Mr Arup Kumar appreciated the budget and explained the broad outlines of the budget and role of SIDBI. Mr. Pankaj Srivastava explained the difficulties faced by the banks and role of banks in development and customer services. Mr. Anurag Rastogi explained difficulties being faced by small entrepreneurs and questioned the preference of Financial & Venture Capital Institutions in extending financial support only to big IT institutions or companies like Uber, Snapdeal etc, which are actually duplicating roles adopted in western countries, not adding any value to services. Mr. Rastogi also explained how the curbs being proposed on H1B visas are actually indirectly going to help the country.
Mr. VK Agarwal explained the circumstances in which the budget was prepared and that out of the options available Govt adopted a no risk approach. He further explained the problems SMSEs were facing in light of De-monitization and that the reliefs provided in the budget could be availed only by 0.13% of the SMSEs as only these many firms in this sector were profitable. Mr. Prem Garg explained the reliefs provided and that now the focus of housing shall shift to Affordable Housing.
Mr. Seth informed about different provisions of direct taxation. He opined that the provision of reducing the period of 3 years to 2 years may lead to incentivising the opportunist. Mr. Manish Goel gave the IIA perspective and summarised the whole discussion.