Post Budget Session by Dr. Amarjeet Singh Khalsa
Management stream itself says whether you are going to “work in the business” or “do the business”. Budget is one of the finest document which affects the working and that is the reason why management student must know about the Budget. It is important for your financial stability and ensuring you can pay out common expenses, said Dr. Amarjeet Singh Khalsa at season 4 of the post-budget open lecture.
What is the Union Budget?
Union Budget is an Annual Financial Statement of India, a document by the Indian Government which signifies how they are going to manage the country’s finances in the upcoming financial year. It talks about the income and expenditure of a nation. The government tells us from where the money will come and where they are going to spend it. Union Budget is prepared by the Ministry of Finance.
Annual Budget vs Interim Budget
The annual budget consists of two parts. Part one is the detailed structure of income and expenses prepared by the government in the previous year. Part two is the announcement of future ways to raise funds from taxes. The current government announces the Interim budget during the last year of its tenure before elections. One cannot be sure who is going to form the next government so is not allowed to present the full budget and rather interim budget is passed. The new government will, however, announce a full budget after taking charge.
A detailed discussion on Economic Indicators such as GDP, Fiscal Deficit and Taxation was the major attraction of the session. Firstly, GDP or Gross Domestic Product is the monetary value of all the finished goods and services produced within a country in one year, which is 210 lakh crore and growing at a rate of 7% approximately. Secondly, the Fiscal Deficit is the difference between the government’s total expenditure and its total receipts. If the government spends more than it earns we have a situation called Fiscal Deficit, told Dr. Amarjeet Singh Khalsa. Lastly, the most important source of revenue of the government is Taxes. There are two types of Taxes (Direct and Indirect). Taxes that are directly paid to the government by the taxpayer are Direct Taxes and Indirect Taxes are applied to the manufacture or sale of goods and services.
More focus on the agriculture sector and fantastic ways to deal with the problems of the same suggested by Dr. Amarjeet S Khalsa. The whole session emphasized on the welfare of our Nation. Our Country must be our top priority, political differences do exist but that should not affect the attachment and love for India.