Budget 2019: Economists seek simpler GST, IBC-type framework for NBFCs

Insolvency and Bankruptcy Code -type framework for NBFC sector, further simplification of GST, implementation of direct tax code, initiating job-oriented growth measures and maintaining fiscal prudence were some of the key suggestions made by economists for the ensuing Budget to Finance Minister Nirmala Sitharaman on Friday. Among other major suggestions were removing bottlenecks in supply-chain, framing EXIM policy for agriculture, doing away with specific duties on textiles, reviving inter-state councils for holistic domestic growth, skilling youths, giving fillip to services and manufacturing sector, and bringing structural reforms for a long-term growth. Stability of tax rates, reduction in tariffs, further simplification of GST, implementation of direct tax code, promoting labour intensive sectors, the constitution of independent fiscal policy committee and incentivising digital transactions were also made part of the discussions. The participating economists also underlined the need for bringing Insolvency and Bankruptcy Code type framework for NBFC sector, infusing capital in banks and tapping into e-commerce's potential for job growth.