Ujjain: The helicopter money which was transferred to the poor and the needy as a relief measure during the pandemic lockdown through DBT displayed a peculiar trend of increased marginal propensity to save rather than marginal propensity to consume due to an apprehension of another future crisis and uncertainty. This led the government to take up target oriented transfers and reduce general outlays on subsidies and welfare schemes like MNREGA. This shift in focus from entitlement to empowerment has been complimented with a simultaneous focus on skill development including that in New Education Policy-2020.
These were the words of renowned economist from Udaipur Prof Ganesh Kawadia, who was speaking as a speaker in the national webinar on Decoding Union Budget 2021-22.
It was organised by department of economics, Government Girls’ Post-graduate College’s Internal Quality Assurance Cell in collaboration with School of Studies in Economics, Vikram University and Tapan Chourey Foundation.
He remarked that the proposed borrowings in the budget are not worrisome against the backdrop of the positive economic parameters of risk bearing capacity of the government. On privatisation drive he opined that it is actually more of dismantling of socialistic economic order which dissuades efficiency and competition.
Prof Kawadia stated that the Union Budget 2021-22 is a heavily loaded with supply side push but demand too has an important role to play in the revival of the economy.
The second speaker, chartered accountant Kuldeep Gupta, secretary of ICAI, Jaipur explained
all the GST provisions and Income Tax Amendments mentioned in the Union Budget 2021-22 in a lucid manner.
The third Speaker Sanjay Kumar Sharma, AGM, State Bank of India, Ujjain said that banking is the backbone of an economy and the trust of public in this sector is essential for the nation, so the rise in the deposit insurance cover is a big confidence booster for the public and survival of banks.
He said earlier the banks were originally private which were then nationalised and now again are being privatised on the grounds of low efficiency quotient of PSBs. The proposed Asset Reconstruction Company on the concept of a Bad Bank will lead to balance sheet cleaning, unlocking of money deposits for lending and bad loan management tasks will be diverted to productive managerial functions.
Thematic introduction was given by the webinar convener and IQAC coordinator Dr Neeta Tapan. Welcome address was given by the co-convener Dr SK Mishra, head School of Studies in Economics, Vikram Unversity. Introduction of guests was given by Dr Nikhil Joshi and Dr Sangram Bhushan. Programme was conducted by Dr Rashmi Bhragava and vote of thanks was given by Tisha Choubey. Technical support was given by Vivek Dubey.
