Finance Minister Arun Jaitley held a pre-budget consultations meeting with the industry bodies in New Delhi today. In the meeting industry bodies pitched for a non-adversarial tax environment and also suggested reduction in tax rates on corporate as well as individuals to boost economic growth. They also put various suggestions including, increasing the public spending in the infrastructure sector, rationalizing subsidies, disinvestment, and promoting manufacturing by implementing the Make in India programme. Industry bodies have come out with specific demand as the government start preparing its first full budget in the February end. FICCI President Jyotsna Suri said that the cost of capital is very high and industries need some relief in the interest rate to enhance the competitiveness and investments. Confederation of Indian Industry,CII Ajay S Shriram said, there is strong need to expedite the economic growth to create more jobs and attract investments. Industry bodies have also suggested, that the government should focus on fiscal consolidation by disinvesting the loss making PUSs and non-strategic sectors. They also requested the government to rationalize subsidies and curtail non-productive expenditures. On the banking sector, the industry bodies urged the government to bring down its stake in the public sector banks to 51 percent to enable the capital infusion in the market.