Union Finance Nirmala Sitharaman Tuesday has commenced Pre-Budget Consultations with different stakeholder groups in connection with the forthcoming General Budget 2019-20 in New Delhi.
According to a PIB statement, the second meeting was with the stakeholder groups from industry, trade and services sectors.
In her opening remarks, Finance Minister Nirmala Sitharaman said that the Central Government has taken several industry specific initiatives since 2014 that had significantly improved the overall business environment. She said that the emphasis was given to simplification and rationalization of the existing rules and introduction of Information Technology to make governance more efficient and effective. As a result, the Finance Minister said that India has considerably improved its ranking to 77th position among the 190 countries and has kept 23 ranks over its rank of 100 in the Doing Business Report 2018 as per the World Bank Doing Business (DB) Report, 2019. Sitharaman also mentioned that since 24 % of the total work force in India is in industrial sector, therefore, in order to reap the benefits of demographic dividend, industry should be able to accommodate more workforce.