EDEC, in collaboration with FinShots, organized the annual "Budget Pe Behes" 2.0 at the Bloomberg Lab with 140+ attendees. This year’s event focused on the interim budget for FY 2024-25, offering an in-depth analysis of the government's modest economic growth target of 3.6% and the projected inflation rate of 12%. Discussions also examined the total budget outlay of ₹18.9 trillion, with particular focus on the fiscal deficit, which has been reduced to 5.9% of GDP from 7.4% the previous year. Participants critically explored the implications of key allocations for interest payments, defense, and social welfare, evaluating the balance between fiscal discipline and developmental priorities.

 

The panelists examined revenue mobilization strategies, particularly the ambitious target for Central Board of Direct Taxes (CBDT) and its Goods and Services Tax (GST) collections. Taxes set at ₹12.97 trillion, along with the projected non-tax revenue of ₹4.8 trillion. Key budgetary measures were discussed, including adjustments to the Excise Duty, the petroleum levy, and the removal of GST exemptions. The event underscored the government’s strategies to bridge the fiscal gap while addressing economic challenges and fostering growth.

 

Additionally, the event highlighted the Union Budget 2024's introduction of new income tax slabs, with the standard deduction increase, and adjustments in tax rates across various income brackets. Provisions for youth and job creation included ₹1.48 lakh crore for education, employment, and skill development, and a €2 lakh crore allocation for supporting 4.1 crore youth and generating jobs. Infrastructure received a significant boost, with ₹2.66 lakh crore allocated for rural development, and central assistance of ₹2.2 lakh crore for urban housing, alongside long-term interest-free loans to support state infrastructure development.

 

For businesses and startups, the abolition of the Angel Tax for all categories of investors, along with a new credit guarantee scheme for MSMEs, were key highlights. The government’s focus on the development of Bihar and Andhra Pradesh was also discussed, with significant investments in road projects, flood mitigation, and the development of Amaravati as Andhra Pradesh’s new capital.

This year’s panel featured distinguished experts, including our esteemed professor and mentor Mr. Bhavesh Rajani, along with alumni and Co-Founder of Career Pandit EduTech Pvt. Ltd., Mr. Yugantar Rathod, Mr. Prithviraj Singh Chauhan, and The Economic Guru, Mr. R. N. Bhaskar. Their diverse perspectives, combining mentorship, entrepreneurial insights, sectoral expertise, and economic acumen, enriched the discussions and provided participants with a thorough understanding of the budget’s implications across various sectors.

 

Particularly notable was the discussion on Finance Minister Sitharaman’s emphasis on youth, marginalized communities, women, and farmers. The extension of Ayushman Bharat healthcare coverage to all ASHA and Anganwadi workers and helpers was highlighted as a significant step towards ensuring the welfare of frontline healthcare workers.

 

In conclusion, "Budget Pe Behes 2.0" exemplified EDEC and FinShots’ dedication to promoting informed discourse on matters of economic significance. The event not only dissected the intricacies of the budget but also fostered a collaborative environment for students, faculty, and alumni to engage in meaningful and impactful discussions.