Jobs will come only out of growth spurred by new investment: Dr. C Rangarajan,
(ICFAI University, Hyderabad holds panel discussion on Union Budget 2017)
“The budget is neither a big bang nor populist, is prudent, modest and well intentioned. But actions must match intentions. In the final analysis, implementation is the key. Jobs will come only out of growth spurred by new investment,” said Dr. C Rangarajan, former governor of RBI. Dr. Rangarajan, also the Chancellor of the University, was a part of the panel that held a discussion on the Union Budget 2017-18, at ICFAI University Hyderabad on February 06, 2017. The other members of the panel were Dr. M Govinda Rao, Emeritus Professor, National Institute of Public Finance and Policy, New Delhi and Dr. B. V. R. Mohan Reddy the Founder and Executive Chairman, Cyient Limited.
Dr. Rangarajan said that with the increasing availability of currency, the adverse impact of demonetization would wear off but sectors like real estate will continue to feel the impact. He said that the budget had been prudent in keeping the fiscal deficit at 3.2% of GDP in 2017-18. He welcomed the finance minister’s stand on not raising the exemption limit for income tax. He also appreciated the measures taken towards curbing black money, reforming the political funding system and broadening the scope of digital transactions. Dr. Rangarajan said that the indirect tax structure could have been cleaned in accordance with the consensus reached in GST council.
Dr. Govinda Rao said that the budget cannot be considered to be a panacea for all the ills of the economy. He said the Indian economy that was showing signs of slowdown even before demonetization, is facing a tough macro environment with global challenges, slowing down of emerging economies and growing protectionism. The average quarterly investments for the quarter ending December 2016, dropped to Rs.1.25 trillion from an average of Rs.2.36 trillion during the previous nine quarters, he said. Dr. Rao opined that the budget was good in parts, but has very little to revive the economy, which was very much necessary given the current challenges that the macro environment is facing.
Dr. B. V. R. Mohan Reddy said that the budget was pragmatic and high on intent. He said that transformational reforms like GST, demonetization, bankruptcy code and Aadhaar bill would have a positive long-term impact on the economy, which is currently facing challenges due to changing global scenario. He said that with millions of youngsters joining the workforce, it is necessary to have good quality education, which is possible by providing higher autonomy to the institutes providing higher education. He also said that innovation was important to create jobs. He lauded initiatives like Swayam- that provides online courses for students; Sankalp a program to provide market relevant training to youth; and Digi Gaon to provide telemedicine, education, and skills through digital technology. Dr. Reddy said that the tax reduction for MSMEs and tax concession for start-ups would boost the entrepreneurial activity.
Presiding over the event, in his address, Dr. J. Mahender Reddy, Vice Chancellor, ICFAI University, said that implementation was crucial and that international environment and protectionism could be the main challenges the country would be facing. The event was well attended by students and faculty.
ICFAI University (IFHE): The ICFAI Foundation for Higher Education (IFHE) is declared as a Deemed-to-be-University under section 3 of the UGC Act, 1956. The University is accredited by NAAC with ‘A’ Grade with a score of 3.43 out of 4. Four thousand two hundred students are pursuing various programs in the Faculty of Management (ICFAI Business School), Faculty of Science & Technology (ICFAI Tech School), and Faculty of Law (ICFAI Law School). The University campus based at Hyderabad is a 92 acres’ lush green campus with a built-up area of over 16 lakh sq. feet. The campus is fully residential, Wi-Fi enabled and equipped with state-of-the-art facilities.
Mob: + 91- 9848529385Last Updated - 08 Feb 2017