IIM Raipur hosts Budget Panel Discussion on Union Budget 2015 -16
As the nation waits with bated breath to hear what government has to present in its budget, IIM
Raipur held a pre-budget discussion to find out what the young minds of the institute expect India’s
Finance Minister to deliver on February 10th, 2015.
The first panel discussion revolved around ‘Agriculture and Rural Development’ where IIM Raipur
students spoke about how India’s agricultural sector needed a stimulus. The panel examined some
of the shortcomings of the previous budget with respect to the agricultural sector and identified key
areas of focus in order to provide a much needed boost to the sector. The panel dwelled upon the
need for skill development in the agricultural sector. Although sufficient infrastructure was in place
to facilitate skill development in the agricultural sector it was seldom used effectively. Budgetary
allocations to improve the quality of agricultural training institutes that might encourage more
candidates to enrol into courses related to agriculture. The panel also proposed a better unbiased
tax structure to ensure and promote an organized agro based industry. The students ended the
discussion with how the expectations from the budget are high and how it would certainly bring in
policies that would improve the sector that is the largest source of employment in the country.
The second panel discussed and deliberated over ‘Infrastructure and Industry’. The students spoke
on the performance and expectations of the manufacturing and infrastructure sectors. India’s
development story depends heavily on how the country’s infrastructure and industry sector
perform. The panel put forth the five major expectations for the ecommerce industry from the
upcoming budget. A clearly defined path for FDI in retail to take advantage of the supply chain
capabilities of global retailers, tax incentives to boost investment in logistics, technology and general
infrastructure were some of the measures proposed for development of the ecommerce industry.
The discussion primarily dealt with the needs of the IT & ecommerce, Road infrastructure and
Manufacturing sector specifically the Micro, Small, and Medium Enterprises.
The third panel discussion was on ‘Social Sector Programmes.’ The students broadly discussed topics
like job creation, poverty alleviation, social healthcare, education, food, water, sanitation and so on.
Students proposed budget allocation on nation-wise incubation centre and to encourage SMEs and
social entrepreneurship. Provisions for tax benefits for specially abled and senior citizens would be
helpful to the country. Larger allotment for schools and research in biotechnology would help the
education and healthcare sectors.
The event’s final panel discussion was on ‘The Financial Sector’ in which the students talked about
the banking sector, insurance sector, capital market and taxation. The banking sector has been
experiencing an increase in the percentage of non-performing assets. The panellists noted how tax
contributes to 10.66% of the country’s GDP. However, only 10% of Indians pay their taxes. The
panel’s discussion revolved around direct tax, indirect tax, goods and trade tax and retrospective tax
regimes. The Government of India should set clear policy and stand by them. Retrospective
amendments are detrimental towards the investment climate of the country. Taxation should be
made investor friendly and transparent tax structure should be encouraged. GST remains the most
important component of tax reforms. Through policies that promote financial inclusion of the rural
sector, the Budget 2015-16 will certainly help the rural areas develop.
The pre-budget discussion at IIM Raipur was encouraged by the professors so that it creates
knowledge sharing opportunities. It created awareness and gave the students an opportunity to
opine on matters that will affect them directly or indirectly. Such discussions will keep the tradition
of learning and sharing ideas alive in the young and bright minds of the future of this country.
As a noble initiative towards attracting investment in the Indian manufacturing domain, honourable
Prime Minister of India launched an ambitious ‘Make in India’ campaign. On this backdrop, every
Indian is eagerly waiting for the Union Budget of 2015-2016 to see how the Union Budget would lay
path for the policy initiatives by the Central Government to push growth and development of the