Discussion held on Union Budget

“There is a need for fiscal consolidation as a measure to keep inflation down,” said R S Gujral,Finance Secretary,Government of India in his address at a session conducted by PHD Chamber on Implications of Union Budget 2012.

“The focus of the budget is on encouraging and sustaining higher growth particularly through rural based demand. Continued focus on the Direct Taxes Code Bill and getting GST off the ground are also priorities,” said Gujral. He discussed various features of the budget with respect to direct and indirect taxes. “The proposals were aimed at increasing the revenue and plugging the loopholes in the system,” highlighted Gujral while addressing the audience.

PHD Vice President Sharad Jaipuria,who gave the welcome address said,“The focus of the Budget 2012 is on growth,stable tax regime and consolidation at a time when the Indian economy is at a crucial juncture.”

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He appreciated the move to remove dividend distribution tax in a multi-tier corporate sector that had been on the industry wishlist for a long time.

Dalip Sharma,Regional Director while moderating the session said that as fiscal consolidation gets back on track,savings and capital formation should begin to rise. An open house discussion was also held.