FM to meet FPIs on reforms, tax issues.

• Position: India Finance Minister Nirmala Sitharam to meet foreign portfolio investors

After a three-hour meeting with top India Inc leaders on Thursday to deliberate upon the issues plaguing the economy and sagging industrial growth, Finance Minister Nirmala Sitharam is scheduled to meet capital market representatives, including senior officials of foreign portfolio investors (FPIs), NBFCs and mutual funds. Based on these discussions, the Centre is reportedly planning reforms in crucial sectors over the next few months.

These plans include a public transportation initiative on the lines of the erstwhile National Urban Renewal Mission (JN-NURM) for the automobile sector, a tax overhaul through the direct tax code, which is in the works, scrapping punitive penal provisions for non-compliance with corporate social responsibility (CSR) spending norms and others, the Business Standard reported.

Under the Companies Act, certain...