Invest to boost economic growth and job creation in Country: Arun Jaitley appeals to business leaders
Source :NewsBharati   Date :07-Dec-2017

New Delhi, December 7: Finance Minister Arun Jaitley has asked business leaders to make investments in the infrastructure sector to build a stronger India. He said private investment along with public and foreign investment are key to boosting growth and creating job opportunities.

The Union Minister was holding a pre-budget consultation meeting with representatives of Indian Trade and Industry in Delhi. Highlighting the importance of investment in infrastructure sector, Jaitley said the Government has taken various steps in this regard and has also set-up the National Investment and Infrastructure Fund among others. 

The suggestions which were made in the meeting included bringing down the maximum rate of Income Tax to 20 percent to encourage investment and to bring in a scheme to take more than 15 year old heavy commercial vehicles off the road.

During the meeting, various suggestions were made by the business leaders and the representatives of different Chambers of Indian Trade and Industry among others. The major suggestions and demands included permitting the purchase of Banks’ Recapitalization Bonds by the Institutes and the public at large, reducing Government stakes in Public Sector Banks(PSBs), allowing banks to securitize their loans and sell the same, setting-up of Land Bank Corporation for monetization of Government lands including the land belonging to Army, Railways and Public Authorities among others.

Other suggestions include setting-up of National Power Generation Corporation and creation of National Innovation Fund with initial corpus of Rs. 10,000 crore to promote innovation and Out of Box Ideas; setting-up of Empowered Group of State Agricultural Ministers to implement Agricultural Reforms.