The Hindu Business Line : `Effective mechanism needed to take benefits to end user'

MR K.P. PADMAKUMAR, former Chairman, Federal Bank, speaking on the Union Budget at Rajagiri College of Management near Kochi on Tuesday. The event was organised by BL Club. - K.K. Mustafah

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Kochi March 6 The Business Line Club at the Rajagiri School of Management here organised a discussion on the Union Budget 2007-08 on Tuesday.

Addressing students on the Budget, Mr K.P. Padmakumar, former Chairman, Federal Bank, said the country is currently placed at an advantageous position with strong fundamentals and hence the Budget should have been a more courageous one to take the country to a different orbit of growth.

The Budget has made higher allocations for farm credit and programmes aimed at developing the agricultural and rural sector.

FARMER SUICIDE

Mr Padmakumar said that it was not the availability of credit or indebtedness that was responsible for the farmers committing suicides but lack of remunerative prices, adequate infrastructure to keep the produce, including the perishables, and marketing problems.

Therefore, development of the rural sector for helping the farmer in cultivation, irrigation, harvesting, post-harvest technology and marketing of their produce at remunerative prices acquire importance.

Though there are provisions made for some of these issues there should have to be an effective mechanism to take these benefits to the right beneficiary, he said.

ROLE OF RRB

The RRB has been given a significant role to play now. But that also depends on the delivery system, he said. Besides, the Budget has not given what the corporate sector deserved, as it is the major contributor to the tax revenue of the Government.

NO IMPETUS

The Budget in toto, he said, has not given the impetus required to spur growth.

It should have been transformational and path-breaking. But nothing of the sort was there and it exhibited lack of courage, he added.

Mr P. Narayanan, Regional General Manager, The Hindu, Kochi, introduced Business Line to the audience.

A mock Budget competition was held before the Budget by student teams and the team comprising Mr J. Jameel, Mr Yacoob Jacob and Mr Jiby Antony has won the first prize. Mr Padmakumar gave away a cash prize to the winners.

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