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Panel Discussion "Mr. Speaker, Sir, I rise to present the budget for the year 2004-05." Said Mr. P. Chindambaram, the CFO of Indian Inc as rapt audiences across the world listened to the annual financial spectacle of the largest democracy in the world. Two days later, the Business Environment Awareness (BEA) committee of S. P. Jain Institute of Management and Research (SPJIMR) organized "Where will the Bud'Get' you? - An analysis of budget 2004. The discussion covered the budget at a macro level and addressed some micro issues as well. The event began with a brief introduction of the panel of eminent personalities from Mumbai by Shivanu Kohli. It included Mr. R. R. Bhinge the CEO of TATA Strategic Management Group, Mr. Aditya Ranade from the Aditya Birla Group and Mr. Indrajit Gupta, the Deputy Editor of Business World. The SPJCM students from Dubai also joined the discussion for a while. Archana Sampath introduced the dignitaries from Dubai. They included Mr. Ashok Wadhwa from Ambit Corporate Finance and Mr. Angre` Sharif. Archana Khemka, from BEA, presented a summary of the budget. She emphasized the macro-economic steps taken, like the imposition of the VAT, commitment to infrastructure and agriculture. She covered aspects like direct and indirect taxes, and the market reaction to the budget. Professor Mukhopadhyaya, the moderator of the proceedings, opined that the seven goals of the budget were directly mapped to the Common Minimum Program (CMP) of the UPA. So, in a way, there was a compromise on the reforms. The panel discussion was kick started by an informative presentation by Mr. Bhinge. It was titled "Deciphering Budget 2004 - A Corporate View". And true to the title, the presentation looked at the budget from a corporate perspective of different sectors like Auto and Auto Components, Consumer products and Power Utility. There was a detailed analysis of the long-term and short-term, positive and negative implications of the budget. Some of the positive aspects included the target of covering the revenue deficit by 2008-2009 and introduction of the SEZ bill. On the flip side, however, the Finance Minister plans to review the NDA's progressive Power Act. The rising interest rates and inflation were also cited as causes of concern. Contributed by - |
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