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Prime Minister Narendra Modi on Friday met with leading private equity/venture capital players to seek suggestions on reforms required to make India a more attractive investment destination, reported news agency PTI.

This comes as the preparations for next year's budget have started to pick up. 

In the meeting, the PM sought suggestions to make the business process easier in India, attract more capital and further the reform process.

Modi had in November last year met 20 large global investors managing assets of more than USD 6 trillion.

Finance minister Nirmala Sitharaman is due to present the next budget on 1 February for the next fiscal year that starts on 1 April 2022.

Sitharaman is also slated to chair pre-budget consultations with stakeholders from various sectors in two sessions in the national capital.

She will hold consultations with representatives of the services and trade sector and with experts from industry, infrastructure and climate change.

Meanwhile, India Inc on Thursday pitched for the continuation of reforms while ensuring tax and policy stability in the forthcoming Budget to prop up the economy hit hard by the Covid-19 pandemic.

The industry chambers said that government measures will help firmly entrench the nascent signs of recovery being currently seen in private investment.

Capital expenditure by the government through enhanced infrastructure spending should in the meantime continue to support growth, CII president TV Narendran said.

"Infrastructure sector with a multiplier impact on rest of the economy requires interventions especially to improve and diversify sources of financing. In this context, it is suggested that government should consider developing the municipal bond market so that urban local bodies can raise funds for investing in infrastructure," he said.

On the other hand, Assocham suggested extending a scheme the 'Vivad Se Vishwas' for highly regulated sectors like telecom, power and mining, as also a dispute resolution scheme for issues related to customs.

"We appreciate the government for the Vivaad se Vishwas scheme which has gone a long way in reducing the long pending litigations and resulted in greater success.

Several infrastructure and service sectors such as telecom, power, mining etc, which were privatised to drive investment and growth are highly regulated/licensed," Assocham president Vineet Agarwal said.

 

 

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