Gujranwala Guru Nanak Institute of Management and Technology (GGNIMT), Civil Lines organized a live presentation and panel discussion on Union Budget 2019for the students of BBA, B.Com.and MBA here today.
Dr. Harpreet Singh , Principal,GGNIMT highlighted the importance of the budgetary process He said that when Just a few months remain before the term of the current government ends ,the Budget to be presented by Finance Minister is likely to be an interim Budget . He said that it is the last chance for the ruling BJP to cover its base and to offer incentives to the middle class as our PM is seeking the second term in the upcoming elections.
Prof. RamandeepKaur highlighted the Tax reforms in Interim Budget 2019. She informed that the tax free limit has been raised sharply from 2.5 Lakhs to Rs. 5 Lakh . She also outlined the rise of standard deduction toRs. 50,000 which is available to the salaried people. She also said that the GST reforms has strengthened the tax base by 80%.
Prof. Priya dealt in detail with the budget allocation in the various sectorsof the industry. She mentioned that GST registered SME units are likely to get 2% interest rebate on incremental loan of Rs 1 Crore.
Prof. Neha expressed her views on the Social Expenditure Sector. She said that the budget has provisions to facilitate supply of electricity in every household by March 2019. She pointed out that the budget also committed 8 Crores LPG connections under Ujjwala Scheme by 2020.
Prof. Subhreet gave details about the Regional Development Sector. She highlighted that an additional whooping amount has been made available to invest in rural towns and villages through the Rural Regeneration and Development Fund .
Prof. Savita focused on the education sector. She highlighted that Rs 38527 crores have been allocated to National Education Mission to benefit the education sector in India.
Prof. HarpreetKaurtalked in length about the Budgetary provisions on Agrarian society, youth and agriculture.she said the budget has a widespread coverage for structured income support for poor land holders, fisheries, sanitation, access to credit, livelihood,etc..She outlined the KisanSammanNidhi under which farmers owning up to two hectares will get Rs 6,000 per year. She said Interim Budget 2019has brought in a budget boost for the farmers. She also explained the new reforms for doubling the income of the farmers and to increase MSP for all 22 crops by 50%.
Prof Prabhdeep Singh presented the budget allocation on Defence Expenditure. He said the defense expenditure is proposed to be 3Lakh Crores
Prof. Sukhpreet introduced theCentral Schemes which were introduced in past but were strengthened in this budget.. She also highlighted how the schemes are likely to improve health & sanitation, employment , electricity and other basic amenities.
The presentions were followed by open house discussion where the students also presented their views and resolved their queries.
Prof. Manjit Singh Chhabra, Director, GGNIMTappreciated the faculty members for discussing the budget in its minutest detail. He advised the students to develop an analytical approach to the policy announcements made by govt. for availing the opportunities. He also urged them to understand the budgetary process and to figure out ways to benefit from it.