MATS Institute of Management and Entrepreneurship organized the panel discussion on "Unfolding the Underlying Message of Union Budget 2016-17" 09/03/2016
The Finance Bill is traditionally presented in the parliament on the last day of February every year by the Government of India. This is an important fiscal instrument by means of which the Government communicates its intentions to the people about managing various economic resources for the development of country and welfare of people. Provisions for income and expenditure contained in any budget affects the economy, businesses and the employment scenario. In order to provide an insight into the recently presented Finance Bill (Union Budget 2016-17), a panel discussion was organized by MATS Institute of Management and Entrepreneurship (MIME) on March 5, 2016.
The panel for the discussion comprised of Mr. Rajendra Nayak, Partner, Ernst and Young (India); Mr. Suresh Kumar, Director, B.S.R and Co; Mr. Pradeep Pandey, Associate Director, KPMG; Mr. Tejas Shah, Manager, PWC., and Dr. Jitendra Kumar Mishra, Director, MIME who chaired the panel and moderated the discussion.
The panel discussion was set in motion by opening remarks of the panelists with regards to the primary objectives of a union budget and the role of ‘Economic Survey’ which is presented prior to the budget. Then the panel discussion moved on to capture the expectations from different stake-holders and the budgetary response to the same. Budget provisions and allocations, and their implications with respect to Agriculture and Rural Development, Manufacturing, Service Sector and Social Sector including health and education were discussed elaborately. The panelists threw light on the impact of the budget on Job Creation and Make in India initiatives. The panel discussion further proceeded to cover the vital areas of Taxation (Direct and Indirect) and their impact on investment and competitiveness of industry. Finally, the panelists gave their valuable observations with respect to ‘what could have been done better?’ in the budget, Synthesizing their collective wisdom, the panelists unanimously recognized the intention of the budget which showed a novel approach for creating infrastructure for agriculture and rural development that in turn will have long-term impact on the economy as a whole. On the front of ‘job creation’ the Government has initiated entrepreneurship promotion measures and encouragement for corporates to promote job creation. However, as the saying goes: ‘the taste of pudding is in eating’. Therefore, keeping the dynamic nature of the economy in mind, the panelists were unanimous that the time will only tell how effective the Government is while implementing the budgetary provisions and thereby what actual impact it has created on the ground.
The panel discussion was followed by the question and answer session wherein the students came up with interesting queries addressed to the panelists which in turn stimulated further thinking among students into the macro aspects of Economy and Business, and their inter-linkages affecting the micro aspects.
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