Panel Discussion on Budget 2011-12 and Book Release of Dr. P.K.Vasudeva

Chandigarh Management Association today organised panel discussion on budget 2011-12 at Bharatiya Vidya Bhaven today. Rajan Kashyap, former Chief Secretary and Chief Information Commissioner presided over the panel. Kashyap said that Budget should be an icing on the cake-the cake of governance. It should be a ‘vehicle for better governance’, but he lamented that it remains only political document.

Earlier he released a book “International Trade; Text and Cases” authored by Dr. P.K.Vasudeva, former professor (international trade) ICFAI.

Dr. Gulshan Sharma, president CMA while welcoming the penalists said that budget should also focus on development of service sector, which contributes 60% towards Indian economy.

Kashyap said that the best budget was that of Dr. Manmohan Singh when he was a finance minister in 1991. At that India was facing an economic crisis. India's fiscal deficit was close to 8.5 per cent of GDP. Foreign reserves barely amounted to USD$1 billion, enough to pay for a few weeks of imports. He opened the Indian economy to foreign investment and business competition and all this happened in Budget presentation.

However, he said that the announced budget 2011-12 is towards pursuing the agenda of inclusive growth, it shall result in the reduction of fiscal deficit and will maintain the growth momentum.

Referring to budgets declared in Punjab state in successive years, Kasyhap said freebies are not a solution if the delivery mechanism is not in place. For example, he said that free power to farmers of Punjab has not served any purpose when supply of power is inadequate. That has affected their irrigation, sowing and harvesting plans and the losses on this account may be more than the paid power.

Other Panellists Dr. (Col.) P.K.Vasudeva said that budgetary allocation for defence is inadequate and will not meet preparedness for various challenges the country is facing on different fronts. He said that scheme of NEREGA has made large number of workforce ineffective, since village men and women now idle away their time sitting at home after 100 days of payments. Also industrial production is getting affected due to non-availability or skilled workforce.

Another panellist who spoke on the occasion included CA Alok Krishan, member indirect taxes, PHD Chamber said that it is good that age limit for exemption of Income tax has been reduced from 65 Years to 60 Years. Now, Government personnel just after their retirement will be able to avail this concession.