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ICAI Abu Dhabi Chapter, IBPG analyse India Union Budget 2022

India has changed its focus from disinvestment to privatisation of non-strategic assets.

The Institute of Chartered Accountants of India (ICAI, Abu Dhabi Chapter) and the Indian Business and Professional Group (IBPG), organised a webinar entitled “An Exclusive Look At India’s 2022 Budget And Its Journey” which witnessed more than 300 strong audience including business leaders and chartered accountants.

India continues to remain a mixed bag of strength and weakness. The fifth largest economy continues to remain the fastest growing, it has also now been growing at its slowest pace in four years, with government spending on infrastructure and social programmes holding up growth numbers maintaining macroeconomic stability by bringing current account deficit to manageable levels.

The event witnessed a lively and interactive discussion, with the speakers sharing their fair and frank views on the budget and its implications for the future of the Indian economy. The audience, on the other hand, gamely aired their concerns and sought to clarify their doubts about the budget’s stipulations especially on budget proposal on taxing Crypto in India and launch of Central Bank Digital Currency (CBDC).

During the seminar, Neeraj Ritolia, chairman of ICAI Abu Dhabi chapter, welcomed the attendees and expressed his gratification to the managing committee and members of the chapter as ICAI Abu Dhabi chapter received the Best Overseas Chapter Award from The Institute of Chartered Accountants of India during 72th Annual Function held in New Delhi.

Padmanabha Acharya, president of Indian Business and Professional Group jointly welcomed the speakers and members and highlighted the Indian Budget aspiration to grow at 9.27 per cent particularly in the light of pandemic which will be a remarkable one focusing in terms of inclusive development, productivity enhancement, energy transition and tremendous growth.

Sunjay Sudhir, Ambassador of India to UAE — chief guest at the virtual event — appreciated the chapter towards the contributions laid at pandemic days and winning the Best Chapter Award. He mentioned that in the weeks to come “we will hear about GOI’s plan working with the UAE on green energy and renewables”.

Dr T.V. Somanathan, IAS, Finance Secretary, Government of India, who was the keynote speaker of the event, briefed on “Behind the scenes of Indian Budget”. He gave a detailed note on crypto assets taxation and its regulation. He briefly touched upon economic indicators from a macro-economic perspective, agriculture sector, boost on Infra and capital expenditure, fiscal consolidation and the key changes. He mentioned that the focus has changed from disinvestment to privatisation of non-strategic assets.

Dr M.R.Venkatesh, renowned advocate and author talked on his frank views on Indian budget. He proposed the shift of focus to manufacturing sectors to attain the aspired growth of 9.2 per cent. His emphasis on manufacturing sector was tremendous to the extent that he said “Economic nirvana for India is through manufacturing”. His anecdotes and humorous style of addressing the audience was well appreciated.

Mayur Batra, president, MBG Corporate Services, provided more clarity on the impact of Budget for Foreign and NRI investors. He accomplished a detailed understanding of Budget at macro levels and was optimistic on India success story. The virtual event was opened by Chapter General Secretary, Krishnan NV and IBPG General Secretary, Rajiv Shah, proposed the vote of thanks. — business@khaleejtimes.com