City industrialists air concerns to FM Sitharaman over Budget 2020

A delegation of city-based industrialists on Sunday met Union Finance Minister Nirmala Sitharaman and raised some concerns over the budgetary announcements while applauding the Centre for taking "bold measures" to boost the country's economy.

The finance minister is in city to discuss the government's vision on the budget with the stakeholders of various sectors.

"Our discussion was centered on bold measures taken by the government such as big infrastructure plan, disinvestment of LIC, push for agriculture sector," Indian Chamber of Commerce director general Rajeev Singh said after the meeting.

ICC delegation also expressed concerns over implication of tax collected at source (TCS) on Indian exports and other issues like ESOP (Employee stock ownership plan), he said.

The delegation also made few suggestions on dividend distribution tax (DDT), NPA rules, multiple approvals for retail sector, export SOPs (Standard operating procedure), especially for labour intensive industry, and real estate sector issues, he added.