Budget Conclave 2019

A conclave on the Union Budget 2019 was organized by World Trade Center Bhubaneswar in association with Xavier Institute of Management Bhubaneswar. The conclave witnessed a detailed analysis of the budget by a panel of speakers with expertise in evaluating the Finance Bill. 

Mr. Dillip Satapathy, Resident Editor, Business Standard, spoke about the interim budget as a one which has broken the conventions. "For the first time, a 10 year vision has been given by the Finance minister," said Mr. Satapathy. He deliberated on the ten-point agenda of the government as mentioned in the budget. He also spoke in length regarding the universal basic income schemes, its effect on the farmers and also about the pension schemes.

CA Tarun Agarwalla, Partner, M/s T. K. Agarwalla & Co. spoke about intricacies of taxation and how the budget has affected taxes. He gave a clear and lucid explanation regarding taxation nuances before delving into the implications the budget has had on it. “The budget consists of only direct tax proposals and custom tax proposals” he said. He also shared his analysis of the housing sector amendments. He spoke about the sectors such as MSMEs which try to draw out more people into the organized sector. He further emphasized the need to distinguish deduction from the exemption of income. 

Prof. (Dr.) Satya Narayan Misra, IES, Dean, KIIT School of Management spoke about India's growth and the employment sector. He opined that Indian economy is growing by approximately 8% but lags behind in employment creation. "GST is the greatest fiscal reform the country has seen till now" said Dr. Misra. He further emphasized on how the population cannot be a scapegoat for fiscal prudence and expressed that the economy will get affected on the plight of the middle class.

CMA Shiba Prasad Padhi, Partner SAPSJ & Associates and Member ICAI-Eastern India Regional Council [EIRC] initiated his address by giving an introduction to the goods and services tax. He also presented a detailed analysis of the impact of the interim budget on the GST. He shared his insights on the origin of GST and its resulting changes in the economy. He mentioned how this budget plans for a collection of 27 lakh crores from which approximately 17 lakh crores comes from just taxes. 

Ms. Nimeshika Natarajan, Assistant Director, World Trade Centre Bhubaneswar shared her views stating that “although an interim budget and the last one before the lok sabha elections Budget 2019 has opened up a gamut of opportunities for various sectors and has sure shot implications to learn more about.” 

The enriching and thought-provoking addresses were followed by an interactive Q&A session. The event concluded with a vote of thanks delivered by CA Kajal Agarwal, Core Member, X-Fin, XIMB.

In Photo (L-R): Mr. Dillip Satapathy, Resident Editor, Business Standard, CA Tarun Agarwalla, Partner, M/s T. K. Agarwalla & Co., Prof. (Dr.) Satya Narayan Misra, IES, Dean, KIIT School of Management, CMA Shiba Prasad Padhi, Partner SAPSJ & Associates and Member ICAI-EIRC.