BUDGET 2022 - AN INDUSTRY PERSPECTIVE

The Union Budget of India is presented before the Parliament before the beginning of the financial year. It has details of our country's projected receivables and payables for a particular, fiscal year, i.e., 1 April to 31 March. It affects people from all walks of life, from farmers to CXOs of prominent corporations,

So, the leaders of the future from our college needed to understand the Union Budget and its varied components. For this purpose, The Finance Department of SCMS NOIDA organized a webinar with Mr Debashis Das, Business & Life coach, Mentor & Entrepreneur, and Mr Deepak Chamola, Technical expert, GIZ.

Dr Prashant Dev Yadav, faculty in charge of the finance area, welcomed the prominent speakers, Mr Das and Mr Chamola. Dr Yadav has mentioned the role of budget in the economy and explained the focus area of budget 2022 like MSME, farmers, infrastructure. Dr Yadav also said there is a need for such kind interactions with the industry expert.

Mr Das enlightened the attendees about the importance of MSMEs in the new normal, the employment opportunities and benefits they create in India, and the reasons behind the Union Budget being "MSMEs oriented". MSMEs contribute to 37.54% of India's GDP. A new subject being introduced in the school curriculum of class 11th and 12th students.

He further added that 60% of Asia’s unicorns are from India. Over the years, India has become a "startup hub". The immense workforce of India allows for various new ideas to flourish. The advent of "Green" startups has just begun. Analyzing the trends, in 10-15 years, there will be no option but to live on alternate energy sources like solar energy, compost, etc.

Mr. Chamola explained the budget's impact on the agricultural sector. The reduction in subsidies and reforms to curb stubble burning and pollution were key focus areas. Agriculture was the only sector to grow in the pandemic positively. This Union Budget promotes chemical-free natural farming and climate action in the primary industry.

Instead of providing subsidies to farmers, the government directly allocates funds to them through various schemes. In general, there is a focus on giving credit to agriculture-based industries. Eighteen projects have been created to provide the farmers with more freedom for agriculture planning. The government is also trying to promote solarisation of the agricultural value chain, i.e., solar-based cold storage, irrigation pumps, etc.

Glimpses of the event-