On 1st Feb 2017 students of RNB Global University in Commerce and Law discipline watched the live telecast of Presentation of Union Budget in the Parliament – 2017 by the Hon'ble Finance Minister Shri Arun Jaitely.
The prelude to this was a seminar on Pre Budgets held on 24th of January 2017. The session started with a speech of Mr. Rajiv Gupta (Assistant Professor, Finance) who highlighted the key points which students should concentrate specifically to understand the Budget-2017 well and connect them with their curriculum especially with subjects like Tax Economics. He discussed the reason for presenting the budget on 1st February instead of March this year.
This set the ground for expectation of students from the budget as they prepared themselves and listened attentively to the presentation of the budget. Students’ enthusiasm for watching the speech was at a higher note since they were trying to evaluate the outcome of speech with their expectation as discussed earlier during pre-budget round table conference held on Tuesday, 24th January, 2017
Following key points were noted by students while listening to the Live Budget-2017
(i) Using space technology in a big way to plan MGNREGA works
(ii) Effects of demonetisation not expected to spill over to next year and Demonetisation will help in transfer of resources from tax evaders to government
(iii) Hope to resolve all issues regarding GST via consultations
(iv) World Bank expects GDP growth rate at 7.6 percent in Financial Year 2018 and 7.8 percent in Financial Year 2019.
(v) Committed to double farm income in 5 years.
(vi) 100 percent electrification of villages to be completed by May 2018
(vii) Two new AIIMS to be set up Jharkhand and Gujarat
(viii) Income Tax rate cut to 5 % for individuals having income between Rs 2.5 lakh to Rs 5 lakh
(ix) 15 % surcharge on income above Rs 1 cr to continue.
(x) To create payment regulatory board at RBI
(i) 3,500 km railway lines to be commissioned in 2017-18 against 2,800 km in 2016-17.
(ii) Merger of Railway Budget with Budget 2017 a historic step
(iii) Railways to offer competitive ticket-booking facility; service charge withdrawn for tickets booked on IRCTC
Expression, gesture of students made a spectacular environment and the faculty members present along with the students at the hall appreciated the healthy atmosphere created therein.
After the live event a question hour session was held with the students for clarifying the doubts of students and help them understand budget which was of great learning as per the feedback received form students after the session.