During their meeting with Finance Minister Arun Jaitley here today, economists have suggested that the Government should focus on boosting growth, containing inflation and rationalising subsidies.

“The suggestions were received for larger public investment in agriculture, infrastructure sector including rural infrastructure among others,” a statement from the Finance Minister said.

Steps for fiscal consolidation, change in the structure of the Budget and accrual accounting system in place of cash accounting were also suggested.

For the ease of doing business, the suggestion was to set up a single window system at both the State and Central level.

Economists also recommended recapitalisation of banks, pushing for disinvestment to meet targets and strengthening of the corporate bond market.

On tax reforms, economists called for widening the tax base, making culture of tax compliance involuntary and not raising the threshold limit of income tax.

“Other suggestions included focus on revival of banking sector, setting up a committee of retired and experienced bankers to resolve cases of NPAs, making MD and CEOs of PSBs accountable to Board of Directors of the Bank, investment in Government securities may be made more transparent and predictable,” the Finance Ministry statement added.

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