Alva’s Rostrum Holds Panel discussion on Current Economic Scenario in India
Moodbidri: The speakers’ club “Rostrum” of Alva’s Education Foundation organized a high power panel session on the theme “the current economic scenario in India” on Saturday, at V S Acharya Auditorium, Vidyagiri.
The impact of demonetization on the Indian economy, impact of GST on the Indian economy, International factors of economic slackening and governance issues were debated to give prism of thinking. Entrepreneur Sripathy Bhat inaugurated the programme.
Nithin Shetty, Charted accountant, Mangaluru, said, “GST and demonetization have brought remarkable progress in the country. Along with this Real Estate Regulatory Authority and Benami Transaction Bill has checked all the irregularities existed in the system. He said we should stop talking negative part of the GST and demonetization and rather rationalize these aspects in every walk of our life”. Quoting the exemption of GST on crude oil, petrol, diesel, natural gases and liquor he said, “It is because of political reasons these exemptions are made. He called upon the students to study GST, which is going to be a great career in the future”.
Dr V B Hans, Professor of Economics, Saint Aloysius college, Mangaluru said, “There is even a growth, no growth or slow growth in the economy, but some sort of disciplines and philosophies are brought in the system due to demonetization and GST”. Talking about the better perspective of these two he said; “Now India is going to become the strongest G20 country in the fiscal year 2018-19 through its GDP reaching 7.8 percent”.
Referring to the recent Economic Council report of our country, he said, “It acknowledges the slowdown in economic growth and it has identified ten areas. Even though there is no economic crisis prevailing in the system but definitely shocks were given to the people in the form of demonetization and GST”. He put across few questions regarding the current economic scenario, and asked, “Is it the right hour to call GST and demonetization has two pillars of new India’s structural reforms? Will this take India to searching GDP? Whether the compact of GDP is more important than aggregate adverse of GDP?”. He said there should be economic rejuvenation and social re-engineering should take place through these reforms so that social inclusive growth could be attained. “He is not worried about dipping credit system, soaring prices of petroleum, stress in the banking system, sluggish demand, but how can common people face the surgical strike”, he questioned.
Shruthi B N, Business Finance Head, Yardley Lighting and Switches, Bengaluru said, “There is no economic crisis existing in the system, it is all created by the newspapers, analysts and political leaders” the first quarter of our fiscal year saw the GDP at 5.7%, but the second quarter seems to be much more positive in all respects. What really effects GDP is governments unnecessary spending like farmer loan waive off, Amma canteen and Indira canteen kind of gimmicks which consumes more money leading to the deficit”. She said that the government should stop doing political and poll gimmicks.
Shankar Bharadwaj, agriculturist said that the current economy provides scope for generation of employment in the agricultural sector.
Vilas Nayak, MD Hanuman Group, said that the economic condition of India cannot be judged on the basis of comparison with developed countries. It is considerably the larger population with a meager part of it paying taxes. Hence a country like India requires time to work out its own policies.
Mohammad Abbas, an entrepreneur, said Entrepreneurship is the need of the hour. We don’t need western investors exploiting us anymore.
Pradeep Kumar L, CMO, ONGC Mangaluru Petrochemicals Ltd, said, “Fuel prices are strategic aspect for every country, not just India. Fuel prices are not influenced by GST because they remain subject to other international aspects”.
Senior Economist and columnist Dr G V Joshi moderated the programme. Later stage programme provided valid platforms to raise questions among students.
Alva’s Education Foundation Trustee Vivek Alva and others were present on the occasion.