Budget 2010-11: A talk by Mr. M. A. Sundaram
Talk on the “Union Budget” was given by Guest Speaker Mr. M. A. Sundaram.
Some highlights:
Budget seen to be a foresight visionary budget impacts of which will be seen in 2012-13. Path for bring the fiscal deficit to 3% of GDP (and internationally well accepted norm for credit rating of the Country’s economy) has been laid. Budget focused on public spending through PPP where the govt sees value in the delivery system of the private sector. Govt easing the freebies of subsidies to bring the markets and consumer to realistic pricing rather than keep the consumers in the habit of an unwarranted ‘comfort zone’. Budget did make a reference of the start point of the Direct tax Code and the GST (1 April 2011). The process of unified rates for GST has been seen in this budget … Excise duty and Service tax at the same rate (10%). Individual taxation, Research expenditure, Environment related projects saw major pluses in this budget. Ease of compliance to small assesses (no audit requirement….). Dampeners, have been the rise in fuel price and increase in tax rates for MAT.. the later not being a major dampner.
Mr. M. A. Sundaram is highly respected Rotarian and a visiting faculty at numerous colleges. He has been Ex Joint Director (Finance) Railway Board in Delhi, Ex Finance Director Bongaigaon Refineries & Petrochemicals Ltd., Ex Vice-President (Finance) Zuari Industries and Ex Vice- President (Finance) Reliance Industries Ltd. Mr. Sundaram is currently a Non-Executive Independent Director of De Nora India Ltd.
Mr. Sundaram is a Friend of Rotary, and has also been our Guest Speaker last year to explain the Union Budget.
