ministry has already met the representatives of different ministries and authorities departments as a part of the Finances-making train.

 Finance ministry begins consultation with industry bodies in run-up to 2019-20 Budget

Representational picture. Reuters

In keeping with sources, SIAM made a presentation to the federal government and has instructed measures to spice up the auto sector which has been witnessing demand slowdown, particularly within the passenger automobile phase, for over 10 months now.

Trade chambers are additionally prone to counsel fiscal and non-fiscal measures to spice up development which slipped to five-quarter low of 6.6 p.c in October-December 2018.

The Central Statistics Workplace (CSO), which releases the nationwide account information, too had in February revised downwards the expansion estimate for 2018-19 fiscal to 7 p.c from 7.2 p.c. The 7 p.c development is the bottom in 5 years.

In 2013-14, the expansion was 6.four p.c, in 2014-15, it was 7.four p.c, 8.2 p.c in 2015-16 and 2016-17 and seven.2 p.c in 2017-18.

After the final common elections in 2014, Finance Minister Arun Jaitley had offered the total finances for 2014-15 fiscal on July 10, 2014.

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