Economists seek simpler GST, IBC-type framework for NBFCs

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Insolvency and Bankruptcy Code (IBC)-type framework for NBFC sector, further simplification of GST, implementation of direct tax code, initiating job-oriented growth measures and maintaining fiscal prudence were some of the key suggestions made by economists for the ensuing Budget to Finance Minister Nirmala Sitharaman on Friday. The finance minister is holding customary meetings with different stakeholders, including industry and farmers’ bodies. This was the sixth such pre-Budget consultancy meeting. The economists were of the view that the Budget, to be presented in the Lok Sabha on July 5, should set the tone for the next five years and is a unique opportunity to promote manufacturing through ‘Make in India’.

They touched upon a host of macroeconomic factors like economic growth, jobs, fiscal management, investments, and public sector borrowings, according to a release by the finance ministry. Among other major suggestions were removing bottlenecks in supply-chain, framing EXIM policy for agriculture, doing away with specific duties on textiles, reviving inter-state councils for holistic domestic growth, skilling youths, giving fillip to services and manufacturing sector, and bringing structural reforms for a long-term growth. Stability of tax rates, reduction in tariffs, further simplification of GST, implementation of direct tax code, promoting labour intensive sectors, the constitution of independent fiscal policy committee and incentivising digital transactions were also made part of the discussions. 

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