At a pre-budget meeting with representatives of financial institutions and financial market, Sinha also drew attention to some of the key challenges facing the economy including the need to revive growth of industry and agriculture.

Participating in the meeting, chief executives of banks, financial institutions and stock exchanges suggested measures including introduction of buy-back of shares by companies, active pursuation of disinvestment programme, development of debt markets and retail market for government securities and making more liberal tax treatment of provisioning of non-performing assets of banks.

They also wanted capital gains for Indian institutions to be brought on par with FIIs, measures for encouraging mutual funds and savings and restoration of section 80cc for primary issues and to re-introduce section80m.

"We basically asked the finance minister to take measures to revive the investment climate, particularly in the capital markets," IDBI chief SH Khan said after the meeting.