A Panel Discussion On The Union Budget 2016-17 - JKSHIM

A Panel Discussion on the Union Budget was organized at the Institute on 12th March, 2016. Dr. K Sankaran, Director of the Institute presided. He felt that there should be a Think in India program to inform the public at large about the transformative character of Union Budget for 2016-17.One of the panelists Dr. G V Joshi, Professor at the Institute pointed out that the present budget indicates change in the direction and pace of the policy of the Modi Government. Now the thrust of the policies is on the development of agriculture and the rural sector. However, the Union Government should accepted the recommendation of the 14th Finance Commission of dispensing with the concept of effective revenue deficit introduce by the UPA Government. The concept has no constitutional validity, Joshi said. Shri M Rajendra, Director, Finance and Planning, Nitte Education Trust observed that the tax proposals of the Union Budget could encourage domestic savings and investment. However, he expressed the concern that the enormous amount of non-plan expenditure is not helpful to growth and development. There should be greater volume of plan expenditure in future for attaining growth with jobs.

Dr. N S Shetty, Agricultural Economist and Professor Emeritus of the Institute lauded the budget for making provision for irrigation development, management of ground water resource and organic agriculture on northeastern states. This will pave the way for second Green Revolution, Shetty said. Dr. N K Thingalya, former CMD, Syndicate Bank and Professor Emeritus of the Institute, stated that the provision of Rs. 25,000 crore for recapitalization of public sector banks is inadequate. The problem of NPA’s in public sector banks is serious and unless the government makes much bigger budgetary provision the public sector banks cannot be financially strengthened. Dr. Sudhir Raj K Coordinated the panel discussion. Students and faculty members participated in the discussion that followed.