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Indian Union Budget 2020

10 February 2020

ICAI Dubai Chapter held an event on Indian Union expected but achievement remains a challenge.
Budget 2020: Impact Analysis & Key Takeaways There was a panel discussion moderated by Mr.
at Grand Hyatt. Mr. Tushar Pradhan, Chief Vicky Kapur, Chief Editor, Khaleej Times with
Investment Officer, HSBC Asset Management panelists – Mr. Paras Shahdadpuri, Chairman,
(India) Private Limited shared meaningful insights Nikai Group of Companies, Mr. Manjeet Singh
with members. He stated that target fiscal deficit Chhabra, Managing Director, CRIF Gulf (Dun &
to GDP for FY22 is 3.3% and for FY23 is 3.1%. Bradstreet UAE) and CA Nilesh Mundra, COO,
Fiscal deficit is in line with market expectation ICICI Investment Management Co Ltd. The much-
however, achievement remains a challenge in awaited last session which had a spell bound
an environment of slow growth. Divestment audience hear carefully from CA Dr. Girish Ahuja,
estimates are aggressive. On the expenditure Direct Tax Practitioner, India’s Eminent Tax Guru
side leeway is limited as part of subsidy estimates who spoke on various issues which had a material
is already factored as off-balance sheet funding. impact on NRIs, especially on the definition of
On the debt market outlook, he stated that near NRIs. Dr. Girish Ahuja also emphasized that the
debt markets may stay range bound as there is no government was moving solidly in improving the
immediate additional borrowing. Medium to long tax regime prevalent in India and it was a very
term growth recovery and adherence to deficit progressive and promising budget.
targets will be the key variable. Overall target is as
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