Re-Budget (2020-21) Overview by the ANMI - Northern Region

Association of National Exchanges Members of India (ANMI) – Northern Region in association with Business Standard Smart Business, organised a pre-budget panel discussion on January 24, 2020. A discussion on the ways and measures to boost the economy, capital market and taxation system towards the achievement of a $5 trillion economy was held. The programme was organised at Scope Complex, Lodhi Road, New Delhi. The session was moderated by Ms Swati Verma, Assistant News Editor – Web.

The topic of the discussion was ‘Pre-Budget (2020-21) Overview’ and the panellists at the event were – Mr Ved Jain, Past President, ICAI; Mr Vinod Jain, Past President, ANMI; Mr Vijay Bhushan, President, ANMI; Mr SP Sharma, Chief Economist cum Principal Director, PHD Chamber; Mr Sudhir Agarwal, Chairman, ANMI NR and Mr Devendra Kumar Pant, Chief Economist and Senior Director, Fitch Group.

ANMI observed that for enhanced GDP growth, the government needs to incentivise and encourage equity investment. They submitted few pre-Budget proposals which covered issues that have a significant impact on stock market trading. Issues discussed were the reintroduction of rebate under erstwhile Section 88E for Securities Transaction Tax (STT) and Commodities Transaction Tax (CTT) paid, and reduction in rate of STT to tackle increased transaction cost, withdrawal of dividend distribution tax (DDT) and restoring exemption of long-term capital gain tax (LTCG) in listed shares.

“Our proposal – National Development Mission suggests a strategy to augment the efforts of the government to raise risk capital/equity for recapitalising public sector banks, disinvestment in government companies,” ANMI concluded.