Smart Business event with Sindhi Chamber of Commerce

The Union Budget for the year 2019-20, presented by Finance Minister Nirmala Sitharaman has the right intentions, but lacks the details, say experts.
 

In a Smart Business event organised by Business Standard in association with Sindhi Chamber of Commerce on Decoding the Budget, for budget analysis, experts discussed the pros and cons of the budget.

M R Venkatesh, an advocate and a renowned economist, said, "This budget does not look like a man who is in a hurry. India wants to download things faster than what they download in NASA. That is the speed they want in  their handheld device and that is a mismatch."

The Budget statement to invest a Rs.100 lakh crore investment in the next five years in infrastructure is not viable. Borrowing from overseas would mean that the Rupee may appreciate. Exchange rate management and RBI settling the terms of future policy of the Rupee is important.
 

K Vaitheeswaran, advocate and tax consultant, said, "Many of the tax proposals are well thought of, but maybe a great opportunity that was missed, given the kind of mandate that was given to this government".

"Domestic companies which do not exceed Rs. 400 crore, the effective tax is only 29.12 per cent. The Budget document says that 99.3 per cent of the companies fall under this category, which means only 0.7 per cent is left beyond Rs 400 crore, and that is worrisome from a country perspective," he added.

Sindhi Chamber of Commerce President Deepak Chhabria, Vice President Nandlal Pokardas and Treasurer Om Prakash were also present for the event.