Soon after announcing the Union Budget, finance minister Nirmala Sitharaman has been holding series of meetings with different industry chambers for their feedback on the budget and whether the announcements are in line with their expectations.

Over the weekend, the finance minister met business leaders from various industries. She noted their feedback and concerns, promising to address them as soon as possible.

She also urged India Inc to rise as team India and ensure that India doesn't miss the bus.

Also Read: India will not be pressured on a duty cut: Govt officials to Tesla

In an interview to CNBC-TV18, Arvind Panagariya, Former Vice Chairman of NITI Aayog said, quality of expenditure and fiscal consolidation in Union Budget is in the right direction.

Speaking on Tesla he said, it is in India's interest to lower customs duties for the auto sector. He said firms like Tesla cannot locate in India just for the strength of the domestic market.

According to Panagariya, India needs to provide the right cost effective regulatory environment for multi-national companies like Tesla.

Also Read: Tesla inks deal to get key battery component outside China

"It is in our self-interest to lower customs duties for auto sector. Having 100 percent duties on imported cars does not help anyone. A firm like Tesla cannot locate in India just for the strength of the domestic market. They are a global company and they would want to export the products and all. So if we want these large multi-national companies to locate in India, we need to provide good regulatory environment in which they can cost effectively operate."

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First Published:Feb 7, 2022 7:53 PM IST