Seminar on “Budget 2016 – Transforming India” at CKD Institute of Management

Amritsar, Mar. 22 (Punjab Post Bureau)- An informative seminar on the burning topic “Budget 2016 -Transforming India” was organized at CKD Institute of Management and Technology (CKDIMT) here today. The key resource person was Prof. Deepak Khullar, Senior Professor of Management from BBK DAV College, Amritsar. He brought out the major highlights of the third budget of the Modi government and its impact on various sectors of Indian Economy.

Prof. Khullar discussed that the main theme of the budget is to tax the rich and benefit the poor by levying a surcharge on the elite class.  It is a bold step by Mr. Jaitley where he has tried to win voters from rural India by compromising on the expectations of urban India. The taxation benefits which the common man was expecting had not been given in this budget. On the contrary, most of the things have been made expensive which will hit the common man badly. However this budget will be a boon for farmers and rural India in general because after 2008 a budget with so much pro rural theme has been presented in the parliament.

Prof. Deepak opined that the key gainers from this budget will be sectors like agriculture, rural, infrastructure, banking and financial sector. Budget targeted on universal village electrification by year 2018 and all families below poverty line will be provided free LPG. It also provides several incentives to promote affordable housing facility. The reforms introduced in budget 2016 will be able to bring more FDI which will play an important role in propelling Indian economy’s growth.

Also, the income disclosure scheme reintroduced after 1997 can be a game changer for Modi government. In 1997 this scheme had brought back 9000 crores of black money for the government, and if implemented properly, then this scheme could fetch much more amount this time which could be used to stimulate demand in Indian economy. Already the key indicators are hinting towards rate cuts to stimulate demand and this budget will compel RBI to go ahead with rate cuts in its next policy review. Prof. Deepak highlighted key points of budget 2016 which emphasized on “Growth GRID (Governance, Reform, Social Infrastructure and Investments, Fiscal Discipline)” using distinct pillars to transform India viz Agriculture and farmers’ welfare, rural sector, social sector including health care, education, skills and job creations, infrastructure, financial sector reforms, ease of doing business, fiscal discipline and tax reforms to reduce compliance burden.

He further highlighted that the budget also focused on good governance through process reforms and usage of technology. Implementation of Aadhar framework targeted for delivery of financial and other subsidies is also an effective tool. It is a fire fighting budget that seeks to win back support among rural voters for Modi government and sustain growth. However in this budget the quantum of reduction in direct taxes by 1060 crores has been offset by a phenomenal increase in indirect taxes to the tune of 20670 crores which is not a healthy trend and whose pinch will be felt by one and all in the days to come.

Dr. H.S Sandhu, Principal CKDIMT appreciated the seminar and said that this current topic has thrown light on the  impact of Budget 2016 on various facets of Indian economy and enlightened the students with in-depth analysis of the budget . On behalf of CKD President S. Charanjit Singh ji Chadha and Member In charge Dr. Mrs. S. K Mahal he thanked the guest speaker for making the seminar a grand success.  Seminar was widely acclaimed by students who actively interacted by raising intelligent questions. Dr. H.P Gupta, Prof. Ramandeep alongwith and other faculty members were also present.