Views of IIM Raipur students on Union Budget 2016

"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.”

Symposium on “Impact of the Budget on Aam Admi and Industries in Chhattisgarh” at IIM Raipur

The PGPWE (Post Graduate Programme in Management for Working Executives) 2012 Batch of IIM Raipur organized a Symposium on “Impact of the Budget on Aam Admi and Industries in Chhattisgarh” on 2^nd March 2013.

The symposium commenced with Prof. B .S Sahay, Director, IIM Raipur emphasizing on the importance of pre-budget and post-budget analysis by the students. According to Prof. Ajit Prasad, Dean, IIM Raipur, “This budget is just a series of numbers and not really a budget per se where major policies are missing. Government still doesn’t have enough tools to combat 2 flaming issues of the country: inflation and unemployment.”

Prof. M. Kannadhasan, Chairman (PGPWE) holds another perspective. According to him the government this year is aiming to bring down fiscal deficit to 4.8% and hence is taking all the necessary steps to bring that change for the coming financial year. He pointed out that the budget addressed the inflation and unemployment issues indirectly.

Dr. Hanumant Yadav, Ex. Member, Chhattisgarh Planning Commission started with the definition of Aam Aadmi as given by R.K Laxman. Aam Aadmi is a person who is just a spectator but has no role in the budget. Dr.Yadav focussed his talk on economic aspects of the budget. He said that the goal of the economy is higher economic growth with inclusive development. He further talked about the upcoming project ‘National Institute of Biotech Stress Management’ in Chhattisgarh.

Ms. Ritu Jain, FCA, Consultant emphasized on the need for greater transparency in the income tax payment process. Foraying into the education sector she talked about strengthening the existing colleges and universities rather than setting up new universities and colleges. She stressed on the need to shift focus to renewable energy instead of importing fuel from outside.

Mr. Rajesh B Doshi, FC (Sr. CA) highlighted that no retrospective amendments have been made in the finance bill which is a positive point. He touched upon the decline in FDI which will lead to decrease in dollar inflow thus increasing import prices. He also emphasized on interest rate disparity of education loan and housing loan. He acted as a moderator of the panel discussion.

Mr. S.K.Goel, Director, Goel Group of Companies presented his views from the industry perspective. He emphasized on the increase in incentives in green energy sector due to the high cost of production. He said that skill development and job training is the need of the hour in Chhattisgarh. He also stated that there is huge scope for IT Industry, Auto industry and Agriculture industry in Chhattisgarh.

PGPWE Students of IIM Raipur

The discussion on the budget considering its effects on the common man brought about different views from the experts which helped the participants to understand various perspectives.