Indian economy marches towards $5tr

Inayat-ur-Rahman

Indian economy is likely to swell to $5 trillion mark ahead of its target of 2024 despite huge challenges and global trends. This was stated by T.N. Manoharan, non-executive chairman of India’s Canara Bank recently in Dubai, adding that his country is set to add third trillion in just five years in 2019.

The Institute of Chartered Accountants of India, Dubai Chapter, PIO held a seminar on Anatomy of Indian Union Budget 2019  recently in Dubai.

“Through this seminar, we have been able to create a better understanding of the latest Indian Union Budget and its implications. We also discussed in-depth the economic regulations around transfer pricing and what they mean for entities in the UAE. It is becoming essential to equip financial professionals with the right information and knowledge about the latest updates impacting the financial world around them,” said CA Mahmood Bangara, Chairman, ICAI (Dubai) Chapter NPIO about the seminar.

Dr Azad Moopen , Founder Chairman and Managing Director , Aster DM Healthcare  told Gulf Today  that  it was very good to hear that we are striving to become a $5 trillion economy soon. This will place India on the world center stage. However regarding NRIs and Healthcare sector , there is not much to sing about. It is good to know that NRIs shall be allowed to take Aadhar Card. This  will help them to sort out many issues that they face now for identity and transacting business while in India. “There has been no significant announcements pertaining to healthcare in union budget. While there was hope that the allocation for health sector in view of the requirement for funding the Ayushman Bharath , this has not been allocated. It is good that the focus is in education and I hope that there will be more funding for starting and upgrading medical colleges. There is also proposal for “Study in India “ programme which will help in setting up autonomous institutions, ” he added.

Saumitra R. Bhagwat, Transfer Pricing Economist at Deloitte Dubai, an expert in international tax structuring and transfer pricing matters in the Middle East and globally, commenced the seminar by talking about Transfer Pricing from the UAE & international perspective. This was followed by CA Surandar Jesrani, Managing Partner & CEO of MMJS Consulting, CA Aunali Merchant, Senior Manager at MMJS Consulting and Ms. Aparna Lakshminarasimhan, Director at MMJS Consulting talking about Economic Regulations & Substance Law and Transfer Pricing from a KSA perspective. The panel discussion on the Indian Union Budget was moderated by Vicky Kapur, Executive Editor of Khaleej Times and the participants were: Dr. Azad Moopen, Chairman of Aster DM Healthcare; Paras Shahdadpuri, Chairman of Nikai Group; Amit Sachdev, Executive Director & CEO of Mayur Batra; and CA Mahmood Bangara, Chairman of ICAI Dubai Chapter.