Al Mulla Exchange, the premier Exchange company in Kuwait along with the Kuwait Chapter of the Institute of Chartered Accountants of India and other major associations registered with the Indian Embassy hosted a seminar on the Indian budget 2014-2015 at the American International School on the 3 August 2014.
Eminent tax lawyer and Chartered Accountant, Homi Ranina was the key note speaker at the event presenting details and insights on the Indian Budget presented by the newly elected Government of India led by Narendra Modi. With over three decades of experience in matters related to taxation, finance and corporate management, Ranina portrayed that the hopes on the present Government are pretty high.
The Government he said looks poised to go into an Implementation phase rather than merely a planning phase. He gave a strong recommendation that the Planning commission which was formed 50 years in the post independence era should be scrapped due to inefficient and non-effective practices. Giving his professional assessment, Ranina delivered a wealth of information and issues related to the annual budget in terms understandable to both laymen and professionals.
He said the prime minister’s vision of having 100 smart cities, focus on infrastructure and reaching deep into the grassroots will surely strengthen the economy and make it one of the most vibrant economies in the world. He also suggested that India has a lot of untapped potential in various sectors which can be effectively utilized for entrepreneurship. He also narrated anecdotes and rags to riches stories wherein by identifying the right potential in a particular sector can guarantee and blossom into a hugely successful business.
Accompanying Homi Ranina was Mr. G. Padmanabhan, Executive Director of Reserve Bank of India. Padmanabhan eloquently portrayed the importance of compliance in the present world since we live in a very complex environment now. He portrayed how the Reserve Bank of India through its policies and procedures has brought in sweeping liberalization measures. The seminar was followed by a Question & Answer session where the questions of the attendees were answered in full satisfaction by the speakers.