Kolkata, 3 February: Describing this year’s union budget (proposals) as ‘misleading and confusing’, a number of leading economists and policy makers here today however, hailed the ‘all out efforts’ of Union Finance minister Nirmala Sitaraman in trying to maintain ‘a balance between the demand and supply of funds for all sectors in the midst of a tight rope situation’ in the national economy.
Participating in the annual post budget discussion to explain the financial nitty grities of the economy, organised by the city’s premier Merchants’ Chamber of Commerce and Industry(MCCI) here this evening, all the speakers comprising leading policy maker Vijay Sardana, renowned Supreme Court Advocate and Tax expert N K Poddar,Professor of Economics,Indian Institute of Management, Kolkata, Soumendranath Sikdar and leading tax Consultant and the Managing Partner of Kothari and Company, Amitav Kothari, were unanimous in their views that in spite of the current slowdown of Indian and the global economy and instead of trying to find an answer to come out of that,the present young generation (of the country)largely remained skeptical about the outcome of the budget.
Blaming the ‘growing mistrust’ among the general public about the government data and most of the financial figures, being released by different departments about their success,and a huge alleged ‘mismatch between future projections and the ground reality’ were the prime reasons for the country’s young and educated generation to loose interest about the budget
Referring to the government move to give more stress on the idea of New Economy as well as on total implementation of Digital India,Sardana, Poddar and Sikdar were of the view that if the Indian economy wanted to remain competive in the international arena, there was no other way but to go for total digitalisation of the economy in a time bound manner.
‘For this purpose we must take the responsibility of preparing our next generation to cope with the pressure and take the Indian economy ‘to a different level altogether’, to become a true competitor of the largest players like the USA, China and Japan’, they said.
Such efforts would also go a long way to make India a 5 trllion dollar economy,if not by 2024 but by at least 2026 or 2027, the speakers pointed out.
Before concluding the rather marathon discussion of over four hours,the speakers hailed the government proposals to double the farmers income and making best efforts to provide some extra money to the pockets of majority of tax payers by means of slender cuts in tax rates.
The proposal to remove the corporate Dividend tax was also welcomed by them.