"I am presenting the budget when the global economy is in crisis," Jaitley said in his opening remarks, adding that India, however, remained the bright spot in this gloom, turning difficulties into opportunities”. With this in mind, the management students of IIM Raipur gave their views on the Union Budget 2016 –
Rajat Lakhotia, a 1st year management student feels that the taxes and cess imposed on services to initiate rural welfare programs clearly indicates a shift towards rural economy. Major Banks were trading in green after the announcement of increased legroom for recapitalization of PSU banks and focus on rural infrastructure. The focus on infrastructure vis-a-vis roads and highways was a positive signal for infra giants.
Shivam Jaiswal, another 1st year management student thinks that the move to provide 100% tax exemption, for the start-ups, for the 3 years is a brilliant step toward pushing more number of Entrepreneurs in India. Also, the incentives being given to the new manufacturing companies and small enterprise companies will give a boost to the Start-Up India initiative. The other good point in the Budget 2016 is the money allocated under MNREGA, Swachh Bharat and roads.
Shreya Agrawal, a first year management student presents her views that focus on agricultural sector and leveraging the technology to provide transparency and convenience to farmers is a key point in Budget 2016. Connecting states and districts through increased road projects and achieving the mission of ‘Ek Bharat, Shreshtha Bharat’ will help in providing a conducive environment for businesses in India.
Ritisha Choudhary, a first year management student says that The Union Budget of 2016-17 has paved way for massive reforms and promising opportunities. With the robust growth achieved and reforms in health insurance, LPG, HRA allowance and stress organic farming, rural infrastructure, Make in India, promoting affordable housing, relief to small tax payers, resource mobilization for agriculture, rural economy and clean environment; this budget has the potential to bring India on a faster track of growth.
Amey Limaye, a 1st year management student says that the Union budget 2016-17 is majorly pro-poor budget. The provisions related to LPG connections with state support, increase in tax deduction for rent, additional exemption for housing loans etc. clearly shows that the lower and middle income class have a lot to benefit from the budget. Special focus has been put on Health, Education, Infrastructure, Agriculture and Banking sector. Overall, the budget seems to fulfill the hopes of many sections of the society.
Pushp Mitra, a 1st year management student says that “The Union Budget of 2016-17 had the imprints of Prime Minister than our Finance Minister whose major thrust is to uplift India’s rural villages, encourage small entrepreneurs & showing some “Achhe Din” for common man who earlier said that Budget would be Pro-village, Pro-Poor & Pro-Farmers. The adherence to Fiscal deficit with emphasis on growth & development besides the increasing infrastructure are the highlights of this year’s budget. It's a friendly budget which is inclined more towards the welfare of farmers & infrastructure with reduced benefits to corporate.”