IIM Ranchi, ABVCLPG organized a Roundtable Discussion on “Union Budget 2022-23”
A Roundtable Discussion on “Union Budget 2022-23” was organized by Atal Bihari Vajpayee Centre for Leadership, Policy, and Governance (ABVCLPG), Centre of Excellence, IIM Ranchi.
The distinguished speakers of the session were Dr. Mausumi Das, Professor, Institute of Economic Growth, Dr. Badri Narayanan Gopalakrishnan, Head, Trade and Commerce, NITI Aayog, Government of India, Dr. Sudhanshu Kumar, Associate Professor, Centre for Economic Policy and Public Finance, Asian Development Research Institute (ADRI) Patna and Dr. Lekha Chakraborty, Professor, NIPFP, New Delhi
Prof. Saakshi, IIM Ranchi gave a brief introduction to the speakers and moderated the session. She highlighted that the top focus of the budget this year is: Firstly, this Budget will provide impetus to growth by developing infrastructure. The capital expenditure for key infrastructure sectors, especially highways, has got a big boost in Budget 2022-23. Secondly, the budget has been increased for states which will lead to economic transformation. Thirdly, the budget has proposed several digital initiatives ranging from hi-tech services to farmers, digitization of land records and drones for agriculture to an ecosystem for upskilling citizens for digital jobs and digital universities, digital banking and digital currency, and lastly, climate resurrection transition making India carbon-neutral economy.
The distinguished speaker Dr. Badri Narayanan Gopalakrishnan emphasized Special Economic Zones. He said SEZs will be made fully IT-driven which will enhance the economy. He said that the government will undertake reforms in reducing customs which will enhance exports and reduce import duties on gold and diamond. This will help in reducing the undervaluation of the fiscal budget. To protect MSMEs, taxes have been reduced. The Govt. also encouraged the use of blended fuels.
Dr. Mausumi Das spoke about the challenges the economy is facing. A few challenges are pandemic still looming large, a spike in retail inflation, rising unemployment, growing inequality, low domestic investment, lagging agricultural sector, massive learning gap in education. The focus of the budget shifted from short-term to medium/long-term goals. She also emphasized Pm Gati Shakti. Pm Gati Shakti here refers to roads, railways, airports, ports, mass transport, waterways, and logistics infrastructure.
Dr. Sudhanshu Kumar and Dr. Lekha Chakraborty highlighted that this budget illustrates the government giving a boost to the ongoing economic recovery through a sharp increase in Capex spending by relying on economic growth and revenues to achieve its fiscal sustainability objectives. The fiscal consolidation will facilitate a downward trend in the debt ratio, which will resolve the negative outlook on India’s rating. They further stated that has been no change in taxes because of the ongoing pandemic crisis. Various reforms have been undertaken by the government including recognition, resolution, and recapitalization which resulted in a decline in non-performing assets (NPAs) and a subsequent rise in profit.
To conclude “this budget has taken several steps to boost India’s pace of development brings in new hopes and ensures bright future for progressive India.
Finally, the roundtable was ended with concluding remarks and a vote of thanks.