The Federation of Indian Chambers of Commerce & industry (FICCI) is actively working for Industries towards enhancing efficiency, competitiveness and expanding business opportunities. FICCI also plays a leading role in policy debates that are at the forefront of social, economic and political change. In light of the union budget 2013-14 there was an interactive session on the very next day i.e. 1 march 2013 in association with KPMG at the hotel Courtyard By Marriot. The session was on “Budget and I” that included the reflection of the budget on the Economy, Industries, Investors, Direct and Indirect taxes.
The session was initiated by Mr. Param Shah’s welcome address and was carried forward by Mr. Sunil Parekh, Executive Committee Member, FICCI who provided us with the Macro analysis of impact of budget saying that we are high on inflation, exchange rates further our new investments have stopped along with the savings and in addition to that 10 sectors have lost their output.
Mr. Uday Ved, Partner of KPMG commented that the BRIC nations needed to work on expanding the tax net. To that Mr. Vishal Gada, Director of KPMG highlighted that the budget 2013-14 had less amendments with nominal benefit given to common man. He also emphasized on the fact that our finance minister wants to promote low cost housing and there is sufficient cash distribution to the political parties.
On the whole, people from various sectors aggregately termed this year’s budget to be a fair, matured, responsible and a sensible one where reforms were anticipated. It provided us an enriching wave of knowledge about the direct and indirect taxes by the masters of the sector.
It’s a lifetime memory to be the part of budget & I discussion.