budget3

Post Budget Discussion of Union Budget 2019

The Department of Economics & Banking, VVM’s Shree Damodar College of Commerce & Economics organised a panel discussion on the Union Budget on 04-02-2019 at the College. Shri Kumar Pillai, CEO at Oriyon Molding and former chairman of Goa Management Association, Shri. Pravin Kakode, Managing Partner UPGRADE, C.A. Atindra Bhatikar, Chartered Accountant and Dr. Celso Fernades, Financial Consultant were the panel members. The discussion was ably moderated by Dr. B.P. Sarath Chandran, Associate Professor of Economics of the College. Shri. Pravin Kakode, in his opening remarks, highlighted the salient features of the budget and said a hassle-free refund of income tax returns, infrastructure push like Sagarmala programme, Aadhar linked fund transfer, social security to the informal sector, income transfer to farmers, the creation of artificial intelligence facility are some of the highlights of the budget. Dr. Celso Fernandes pointed out that there is financial revolution currently happening in the country with demonitisation, Aadhar linked payment system, the introduction of GST leading to the rapid formalisation of the economy and this will transform India into the third largest economy in the near future. Shri. Kumar Pillai opined that the budget is popular in its outlook intended to deliver sops to a large number of people before the election. He commented that industries received limited attention in the budget and the notable measures are sourcing and interest subversion to MSMEs and indirect demand stimulation through consumption and infrastructural spending. CA. Atindra Bhatikar opined that the budget gave direction and a vision for future development and given focus on farmers, middle class, informal sector and stimulation of consumption demand. He said the formalisation and digitisation of the economy has brought more people into the tax net and technology-enabled system will make the tax administration effective in the country. The moderator elicited the opinion of the panellists on issues like switching over to the income transfer scheme from subsidy-driven system, the incentives on the revival of the real estate sector, the populist versus reformist agenda in the budget etc. The panel discussion concluded with an interactive session of students with the panel members.