A panel discussion organised by Dr Marri Chenna Reddy HRD Institute on the Union Budget argued that it’s growth-oriented and would be instrumental in making India the fastest growing economy in the world.
The panelists, including officers from the All India Services, Central Civil Services, and Military Engineer Services officers further opined that the Budget sought to leverage India’s competitive advantage in IT to strengthen all sectors of the economy.
Prof Amitabh Kundu, former Dean Social Sciences, JNU., stated that infrastructure with the highest-ever allocation of ₹7.5 lakh crore is the main focus of the public expenditure and the increase of 25,000 km in highways is a strong signal that the government is ready to take bold steps.
Dr. Vikas Singh, Professor at the Institute of Public Enterprises felt that growth through investment in infrastructure would create jobs, and the Budget strives to give a big push to MSMEs, which are certainly the growth engines of any emerging economy.
Dr Mubeen Rafat, former Director of Centre for Economics & Finance, ASCI., said that incentivizing production is likely to be a better alternative to increase the purchasing power in the hands of consumers.
Ganesh Balakrishnan of Deloitte opined that revenue buoyance and fiscal space allows the government to focus on public investment while chartered accountant Sravan Kumar Nemani stated that Budget addressed many long-pending issues of the economy.
Prof. Amir Ullah Khan of Dr MCR HRD Institute, who chaired the session, said that a discussion on the Budget is critical in understanding the state of the economy, and young officers from various government services should know its implications on the country.
