Debate and discussion on the recent budget

BANGALORE: To dissect the budget and its implications for the economy, Indian Institute of Planning and Management’s Economics and Entrepreneurship Club, E2, organised their annual post budget review recently.The panel of guests for the event featured Vivek Menon, the first runner up of the Lead India competition and member of Banglaore City Connect Foundation (BCCF), and Professor L Augustine, associate professor and head of the department of commerce at St Joseph’s College of Commerce.“Pranab Mukherjee presented a fairly pragmatic and honest budget that highlighted the shortcomings of the country’s policy making and government finances more than it showcased the strengths of the economy,” said Vivek Menon on the occasion.He urged students to improve the state of the nation by using tools such as the Right To Information Act.He further added, “Log on to a website and fill out an RTI application even to get information about your neighbourhood and that is how you can bring a transformation in the society.” He further gave an overview of lessons from the budget highlighting the effectiveness of policy making, being hurt not just by fiscal deficit but by three other types of deficits — credibility deficit, resource deficit and political deficit.Professor Augustine addressed the gathering about the more specific issue of direct and indirect taxes.He spoke about the balance between tax breaks and newer taxes like entertainment tax which has raised while service tax break for the films produced balances overall industry.The E2 club’s budget special issue of the magazine Econormist was also released by the speakers on the occasion.“The session was very informative as it gave an opportunity for students as well as other staff members to get an overall idea about the budget and about how we can make our self useful for better society,” said Vivek Kangath, assistant manager, Indian Centre for Public Affairs and Relations