Annual Post Budget Talk

Feb 24, 2021

“The new policy of scrapping of vehicles will lead to increase in automobile sales as well as improve the health of our environment. Every new vehicle on the road means more jobs” said Mr. Homi P. Ranina, Sr. Supreme Court Lawyer and eminent tax expert. He was speaking live from Mumbai at the World Trade Center Chennai’s annual post budget program. The summary of his talk is given below.

This has been one of the difficult budget for any Finance Minister to present. This pandemic has disrupted the plans of our last year budget. Every single country in the world had suffered the wrath of the pandemic. The FM has proposed a bold budget. The fiscal deficit is 9.5% of GDP which has gone out of hands. The collections have all dipped because the economy had shrunk over the last 9 months by 70%. In spite of the pandemic, FDIs continue to come into the country. The Government has put lot of emphasis on railways. 

Exports have been one of the areas which India needs to focus now. The new policy of setting up textile parks all over India will bring in tremendous boost to the industry. This will also generate more employment particularly in rural areas. The industrial corridor will connect smaller towns to the metros which means more jobs will be created in places where people are. Automobile sector has been doing pretty well post lockdown. Every car, every truck on the road means more jobs. The new scrapping policy about to be proposed will be a tremendous blessing for the auto sector as demand will rise. It will even help in improving the environment.

This virtual session was organized together with Federation of Indian Export Organization (FIEO),Forum of Free Enterprises, Goa Chamber of Commerce, ICAI-Goa Chapter and Nani A. Palhiwala Trust, Mumbai.

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