The Institute of Chartered Accountants of India (ICAI), Kuwait Chapter, along with Al Mulla International Exchange Company (AMIEC) co-hosted an exclusive event, ‘Indian Budget 2019’. The event was exclusive for members of the ICAI Kuwait Chapter and esteemed guests of AMIEC. CA Hormuzda Davar, Managing Director Trading, Manufacturing & Financial Services Group, Al Mulla Group, and former Chairman of ICAI Kuwait, welcomed the gathering. CA Sai Devata, the Chairman of the ICAI Kuwait Chapter gave the audience a brief overview of the ICAI, and the activities of the Chapter in Kuwait.
The panel of speakers, CA R. Bupathy, former President of ICAI, Pankaj Pandey, Head Research, ICICI Securities and Nilesh Mundra, COO, ICICI Investments were then introduced to the audience.
Mr. Pandey gave a macro view of the budget and the sectors which are likely to benefit by proposals in the budget. His hypothesis was backed by relevant data and was well received by the audience. CA R. Bupathy, being an authority on Indian taxation, presented his insights amongst other aspects on the taxation implications on individuals and corporations, and also clarifying the implications the budget has for non-resident Indians. Mr. Mundra’s presentation focused on the potential investment opportunities that might arise based on the current market scenario and the budget initiatives which the government intends to focus on, going forward. These sessions were followed by a Q&A session where the panel clarified queries raised by the attendees.
The ICAI Kuwait Chapter also announced its First International Conference to be held on 22 November, 2019. The evening concluded with R. Shankar, General Manager Al Mulla International Exchange Company proposing a vote of thanks, followed by a sumptuous dinner hosted by AMIEC.