GUWAHATI, July 29 � Praises were showered on the first Budget presented by the Narendra Modi-led National Democratic Alliance (NDA) Government at the Centre as �a fairly good Budget to begin with,� at a meeting organised by the Guwahati Management Association (GMA) recently at the Kanaklal Barua auditorium of the State Museum here.
Speaking on the occasion, noted economist Prof Dilip Barua explained the six constraints afflicting the country�s economy. Constraints like the high Current Account Deficit (CAD), high inflation and drop in the GDP are the inherited ones, while shortage in rainfall, Iraq War, the consequent volatility in the prices of petroleum products are the non-inherited ones.
Prof Barua was confident that some measures proposed in the Budget like incentives for the FDI in infrastructure development, liberalisation in FDI limits in the insurance sector and defence production etc., will kick-start industrial activities, reducing fiscal deficits and taking care of inflation.
Former Chief Secretary and a noted economist HN Das said that he has a feeling that the Budget presented to the Parliament by Finance Minister Arun Jaitley was so far the longest one. The NE region has been referred to in his Budget speech by the Finance Minister on maximum number of occasions. The total amount of capital earmarked for the NE region for the fiscal year in this Budget is the highest-ever allocation made for the region, he asserted, adding, however, implementation of the Budget proposals and utilisation of the funds it has allocated have remained to be the biggest concern.
Taking part in the interactive session, members of the audience wanted to know as to how the huge fiscal deficit will come down with no clear-cut vision on the part of the planners and policy makers. They also wanted to know how the huge subsidy outgo will be reined in.
The function was presided over by GMA president DN Barua. At the start of the meeting Hareswar Talukdar of the Association presented brief synopsis of the Union Budget presented by Jaitley. GMA vice president Satender Anand also spoke on the occasion.