Ms. Sitharaman today held discussions with the industry leaders and trade bodies, investment bankers and farmers organisations as part of the public outreach programme in Mumbai on the Union Budget which was presented by her on 1st of this month.
Later addressing a press conference, the Finance Minister said, the Government is a facilitator and it will spend in public infrastructure investment programmes.
She said that in the Budget it has been mentioned that 22,000 crore rupees have been allotted to the infrastructure funding agencies. She said nearly 22,000 crore rupees have been allotted for the two infrastructure funding agencies namely the national infrastructure investment fund and IIFCL.
Ms Sitharaman stressed that the intent of the government is to move towards simplified tax regime. The Finance Minister said, the cooperative institutions which use Bank in their title will be brought under Banking Regulation Act, which means they will be monitored and regulated by the Reserve Bank of India (RBI).
She said, these banks will have to follow the same rules and regulations like any other scheduled commercial bank, adding that the registrar’s power of the cooperative institution will not be affected in any way.