Post Budget Analysis 2009

Budget 2009 was framed in a rapidly changing domestic and international climate and presented considerable challenges for the Government to address. 

IIIM organized a session on "Post Budget Analysis-2009” on July 9, 2009, which was led and guided by Shri. Pankaj Ghiya, who is advocate by profession and a specialist in sales tax and other indirect taxes.  

Mr. Ghiya initiated  his session saying that the union finance minister Shri Pranab Mukherjee, sticking to the theme of 'inclusive growth' espoused by the UPA Government, unveiled schemes for exporters hard-hit by the global downturn and direct subsidies for farmers, as the budget was focused on rural India aiming at comprehensive growth.  

Mr. Ghiya said that recession is not so acute in India because of high saving rate and huge consumption market so taking at the tale of financial system “AAM AADMI BUDGET” has been presented to immunize Indian economy from the global slow down.  

Mr. Ghiya believed that from increase in tax exemptions for senior citizens and axing the fringe benefit taxes to, no change in corporate taxes and personal income tax exemption hike of Rs 10,000, Budget 2009-10 sounds like a bag of goodies for the common man. He said that the government will have to balance conflicting objectives of spurring growth and reining in a soaring fiscal deficit.