KSOM Successfully Organized the Pre-Budget Discussion over Virtual PlatformJanuary 31, 2021
KSOM conducted an MDP (Management Development program) for a reputed software solutions company, AcesoCloud Software Solutions Private Limited.February 6, 2021
KIIT School of Management organized a panel discussion on post budget analysis of the Union Budget of India at 4.30 PM on 5th February 2021. The discussion was held in a virtual platform considering the social distancing norms of the Pandemic.
Dr KK Ray, professor, KIIT School of Management(KSOM) moderated the session and invited Dr. Saroj Mahapatra, Director, KSOM to deliver his welcome address. Dr. Mahapatra, welcomed the panellists to the discussion and introduced different activities conducted in KSOM to further the pursuit of academic excellence. Setting the context, he described the budget as an ambitious budget and exuded confidence that the country is ready for post pandemic growth with a lot of hope and confidence.
Dr Ray introduced the panellist to the audience and opined that the budget gave a surprise by not putting any extra tax burden that was anticipated due to the pandemic. The investor community welcomed the bold and forward moving budget signaling a boom in the Nifty and Sensex.
Pranab Kumar Das, ex principal chief commissioner of IT chaired the session. He appreciated the initiatives of the government to focus on health and capex.
A.K. Sabat, Chartered Accountant described the budget as reform oriented and recounted that it happened last in 1991 only. The corporate sector benefited due to the tax proposals but the middle class has not benefited due to inflation and lack of employability. He described inflation as taxation without any legislation. A large debt due to deficit financing may be an extra burden on the country. He hoped that Finance Minister should have provided tax benefits for the middle class.
Mr. Siddharth Sanyal, Chief Economist & Head of Research, Bandhan Bank felt it is more pertinent to discuss the backdrop of the budget as the country was going through a disruptive pandemic. The fall in the covid graph and a growth-oriented budget gives a lot of hope to the country. The role of RBI in providing liquidity is commendable. The big challenge for the monetary authorities lies in maintaining the interest rate in the future. However, he was optimistic about the future of the economy looking into a collaboration of RBI with the government in the last one year.
Dr. Subhada Rao, Founder QuantEco Research was positive on the outcome of the budget. She believed that the targets fixed by the government is achievable and most encouraging part of the budget is it aims at qualitative expenditure. She expected the budget should have addressed to SME sector and fiscal consolidation. However, the budget has more hits and less misses.
Dr. S.N. Misra, Dean, KIIT School of Management explained that the expenditure on the capex will provide better employability with multiplier effect. Allocation on public health and ‘water to every house’ is a very welcome move. He rued the lack of attention to primary education. Further, the percentage of tax to source of fund has gone down never before. He suggested it would have been better to tax the super-rich to mitigate this need.
After the panellists expressed their view on the budget the moderator facilitated a question answer session. Mr Das gave his concluding remarks and critically examined the implementation of the budget and the observations of the panellists. Dr. Praveen Mohanty Professor, KIIT School of Management offered the vote of thanks to the eminent panellists.
KIIT School of Management has a regular practice conducting such discussions to abreast its students on the matter of national interest and fulfil its responsibility of an institutional citizen of the country.