A detailed analysis session of the Union Budget 22 was organized in association with the Indo American Chamber of Commerce. Dr. V.K. Vijayakumar, renowned Economist and Author delivered the Keynote address while Mr. Raghunathan Parthasarathy-Associate Partner, Tax & Regulatory Services, BDO India and Mr. Dinesh Kumar, Associate Partner-Indirect Tax, BDO India provided micro analyses of the budget.
Dr. V.K. Vijayakumar in his keynote address observed that the 2022 budget was a non-populist, growth-oriented budget. Major challenge that the Indian economy is facing is to sustain the growth rate. To do this, Government must step up capital expenditure. The RBI had played an important role to bring in the growth rate by providing a monetary stimulus. But this stimulus is most likely not to be expected in the coming financial year due to tightening of monetary policies globally. Private capital expenditure is also not happening at the adequate level. The budget has offered a 35% increase in capital expenditure. Since the outbreak of the pandemic, the organized sector is doing well whereas the unorganised sector which consists of 29% of India’s GDP has suffered.
Mr. Raghunathan Parthasarathy listed the developments the Budget has brought on direct taxes. He explained the tax slabs and rates. He also spoke on the taxation on digital assets.
Mr. Dinesh Kumar shared the details of the budget related to indirect tax . He covered the GST, Customs and Central excise aspects.
Mr. Vivek George, Manager, World Trade Center; Mr. Riyaz U.C., Chairman, Indo American Chamber of Commerce and Mr. Sandeep Raj, Coordinator, WTC Kochi also spoke.