BHUBANESWAR, INDIA - The Union Government of India presented the General Budget for the fiscal year 2017-18 in Parliament on February 1st, 2017. Considering that the provisions in the Finance Bill affects all players of the economy, right from manufacturers to service providers to exporters and importers, World Trade Centre Bhubaneswar in association with Business Standard, organised a panel discussion on the ‘Implications of the Union Budget 2017-18’ on 3rd February 2017 at Bhubaneswar.
Mr. Dilip Satapathy, Resident Editor, Business Standard, opened the discussion by stating about the increased importance of this budget in the context of the demonetization move. While lauding the intention of the government for moving the country towards a cashless economy and aiming at inclusive growth he also highlighted the challenges posed through various international factors such as crude oil prices, tax competitiveness etc. While deliberating on various highlights of the current budget, Mr. Satapathy stated that the budget looked at addressing the needs of most of the key sectors and has allocated money in the right areas such as agriculture, medical education, social infrastructure, affordable housing etc. with irrigation, marketing and credit flow as thrust areas.
CA Rajib Sahoo, Promoter, SRB & Associates, talked about the uniqueness of this budget not only with the back drop of demonetization but also GST in the pipeline. While analysing the revenue and expenditure ratio he said that it is popular and not a populist budget. He further added that the budget is a step forward towards TEC (Transformed, Energized and Clean) India aiming at sustainable achievements and good governance. He welcomed the innovativeness of the budget in reducing corporate taxes for MSMEs from 30% to 25%.
CA Arun Kumar Sabat, Partner, A.K. Sabat & Co presented a critical analysis of the budget by stating that the budget throws a huge challenge on the implementation front. He further slated the budget for having no announcements made for senior citizens, women and salaried class. Having thoroughly analysed the budget, he advocated that the allowances are not sufficient to cover expenses. However, he appraised that GST would do a welcome for the industry.
Earlier in her welcome address Ms. Nimeshika Natarajan, Manager-Trade Research, WTC Bhubaneswar mentioned about the objective of the panel discussion and highlighted the activities WTC Bhubaneswar has organised in the State since its inception.
In Photo (L-R): Mr.Budhadev Bhanjo, Manager WTC Bhubaneswar, Mr.DilipSatapathy, Resident Editor, Business Standard, CA Rajib Sahoo,Promoter, M/s SRB & Associates, CA A.K. Sabat, Partner, A.K. Sabat & Co., Ms. Nimeshika Natarajan, Manager, WTC Bhubaneswar.
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