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Decoding Budget and Beyond

PGDF (XOL) Batch 22-24 hosted the Panel Discussion on ‘’The Road Ahead: Union Budget 2023-24." on the 5th of February 2023 at 11:00 AM.

The panel members comprising of Industry experts and esteemed faculty included:

Panel 1 Speakers

Panel 2 Speakers

The event and panel discussions were moderated by Prof. H K Pradhan Professor, Finance & Economics XLRI Jamshedpur.

The event started with Prof. H. K. Pradhan setting the stage for the discussion to begin, followed by each panel member speaking about the various vital aspects of the Budget.

Session 01 (11:00 AM to 12:00 PM):

“Lubricating India’s Economic Growth Engines” – A Macro Perspective

Decoding the key takeaways from Budget Announcements, understanding key drivers of India’s Economic Growth Ahead, Discussion on building blocks of our growth story, Fiscal Maths, Deliberation of attracting more foreign capital, Development of Corporate Bond Market, Government’s Massive Capex Plans and more. The country's strategically advantageous location as a gateway to Asia, a young and expanding population, a sizable and growing middle class, and other factors will be the main drivers of India's economic growth in the future. Additionally, it is anticipated that the Indian government's emphasis on infrastructure development and support for MSMEs will accelerate economic growth.

The development of infrastructure, the encouragement of entrepreneurship and innovation, the emphasis on education and skill development, and the backing of small and medium-sized businesses are the cornerstones of India's growth story. The rise of the corporate bond market is crucial for India's economy since it gives businesses access to cheap finance. The Indian government has taken steps to encourage the growth of the corporate bond market, including relaxing regulations and enticing more institutional investors to take part.

Massive capital expenditure plans (capex) allude to the Indian government's emphasis on expanding public spending on infrastructure development, education, healthcare, and other important areas. This is anticipated to stimulate economic expansion and generate job opportunities.

The expenditure to witness rises to about Rs.2.45 lakh crore in RE 2022-23 from Rs 2.07 lakh crore in BE 2022-23. The main reason behind this increase in RE 2022-23 is clearing the dues of OROP with respect to Defense Personnel. Pension payments are expected to be at Rs.2.34 lakh crore in BE 2023-24, representing 0.8 per cent of the estimated GDP. This includes a provision of about Rs.1.38 lakh crore for defense pensions.

The disinvestment target for 2023-24 is Rs 51,000 crore. This is a marginal increase of 2% over the revised estimate of 2022-23 Rs 50,000 crore. In 2022-23, the receipts from disinvestment are expected to be 23% lower than the budget estimate.

The collections from taxes on companies are expected to increase by 10.5% in 2023-24. In 2022-23, corporate tax collection is expected to be 16% higher than the budget estimate (Rs 7,20,000 crore).

The total indirect tax collections are estimated to be Rs 15,29,200 crore in 2023-24. Of this, the government has estimated to raise Rs 9,56,600 crore from GST. Out of the total tax collections under GST, 85% is expected to come from central GST Rs 8,11,600 crore, and 15% from the GST compensation cess Rs 1,45,000 crore.

Income from investments in life insurance policies will be taxable if premium of Rs 5 lakh has been paid in any year. The amount paid upon the death of the policy holder will continue to be exempt from income tax.

Session 02 (12:00 PM to 01:00 PM):

“Setting the Stage for a Multi-Year Bullrun” – Is this India’s Moment?

How the financial markets have responded to the budget announcements? What were the key hits and misses? Understanding the vision of becoming “Technology Driven & Knowledge based Economy” as quoted by FM. Deliberation on sustainable growth, Green Bonds, ESG emerging as a prominent investment theme. Can India continue to outperform all the major economies, what are key risks and challenges which can spoil the party?

The new system of tax slabs for calculating income taxes. Up to Rs 3 lakh in income would not be subject to tax. Taxes will be levied at 5% on income over Rs 3 lakh and up to Rs 5 lakh. A 10% rate of income tax would be applied to earnings over Rs 6 lakh and up to Rs 9 lakh. Income tax will be levied at a rate of 20% on amounts earning more than Rs 12 lakh and up to Rs 15 lakh. A 30% income tax rate is payable to people with taxable income over Rs 15 lakh.

According to PFRDA data, the combined value of the National Pension System (NPS) and Atal Pension Yojana (APY) reached about $9 lakh crore as of March 2023, an increase of 22% year over year.

In around nine years, the per capita income has more than doubled to 1.97 lakh. In the past nine years, the Indian economy has grown from being the 10th to the 5th largest in the world.

Sales of all EVs are expected to increase by 68% CAGR through 2027. The e2Ws and electric auto categories which are three and four-wheeler EVs will be accountable for the increased sales (including e-rickshaws).

An Agriculture Accelerator Fund will be set up to encourage Agri-startups in rural areas. A sub-scheme of PM Matsya Sampada Yojana will be launched with an investment of Rs 6,000 crore to support fishermen, fish vendors, and MSMEs. Decentralised storage capacity will be set up for farmers to store their produce. PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth (PM-PRANAM) will be launched to incentivize states/UTs to promote balanced use of chemical fertilizers and alternative fertilizers.

Allocation in 2023-24 is estimated to increase by Rs 53,408 crore (24.6%), on account of an increase on capital outlay on roads and bridges (24.5%). ▪ Allocation towards the Ministries of Consumer Affairs, Food and Public Distribution, and Chemicals and Fertilizers have decreased mainly on account of a reduction in food subsidy and fertilizer subsidy.

The KYC process will be simplified and financial sector regulators will be encouraged to have a KYC system. A Unified Filing Process will be set up for submitting information to different government agencies. A Voluntary Settlement Scheme will be launched to settle contractual disputes of government and its undertakings. The financing system of certain schemes will be changed from input-based to result-based on a pilot basis.

The scheme providing 50-year interest free loans to state governments will be made available in 2023- 24 also with an outlay of Rs 1.3 lakh crore. 100 critical transport infrastructure projects for last and first mile connectivity for various sectors such as ports, coal, steel will be taken up. This will have an investment of Rs 75,000 crore including Rs 15,000 crore from private sources.

About Post Graduate Diploma in Finance (PGDF)

PGDF (XOL) is one of the most specialized 2-Years Masters level program for Finance across the country. The course is designed mainly for working professionals with a blend of Accounting, Finance, Economics, Statistics, Data Science and Management subjects.

The batch includes well diversified professionals with 66 Months of Average Work Experience from different background such as Data Science, Equity Research, Banking, IT, Consulting and working for top tier firms like JP Morgan, Deloitte, PwC, UBS, HSBC, SBI and more. Program designed with 2 Campus Components at XLRI Jamshedpur along with 1 Immersion Session in Mumbai.

For any queries regarding the event, connect to us at pgdf.xol@xlri.ac.in, xol.conclavecom@astra.xlri.ac.in

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