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IFCCI's Annual Union Budget Seminar 2021

IFCCI with the support of the Embassy of France in India & Embassy of India in France organised an exclusive Seminar around decoding the Union Budget.


Indo-French Chamber of Commerce with the support of the Embassy of France in India and Embassy of India in France organised an exclusive Seminar around decoding the Union Budget 2021.

The Union Budget Seminar was organized on Wednesday, 3rd February 2021 in collaboration with the Embassy of France in India and Embassy of India in France, with an objective to decode the Union Budget 2021 and assess its impact on the Indo-French businesses. The Session began with Ms. Rishika Roy, Head-Events and Membership (North) welcoming all the participants followed by Welcome Remarks by Ms. Elisa Khetty, India Country Manager, Helma International and Vice-President, IFCCI who briefed about the objective of the session and thanked the partners - Knowledge Partner Mazars and Banking Partner ICICI bank for their support. She also introduced the speakers and panelists for the event.

This was followed by a Special Address by Mr. Patrick Pillon, Deputy Head of Regional Economic Service, Regional Financial Counsellor-Economic and Financial Division, Embassy of France in India wherein he elaborated on the macro-economic framework and commented on some of the key economic announcements made by the Hon’ble Finance Minister. He highlighted the increase in the budget allocation for health sector, infrastructure sector and the measures taken for financial sector.

Mr.Tusharanshu Sharma, Second Secretary and Head of Bilateral Tax Relations, Embassy of India, France, underlined the need for long sustainable economic recovery whose important pillars are – lives and livelihoods, support to MSMEs, easy availability of credit and setting up of DFI. According to him, the budget is visionary. Further he spoke about the Indo-French cooperation and investment projects and cited examples of the Parliament Project, the National Infrastructure Pipeline, etc.

Key highlights of Budget 2021 were presented by Mr. Raman Kumar Goyal and Mr. Rakesh Mohan Garg from Mazars. They covered topics such as Tax Rates (personal tax, housing, tax audit for small businesses, exemption for Leave Travel Concession), Corporate tax (No goodwill depreciation, Rationalization of provisions for start-ups, Rationalizing the provisions of Minimum Alternate Tax) Tax assessment, discontinuation of Income-tax Settlement Commission and establishment of a world class financial service center.

Subsequently, the panel discussion was opened and moderated by Mr. Raman Kumar Goyal. The panelists were Mr. Sanket Godbole, CFO, Roquette, Mr. Sugata Sircar, CFO, Schneider Electric India and Chairman, IFCCI CFO Committee and Mr. Sunandan Chaudhuri, Senior Economist, ICICI Bank. The discussion revolved around some key aspects like disinvestment process & entities, withdrawal of Depreciation of Goodwill and its impact on merger and acquisition transactions, asset management companies, faceless assessment system and proposal of mega industrial textile parks (measures for increasing textile exports).

ICICI Bank recently launched, ‘Infinite India’, an online platform for foreign companies looking to establish or expand business in the country.

The platform offers a wide range of banking and value-added services to meet the requirement of foreign companies throughout their business lifecycle. An industry-first initiative, the ‘Infinite India’ platform offers significant convenience to foreign companies, as it eliminates the need of co-ordinating with multiple touchpoints leading to a hassle-free experience of doing business in India. It acts as a one-stop solution for host of services, simplifying entry into India.

Some Key banking services offered by ‘Infinite India’ include:

  • Authorise set-up of office
  • State-of-the-art digital channels
  • Trade services with wide global network
  • Treasury services
  • Collection and Payment Solutions
  • Services for Employees and Expats
  • Corporate Banking Solutions

  Key ‘value-added’ offerings include:

  • Incorporation services
  • Licences and registration
  • Taxation and compliance
  • HR services

More details on Infinite India can be assessed on www.icicibank.com/infiniteindia

The Panel Discussion was followed by an interactive session with participants. Ms. Rishika Roy concluded the Session by thanking the participants, panelists and the Embassy of France in India and Embassy of India in France for their participation and support.

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