Rotary honors Ranina

Renowned tax consultant Homi P. Ranina was presented the Rotary Club of Bombay Hills South’s special appreciation award by president Rashmi Parikh at a mammoth joint meeting of nine leading Rotary Clubs in South Bombay at the Taj Rendezvous Rooftop on March 1, 2008. The occasion was appropriate. Ranina was conferred India’s Most Outstanding Budget Analyst Award the day after the Union Budget 2008 had been announced by the finance minister, and the analyst, as in earlier years, had just given a lucid exposition of the Budget proposal, as per a press release sent to Parsiana by Godrej N. Dotivala, district chairman of Rotary International.

"We are singularly fortunate that this year too he (Ranina) is with us to analyze the Budget as only he can do,” said Dotivala who, along with Dr Rustom Davar had founded the Rotary Club of Bombay Hills South.

In the course of his forthright presentation Ranina stated, "This year’s Budget proposals have been formulated in the background of the difficult international environment, moderate growth scenario and decelerating exports. The strong linkage with international markets combined with rapid surge in the capital inflows have imposed serious constraints on the calibration of domestic macro-economic policy instruments.” The press release goes on to report from Ranina’s analysis: "Attempts to decouple the domestic economy from the international environment have not succeeded, and will not. The recessionary environment in the United States could squeeze export demand. In this scenario it was necessary to continue austerity and aggregate fiscal deficits which has been ably done by the finance minister.”

Homi Ranina (center) receiving Rotary award from Rashmi Parikh as Godrej Dotivala looks on

But all is not gloomy on the economic front. Ranina feels this is a "growth oriented Budget” because more disposable income will be left in the hands of taxpayers, many of whom are young consumers. India is undoubtedly one of the top five investment destinations in the world and the budget will ensure that India’s place as an economic superpower remains "firmly entrenched in the global environment,” the report quotes him as concluding.