‘Budget has set the tone for economic reforms’

The Union Budget has set the tone for economic reforms by announcing measures such as moving from government to governance, simplifying of tax regime, giving boost to agriculture sector, allowing FDI in select sectors, according to B Yerram Raju, consultant economist.

Addressing a workshop on “Overview of Budget, focus on SMEs and Opportunities” at G Pulla Reddy Engineering College, organised by Business Line here, he termed the Budget as “progressive, futuristic and dynamic”.

The present Finance Minister had inherited an economy which was in shambles, Raju said adding the earlier UPA Government indulged in jugglery of figures by inflating the receipts from public sector units and postponing expenditure.

On external factors, Raju said the global economic recession was still continuing and India cannot be insulated from it completely. A GDP growth rate of 5.4-5.9 per cent was anticipated while four per cent growth in agriculture was considered crucial. On allocation of 3.3 per cent budget for education he said, it should go up to six per cent if tangible results are to be expected or demographic dividend of the country was to be harnessed. He advised the engineering students to improve financial literacy.

B Rajender, expert in securities, speaking on the stock market, said the students should also have knowledge of companies, their financials and stock market. He said stock market had given the highest returns even in the volatile conditions. One could benefit by investing early, investing regularly and investing for a longer time.

Placement Officer Veerabhadra Reddy, Principal Srinivasa Reddy, Director Jayarami Reddy, Assistant Regional Manager SDT Rao and others were present on the occasion.

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