XIM Bhubaneswar conducted the Annual Budget Conclave 2024, in association with World Trade Center Bhubaneswar and hosted by X-Fin, The Finance Association of XIM Bhubaneswar.
The event was hosted on 3rd February 2024 and was graced with the presence of CA AK Sabat, Founder, A.K Sabat & Co; Mr. Sashi Shekhar Mohanty, CEO and Managing Director, Essar Minmet Limited; CA Rajib Sekhar Sahoo, Principal Partner, SRB Associates; Mr. Sandeep Patnaik, Managing Director, East End Technologies Private Limited, who shared their valuable insights with the audience.
The session commenced with the speakers lighting the lamp, followed by Prof. S.K. Padhi, moderator for the day, addressing the audience. The first speaker of the day, CA Rajib Sekhar Sahoo, Principal Partner, SRB Associates, underscored the importance of financial literacy, emphasizing financial happenings in India and around the world. CA Rajib outlined the allocation of infrastructure in the current budget and its need for economic growth. He stated, “In every budget, the poor get a subsidy, the rich get a rebate and the middle class gets nothing.” Furthermore, he highlighted that the budget needs to address two important factors – health and education which are pillars of a strong economy.
The day’s second speaker was Mr. Sandeep Patnaik, Managing Director, East End Technologies Private Limited. He drew attention to the entrepreneurial aspects of the budget. Mr.Sandeep stated, “The importance of the budget is that we need to understand what we are doing with our limited resources”. He stressed the fact that the Budget is important not only for the country, but for individuals, and the workplace also. He also emphasized on growth of the Indian Economy from Nascent to a Mature economy and the theme Viksit Bharat of the budget 2024.
The day’s third and final speaker was CA AK Sabat, Founder, A.K Sabat & Co. He highlighted the various provisions of past budgets and provided insights into the budget. He spoke about the retention of tax rates for direct taxes in the current budget. CA Sabat also shared that “Deductions are planned investments”. He also highlighted the current economic situation of the country and that the direct tax collections have more than tripled over the past 10 years as announced by the Finance Minister.
Following the insightful sessions by distinguished speakers, the summit concluded with an ending note by S.K. Padhi, Professor of Accounting, XIM, and a vote of thanks from Anmol Dutt Lakhera, the X-FIN coordinator.
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