UTVi presents 'The Budget Debate'
UTVi presents ‘The Budget Debate’
UTVi, the business news channel organized the “The Budget Debate” to analyse the Union Budget and its implications on the youth and education. This exclusive high-powered event took place at Jamshed Bhabha Theatre NCPA, on July 6, 2009, Monday at 1.30pm. It was attended by the likes of:
* Sarang Wadhawan – MD, HDIL
* Mortaza Khorakiwala, MD, Wockhardt
* Bobby Parikh, Managing Partner, BMR & Associates
* Ajit Gulabchand, Chairman, HCC
* Rakesh Sarin – MD, Wartsila
The event saw a high-intensity post budget discussion by the panelists who shared their assessments of the Budget 2009-2010. They threw light on the repercussions of the budget and what it meant for different sectors. Also panelists were seen discussing “How Budget 2009 would help us reach Target 10%.
While moderating the discussion between business leaders of today and those of tomorrow – an 800 strong gathering of B-schools students from colleges such as K J Somaiya, Jamnalal Bajaj & Narsee Monji Institute of Management Studies to name a few, Mr. Ronnie Screwvala, CEO, UTV Software said, “Self employment opportunities fuel growth and are a key solution to entrepreneurship. Lesser regulations, keeping the taxes low and concessions for every industry will eventually fuel growth.”
Also, available at The Budget Debate, Mr. Mortaza Khorakiwala, MD, Wockhardt said “it is the right time for entrepreneurs to take chances – one must be willing to take risk and believe in the model of entrepreneurship.”
While closing The Budget Debate, Mr. Ronnie Screwvala called for a poll on whether all banks should get nationalized and the verdict of the gathering was that the banks should NOT be nationalized.
Highlights of the panel discussion:
Bobby Parikh – BMR Associates
- The markets do not reflect the budget.
- The trends of the last few projects have shown progress.
Ajit Gulabchand – Chairman HCC
- The markets in the end determine the sentiments of the country
- Reforms in general were expected from the budget
Rakesh Sarin- Wartsila
- The rural segments do not reflect in the market. Thus the markets is not a true reflection in the budget.
Ronnie Screwvala, CEO, UTV Software (Moderator)
Do you believe that there is an actual growth budget?
Bobby Parikh – BMR Associates
There was a clear emphasis on a 9% growth, which would require foreign funding. There are indications that there would be policies implemented to attract foreign capital. The government should not interfere in areas which can be operated by private players.
Ajit Gulabchand – Chairman HCC
The finance minister has signaled the next five year plan and it is very important for a country to have a debt market, but there is no signal of how will we achieve it? If a reform needs to be brought, then it needs to be done quickly.
Sarang Wadhwan- HDIL
The idea is there, but how do we achieve growth, 9% has not been announced. We would see that in the future, as to what the finance minister is doing about the same. The government is going to privatize to a limit. There would be only certain sectors that would be completely under the government.
Mortaza Khorakiwala- Workhardt
It is too early to say whether the budget is a disappointment or not. Certain sectors such as banking and infrastructure are sectors where the government should be a key player.
ON EDUCATION:
Ajit Gulabchand – Chairman HCC
We have got our education wrong for some time. They must create a system of subsidy in education sector. We should also give subsidy to students who can afford it. Unlike railway, HRD does not have an independent budget. Therefore a more focused approach to education is required. In the US, there are no colleges that are government owned, so why is it that we need so much government patronage in India? People still go to the USA, and get private college certificates. Allocation of funds should be done according to the education problem. Example: not 50 crores to one college, 2 crores to another and so on.
Rakesh Sarin- MD, Wartsila
Education is a sea where we cannot count the apples. There are two aspects to the same. One is how much money can we allocate, and the second is how do we use the same.
We need to create a balance between the two. The feather is in our cap since 2000, only and only because of the software industry.
Sarang Wadhwan:
In this budget, stress has also been given the subsidy of agriculture.
Bobby Parikh – BMR Associates
India shouldn’t look at 20 year growth. They should start looking at 5 year plans. Innovation and HRD should go hand in hand for the further development of India
ON TAX:
Ajit Gulabchand – Chairman HCC
Percentage of tax is ok, but only the slabs should be modified, so that more money is left with the tax payer.
