Pre-budget Seminar: Discussion on General Budget 2016

The discussion of the pre-budget seminar on general budget was held at the RNBGlobal University on the 10^th of February 2016 with Dr. S.K. Roy (Dean, SOCM) as the moderator for the forum.

In this pre-budget discussion session the emphasis was upon the issues of relevance to the economy with reference to the general budgets.

The major points on which the forum (students of BBA, B.Com, and MBA) stressed was “how revenue can be generated by the govt. without increasing the taxes.”

Some of the issues of concern with reference to revenue generation as discussed by forum were: Inflation control to be the top priority; Personal tax exemption limit to be increased to boost demand; The fiscal deficits should be less than 3% of our GDP; Approximate 10, 00,000 lakhs projects are still non-operating, should be made operational; GST should be passed in parliament; There should be more focus on - Urbanisation, Information sector regarding agriculture, Developed infrastructure, Introducing new agriculture schemes to boost agriculture related activities and milking poultry projects and Irrigation facility should be boosted.

Also these following were discussed in detail:

- People have expectations that the Finance Minister has done his best to provide the balance between short term growth sustainable economic gains over the long term.

- The centres focus should be on how to increase the ease of doing business in India.

- The reduction which is being proposed on corporate tax will boost investor confidence and encourage companies to continue the process of job creation and overall growth.

It was therefore concluded that for the Government. it was of grave importance to not pressurise the growth pillars of the country who are a part of the financially weaker section of the society like taxes for the common man on necessities, ROI on education loans, loans related with SSI and for agriculture; Instead let the stronger section of the society like industrialists, rich farmers, taxes on luxuries etc. bear the brunt so that the revenue collection by the government does not suffer in turn harming Public Administration Services.