VIT University has been carrying out budget analysis for the past 16 years, to create a healthy unifying atmosphere to debate and discuss issues from the point of view of public interest, concerning, corruption, tax evasion and growth of agriculture,” said Dr. G. Viswanathan, Founder and Chancellor, VIT University at a discussion on Union Budget 2017-18. He pointed out that there are certain beneficial features like enhancement for rural employment, promotion of agricultural growth, including credit to the tune of Rs10 lakh crores, in the current year’s budget.
Professor K.T. Rangamani, senior professor, VIT Business School presented the welcome address.
Presenting a contrast between growth and employment generation, S. Gurumurthy, Columnist, Editor — Thuglak called for a solutions-based approach rather than a mere criticism-oriented review of the budget. Whereas, M. S. Sundara Rajan, Federation of Indian Chamber of commerce and Industry (FICCI) stressed on the need for looking at multiple modes of transportation — including railway, roadways and waterways complementing one another. He stated that advancement of the date of budget would provide early implementation from the first day of the forthcoming financial year.
N. K. Ranganath, Confederation of Indian Industry, (CII) highlighted the features like ‘more-drop per crop’ in agricultural productivity. C.H. Venkatachalam, National Executive Member, Communist Party of India (CPI) questioned to the extent to which the goals of demonetisation such as elimination of corruption, counterfeits have been achieved. He also wondered the mechanisms by which NPAs would be addressed.
Dr. Anand A Samuel, Vice-Chancellor, Dr. P.Gunasekaran, Pro-Vice Chancellor, Dr. P.T. Manoharan, Additional Registrar, VIT University, Dr. D. Ashok, Dean, VIT Business School, Dr. Kalyani Rangarajan, Professor, felicitated the speakers.
“The advancement of date of budget causes the data base weaker as it takes only two quarters’ data into consideration,” said Dr. Venkatesh B. Athreya, Professor of Economics and State Committee Member, CPM. He also stated that the central budget tends to influence about one-seventh of our GDP.
Palanivel Thiagarajan, MlA, DMK, differentiated between progressive and regressive taxation. The former commented that while stated ambitions are fantastic, the ability to deliver them tends to appear less and less credible. He suggested that the Governments to adopt a “first-do-no-harm” approach to budgeting.
K. Kanagasabapathi, spokesperson, state BJP, Tamil Nadu said, “The budget reflected the Government’s commitment to boost employment guarantee and the social sector.” He reiterated the three-fold objectives such as transforming the quality of governance, energising the sections of youth and the vulnerable and enabling the people to unleash their potentials.