‘Union Budget 2017 – Finance Minister Did Not Deliver’ – WAT Wednesdays

Welcome to yet another week of WAT Wednesdays!

To view and comment on previous weeks’ topics, please click here.

This week’s topic is ‘Union Budget 2017 – Finance Minister Did Not Deliver’. 

Tell us your views in the comments below and get evaluated for the same.

Write an essay on it and let us help you get better at it.

This is how it will work:

1) Users can post their essays in the comments section below by logging in through their www.insideiim.com User id.

2) You can write your essay on the topic for the entire week. You can even challenge your friends and make it more interesting!

3) The thread will be moderated by Team InsideIIM to ensure the discussion is kept relevant and is not abusive.

4) On Saturday, experts and industry professionals at InsideIIM (all ex-IIM, XLRI, MICA only) will rate each essay on the thread on the scale of 10 with some guidance.

This exercise may not replace the practice that you may need daily to master WAT but it will definitely help you to shape your line of thought. We will ensure that if you go through these next few weeks with us on this thread you will markedly improve your content. Hopefully, there will be more substance when you actually write an essay/WAT after going through this exercise.

 

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Comments

11 comments

Priyanshu Vishnoi

Union Budget 2017 is a comprehensive budget and focuses on each sector prudently.Finance Minister addresses the nation with his holistic approach to ensure the growth and development of the nation.The agenda of the budget Transform,Energise and Clean India says it all about the optimistic view of the government.The financial sector and infrastructure has received the maximum attention by the finance minister as total allocation for infrastructure stands at ₹3,96,134 cr followed with opening of two new AIIMS hospital in Jharkhand and Gujarat respectively.Interest rates has been revised benefiting the middle classand more people are now included in the tax base because of the changed metrics in the tax rates.The only chink in the armour is that the education sector still remains the not so discussed area in this year’s budget. MUDRA yojana to receive Rs 2.44 lakh crore which marks the solidarity in the financial sector. Only Skill India seems to be the prevalent of all when it comes to the education sector, rest of the areas in this sector are not taken into grave consideration. So, education and employment are the two prominent matters that requires more attention and optimal policies in order to sustain the holistic growth of the country.

Team Insideiim

@Priyanshu – The essay is not comprehensive and lacks structure. The flow is disjointed.’Interest rates has been revised benefiting the middle classand more people are now included in the tax base because of the changed metrics in the tax rates.’ – Not sure what this statement means. 5/10

Aarzoo Doshi

Union Budget of 2017 was Budget for every class o society divided into infrastructure receiving the highest budget ,rural and agriculture , digital India, Income Tax relief and implications of GST. The budget focus more into the daily chaptes of the common man struggling hard to meet his ends , Allocating 1 lakh crore to railway unpredicted needs and corpus ,it talked of increasing Kausal kendryas to 600-700 in numbers and opening up AIIMS in Gujrat and Jharkhand but no reforms where projected for Higher Education , Helping the Common man`s child to get higher education , Education Loan rates can revised , There was no room about innovation and scientific disruption booming in the world ,Developed nations have been advanced in the technology which is also a pillar to their Economy, Allotments are needed to be made in Higher Education,R&D and Innovation where two most important matters that did not appeared in the picture of Budget 2017, and this two those pillar which will propel the upcoming changes in the world and help us to be in competition in the world digital dis-rupture .

Team Insideiim

@Aarzoo – The essay is poorly written with spelling and grammatical errors aplenty. The essay is also poorly constructed. We get a gist of what you’re trying to say but it is going to be tough for you to clear a WAT with this kind of writing. 4/10

Aarzoo Doshi

Budget of 2017 was Budget for every class o society divided into infrastructure receiving the highest budget ,rural and agriculture , digital India, Income Tax relief and implications of GST. The budget focus more into the daily chaptes of the common man struggling hard to meet his ends , Allocating 1 lakh crore to railway unpredicted needs and corpus ,it talked of increasing Kausal kendryas to 600-700 in numbers and opening up AIIMS in Gujrat and Jharkhand but no reforms where projected for Higher Education , Helping the Common man`s child to get higher education , Education Loan rates can revised , There was no room about innovation and scientific disruption booming in the world ,Developed nations have been advanced in the technology which is also a pillar to their Economy, Allotments are needed to be made in Higher Education,R&D and Innovation where two most important matters that did not appeared in the picture of Budget 2017, and this two those pillar which will propel the upcoming changes in the world and help us to be in competition in the world digital dis-rupture .

Sakshi Kochar

An annual union budget help us understand the key areas government would focus at, likely outcomes and their impact on the bigger picture of economy. Now while devising budget government also keep in mind the present economic scenerio, what do we envison for the future and how best it can be completed with goven resources.
Let’s now first see what are the major requirements of our country today. One of the major segment which really need help is the section of farmers and daily wage earners. Government musy have to spend on them in order to make them a productive part of the economy. Second after demonetisation, there was definitely an expectation of tax relief for lower income group having income below 5lacs per annum. Other important area was job creation in which MSME sector plays a great role as it produces more than 80% jobs.

The current budget seems to have met these requirement by allocating increased funda to farmers, a Rs.48000 crore fund for MNREGA, 5% tax relief for income between 2.5 lac to 5 lac. Reduction in tax rate for MSME sector from 30% to 25%. However there are a few sectors which dint get much attention are education and health which are basic elements of any economy and sad that our country has not been performing very well in these areas and we didn’t see much for them in this budget as well.
However, the overall budget seems to be very optimistic. It also is evident that government has done applied intelligence and analytics while making this budget. This is indeed an historic budget a combined, ontime, well thought budget, we must all welcome.

Team Insideiim

@Sakshi – Although the essay is not comprehensive it is a well-made argument and the structure is very good. It focuses on a key issue which the government should address and you’ve connected it well with the provisions in this year’s budget. You could have done better by being more comprehensive and touching on more aspects in the budget. 7/10

Sakshi Kochar

An annual union budget help us understand the key areas government would focus at, likely outcomes and their impact on the bigger picture of economy. Now while devising budget government also keep in mind the present economic scenerio, what do we envison for the future and how best it can be completed with goven resources.
Let’s now first see what are the major requirements of our country today. One of the major segment which really need help is the section of farmers and daily wage earners. Government musy have to spend on them in order to make them a productive part of the economy. Second after demonetisation, there was definitely an expectation of tax relief for lower income group having income below 5lacs per annum. Other important area was job creation in which MSME sector plays a great role as it produces more than 80% jobs.

The current budget seems to have met these requirement by allocating increased funda to farmers, a Rs.48000 crore fund for MNREGA, 5% tax relief for income between 2.5 lac to 5 lac p.a.. Reduction in tax rate for MSME sector from 30% to 25%. However there are a few sectors which dint get much attention are education and health which are basic elements of any economy and sad that our country has not been performing very well in these areas and we didn’t see much for them in this budget as well.
However, the overall budget seems to be very optimistic. It also is evident that government has done applied intelligence and analytics while making this budget. This is indeed an historic budget a combined, ontime, well thought budget, we must all welcome.

Bhushan Singh Badgujjar

Union budget is the annual phenomenon in Indian economy which makes or breaks the saving plan as well as expenditure budget of industries and individuals. This year union budget was different in two ways, firstly, it was preponed and announced on 1st February, secondly, for the first time rail budget was presented with the union budget. FM Arun Jaitley presented this year’s budget by investing a total of Rs 21.93 lac crore.

The budget was favorable to some sectors like Agriculture and Infrastructure. On the other hand indifferent to others like Education, Job Creation and Health.On the whole, the budget excelled in one aspect that was continuity.It presented with many reforms bolstering the decision of acting government in the past two years. Budget can be clearly seen as a measure to promote the agenda of curbing the parallel economy and promoting digital economy with measures like prohibiting cash transaction over Rs 3 lac, limiting funding to political parties to Rs 2000 per person, incorporating promotional schemes like cash back and referral points in BHIM app and removing service charge on railway ticket booking through IRCTC.
The budget came out as a savior of the middle class and rural population by reducing the tax rate to 5% in 2.5-5 lac slab and investing 10 lac crore in the agriculture sector. Rural population was on the receiving end of many goodies like doubling the income of farmers in 5 years, establishment of soil testing center and dairy processing unit, increasing crop insurance cover to 40% from 30% and digitalisation of 1.5 lac gram panchayats.
Some may call this a socialist budget as the high earning sector of business income Rs 50 lac-1 crore wasn’t expecting the extra burden of 10% surcharge on their pocket. On the education front providing mere 5000 seats in medical PG can be called “Revolutionary” considering the state of unemployment in our country.In this budget too, Education sector didn’t get the attention it deserves being one of the founding pillars of any society.

When all things considered, this year’s budget was commendable with few but major drawbacks which can’t be ignored. This Union budget was delivered to some sector and on the other hand barely touched other sectors of the society.

Team Insideiim

@Bhushan – Probably the most comprehensive of all the above essays and pretty well articulated. You’ve talked about a range of issues. However, the panel is looking to test your analytical capabilities too. Mere stating of facts may not help beyond a point. Well done overall though. 7/10