X-Fin, the finance association of XIMB-XUB, in collaboration with the World Trade Centre, Bhubaneswar, organized a panel discussion on ‘Implications of the Union Budget 2016-17 on Direct and Indirect Taxation’ on Wednesday.
The panelists were Jindal Steel and Power ltd Executive Director Manish Kharbanda, CAs AK Sabat and Rajiv Sahoo and XIMB-XUB faculty Prof DV Ramana. The moderator for the evening was Business Standard Editor Dilip Satpathy.
Prof Ramana said, “Taxation is an important economic and fiscal tool to address inequality”, adding that, “Inequality continues at the cost of maintaining fiscal deficit because at the macro level, we have not addressed the issues that make inequality persist.”
Kharbanda said the real issue is that of growth in demand. Unless the rural population, which constitutes 60 per cent of the total population, is addressed, demand won’t go up. While the demand is declining in other countries, in India, it has increased by around 4-5 per cent, he said, adding, “Corporate sector cannot survive without the robust rural sector”. Commenting on the high investments in roads, he said, “A good road is an answer to anything” as it facilitates the movement of goods and services.
Sahoo said appreciated the start-up culture. He said that there are leakages at every step, but with the right governance and technology, they can be arrested. Sabat said the salaried people are at a disadvantage as a result of the new Budget. Nimeshika Natarajan gave vote of thanks.