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.


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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.

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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

Indian economy.

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