Lucknow: The seminar conducted under the aegis of the Department of Business Administration, University of Lucknow on the Union Budget 2024 was held on July 24, 2024 discussed on issues related to various aspects of budget like employment, women empowerment, skilling, and msme middle class.
Dr. Ajai Prakash coordinated the workshop and spoke on how the middle class will progress under the new budget and how the different schemes will give a boost to ODOPs and other sectors making India more industrialised, empowered and entrepreneurial.
Prof. Sanjay Medhavi especially looked at the movement of the economy from savings to consumption which will increase India’s GDP and help grow the economy. He also talked about the simplification of the taxation structure.
KEYNOTE SPEAKER (MR Siddharth Kalhans, Bureau Chief, Business Standard) indicated how Uttar Pradesh has benefitted from the Viksit Bharat allocation of 14,000 crores. many schemes like international tourism centres, and new areas of industrialisation. He also indicated how the students of business should look for employment in the new budget focus areas.
• In terms of the budget, UP has not been ignored compared to other states. It is getting international Tourism Centre in Varanasi and UP will benefit from this.
• UP’s share in budget allocation is around 2.3 lakhs crores.
• Poor, Women, Youth, and Farmers are the key focus areas.
• Special mention of MSMEs.
• SIDBI branches in all MSMEs clusters.
• Banks will have their own assessment centre for dispersing loans.
• MSMEs to easily get loans from banks through Government guarantee.
• Emphasis on generating employment
• Education loans upto Rs. 10 Lakhs but its beneficiary will be less than 1% of the students.
• The New income tax regime is more beneficial for new entrants.
• Income Tax Act 1961 needs a fresh look.
• Problem of domestic savings.
• People discouraged from investing in stock market with increase in Capital Gains tax
• UGC allocation has been decreased but allocation to central universities has increased.
Dr. Md. Anees indicated how the different policies of the government will not change how the individuals will save. In fact, the structure of the new tax will not be having any significant influence on individual income.
• Selling of older properties will be disadvantageous with the removal of indexation benefit.
• There is less tax on multinational firms which will encourage more FDI.
Dr. Ritu Narang, indicated how the non-indexation of the property value will lead to a higher tax outgo for individuals and also highlighted the following points.
• The old tax regime had exemptions for savings. It encouraged savings. But the new tax regime has no incentive to promote savings.
• The government wants to encourage more consumption.
• High-income earners are being disadvantaged because of higher tax
• The government can look into increasing the pension and saving rates.
• There is optimism in employment generation through internship program.
Prof Sanjay Medhavi, the acting Head, presented a vote of thanks.
