Decoding the Interim Union Budget FY 24-25
Indian Institute of Management Visakhapatnam (IIMV) hosted an online panel discussion titled “Decoding the Interim Union Budget FY 24-25” on 6 February 2024, followed by a Question and Answer session. Dr. Tamali Chakraborty, Chair of the Economics and Social Sciences Area (ESS), provided opening remarks to set the context.
The online panel comprised Dr. Soumya Kanti Ghosh, Group Chief Economic Advisor, State Bank of India; Dr. M. Govinda Rao, Councillor, Takshashila Institution; and Dr. Charan Singh, Chief Executive, Economic Growth and Welfare (EGROW) Foundation. Dr. Kalyan Kolukuluri, Assistant Professor in the ESS Area, moderated the discussion.
Dr. Ghosh addressed this budget as charting the future path of 'Viksit Bharat,' with a promising Gross Domestic Product (GDP) growth rate of 7%. In Dr. Ghosh’s opinion, the interim budget was quite impactful, fiscal consolidation and increased capital expenditure were at its core. Dr. M. Govinda Rao remarked that the budget displayed greater transparency and accountability and prioritised infrastructure development to ensure stability and foster greater GDP growth. He also highlighted the necessity of achieving a minimum of 9% real growth over the next 25 years to transform India into a developed country by 2047. Dr. Charan Singh stated that the budget had necessary announcements regarding the social sector, focusing on policies for enhancing female labour force participation, youth skill development, poverty alleviation, and farmer welfare. He closed the discussion by saying the budget maintained continuity and created policy momentum for the coming years.
IIMV students and faculty participated enthusiastically with very inquisitive queries. The session gave a birds-eye view of the Interim union budget. Dr. Asmita Verma, Assistant Professor in the ESS Area, concluded the session by expressing gratitude to all the panelists and participants.
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