Finance Minister Nirmala Sitharaman said on Friday that she is willing to accommodate feedback given by economists and industry experts while making changes in the Union Budget proposals for 2020-21. She was speaking at an interactive session titled "Budget & Beyond' organised by NITI Aayog.
"As and when any tweaks have to be made after the Budget, or as and when more has to happen, we are willing and open to hearing more from all of you," she said, adding that the immediate feedback on Budget has been motivating with a positive impact on currency, bond and equity markets.
The Finance Minister said, "It is one Budget where the impact on equity, currency and bond market has been positive. Currency market remains stable, the bond market has cooled off and equity markets are positive." She added, "If more has to be done beyond the Budget, we are willing to do that."
Sitharaman heard the views on Budget proposal on dividend taxation, and how it will impact real estate investment trusts (REITs) and infrastructure investment trusts (InvITs). Budget 2020 proposes to tax dividends from REITs and InvITs at the hands of the units holders.
Professionals from asset management, wealth advisory, tax consultancy and other related fields shared their outlook in the interactive discussion. Several suggestions were also made on the 'Vivad se Vishwas' scheme to deal with the disputes related to the direct taxes. It was announced in the Budget 2020-21. She said the finance ministry will provide details of the scheme soon. However, Parliament approval will be required before the scheme is implemented.
The Finance Minister had similar interactive sessions in Mumbai, Chennai and Kolkata last week. She will be on a two-day official tour to Hyderabad and Bengaluru on February 16 and 17 respectively.
The government announced a host of steps in the Union Budget, presented on February 1 in Parliament, to expand the economic activities at a time when the country is faced with demand slowdown due to several reasons. The country's GDP growth is estimated to slow to an 11-year low of 5% in the current financial year.
(With agency inputs)