Faculty and Students of the Department of Economics participated in the 20th Manorama Budget Lecture in Kochi.
Economist Surjit S. Bhalla gave the lecture on the union budget 2019-20
“The budget is no more a financial statement by accountants, for accountants. It has now become a vision document for the future suggesting long-term possibilities, long-term policies and long-term projections,” said Bhalla
“Around the world, policies are made in consensus and consultation with NGOs, economists, and policy makers along with the government, to figure out what the next best policy is. All policy changes and directives are not made on the budget, so that everything is transparent. And that is where we are going to,” said Bhalla. He added, with the introduction of GST Council, indirect tax policies have been completely removed from the ambit of the Union budget. Now, changes in direct tax policies and “tinkerisation” of import duties will also fade away from the budget as India moves towards the “future budget” and it would remain a part of the old methods of political economy.