In our effort to make the budget-2014 more than just an event in the calendar, the Academic Team invited Prof. Sudeep Bedi, Director and CEO Knowaysys Consulting Solutions to de-mystify the budget. The session was a mix of humor and information. According to Prof. Bedi “the best way to analyze any budget would be to assess if the budget takes India forward”.
Prof. Bedi believes the Budget could have been better, as the expectation was much higher. Rather than talking about the usual FDI and Subsidies, he decided to bring to our notice, what according to him are major flaws in the budget and government policies. These could be easily overlooked by an inexperienced eye. Here are some of the policies he mentioned
– Over expectation from foreign investors and over dependence on FII’s and FDI’s
– Retrospective taxation and it’s ill effects
-Indirect taxes charged during tax dispute appeals
-Target of 4.1% fiscal deficit considered unrealistic
-No plan for handling a looming draught
-Interest/Fine charged on delayed Tax-payment high (18-30%)
-Making the CEO’s, CFO’s, MD’s personally liable in case of issue with the fiscal authority.
-Direct tax code being an invalid
-On a positive front Prof Bedi appreciated the fact that for the first time many provisions were made keeping the Disabled in mind
-Brail currency note
-Center for disability sport
Prof Bedi provided a rare insight to otherwise untouched area of the government policies which needs to be questioned and challenged. He gave us the facts and left the forum open for our own interpretation.
In conclusion I would yet again quote him “disability can be noticed but ability must be recognized”. It is a powerful message which is applicable to both an individual as well as a government. We hope that the flaws we did notice are overcome in the next review and the ability of the new government be recognized by all.