A conclave on Union Budget 2018 was organized by World Trade Centre Bhubaneswar in association with Xavier Institute of Management Bhubaneswar (XIMB) one of the leading Business Schools of India. As the union government of India presented the General Budget and tabled the Finance Bill for the fiscal year 2018-19 in the Parliament on February 1st, 2018 the conclave provided a platform for various stake holders from the industry and academia to understand the implications of various direct tax measures announced in the Bill on different sectors of the Indian economy.
Mr. Dillip Satapathy Resident Editor, Business Standard, in his address put forth the importance of the budget being presented under a critical financial situation in the backdrop of GST. While deliberating on various highlights of the current budget he advocated that the budget has successfully played a dual role in terms of pushing the economy forward and simultaneously satisfy many social issues with prime focus on segments such as women empowerment, industrial development agriculture, poverty, rural development & MSME.
Prof. D.V. Ramana, Faculty, Xavier Institute of Management, in his address gave an insight about the effect of the budget on the investment and savings scenario. He explained as to how the growth of the economy is affected by these factors. He spoke on the policies of short term and long term investments and explained about the twin balance sheet problem and concluded by saying that “the budget lacks clarity in helping the masses make a better choice between savings and investments”.
CA. Rajib Sahoo, Promoter, M/s SRB Associates, deliberated that the focus of the budget was on the areas of expenditure and as well as the various modes of spending. He gave an insight on how the budget has restricted the fiscal deficit. “FRBM requires meeting certain parameters which the budget has successfully addressed” he said. He lauded the budget announcements pertaining to creation of green hubs, promotion of health insurance amongst the rural mass and focus made on road and air infrastructure.
CA A.K. Sabat, Partner, A.K. Sabat & Co, presented his views on the implications of the budget on direct taxes and the effect of the same on the middle class population of the country. He presented a critical view of the budget stating that the central government has dared to ignore the middle class which in turn largely bears the burden of taxation and is responsible for the growth of the national economy. He also critically analysed the logic applied by the government behind freezing of the standard deduction norms.
Ms. Nimeshika Natarajan, Manager – Trade Centre, World Trade Centre (WTC) Bhubaneswar explained the objective of WTC Bhubaneswar which is to handhold the MSMEs and local trade fraternity. Further she welcomed the esteemed dignitaries and invited them to share their vast experience in interpreting the fine print of Finance Bill.
Ms. Asha Sarangi, Assistant Manager – Trade Promotion, World Trade Centre (WTC) Bhubaneswar, proposed the vote of thanks.
In Photo: CA. Rajib Sahoo addresses the audience with Mr. Dillip Satapathy, , CA A.K. Sabat, Prof. D.V. Ramana at the dais