XIM Bhubaneswar hosted the Budget Conclave 2022, organized by X-Fin, the Finance Association of XIM, in collaboration with the World Trade Center, Bhubaneswar. It was moderated by our esteemed faculty member Prof. Subhakant Padhi.
Guest speaker Prof. (Dr.) S N Mishra, Dean, KIIT School of Management & Professor of Economics, Constitution & Service Law, spoke about the government’s decision to impose a 30% capital gain tax on cryptocurrencies and implied its importance on the legitimacy of digital currency. He further shared his opinions on the significant allocation of CAPEX, fiscal consolidation, technology-enabled development, and its effect on the middle class.
The second speaker, Mr. Rajen Padhi, Commercial Director, B One Business House Pvt Ltd, focused on green energy, reducing reliance on biofuels, and its direct reflection on the GDP. He mentioned that unemployment has been problematic at the turn of the century, and 84% of MSME has collapsed. Furthermore, he stressed on agriculture being one of the sectors that could withstand the disruptions. In his concluding lines, Mr. Padhi said, “If the tax rates are not changed, the implication is harmful to the middle class; Growth is a marathon, not a sprint.”
The next speaker, Sashi Sekhar Mohanty, CEO and Managing Director, Essar Minmet Ltd, analyzed the Annual Budget from an Industrial perspective. According to him, the rupee is becoming more stable; a market for export and import is growing, and digital growth has reached a new high point. The Indian government recognized the significance of this and promoted technology-enabled development as a critical driver in the industry’s expansion. He also stated about the roles and responsibilities towards climate change.
The final speaker of the conclave, CA A. K. Sabat, Partner, A K Sabat& Co, started with the quote: “Pandemic is becoming Endemic” and highlighted the taxation system. He cited that the expenditure on Infrastructure faced a stiff downfall. CA Sabat also stated that ordinary people are at the brunt of inflation which the government fails to understand. The government needs to think about the middle class before going down to below the poverty line. He further questioned the deductions in the tax schemes while choosing the alternative tax scheme.
Vipal Choudhary, Co-ordinator of X-Fin, concluded the conclave by delivering the vote of thanks.
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