Arthashastra – The Economics Club of Indian Institute of Management Bodh Gaya (IIM Bodh Gaya) organized a Panel Discussion on the topic, “UNION BUDGET 2023: Aftermath & Impact on Businesses & People.” Arthashastra unveiled its new logo and vision for the future. The Panelists consisted of industry leaders – Dharmakirti Joshi, Chief Economist at CRISIL, Siddhartha Sanyal, Chief Economist and Head of Research at Bandhan Bank, and Nalin Priyaranjan, Manager at Reserve Bank of India. The event was moderated by Prof. Ranjan Aneja.

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“Climate Change has become an important parameter for the first time in the Indian Budget,” said Dharmakirti Joshi, Chief Economist at CRISIL. The Panelists discussed various aspects of the budget, such as increased capital expenditure by 33% to Rs 10 lakhs crore and its potential to bring a good multiplier effect on the economy; forecasted projection on GDP growth within a range of 10.5% to 11%; and special focus on the manufacturing sector with green strategy. The panel highlighted that this is the last budget of current union government which is though not populist not a populist one, instead, a balanced one, focusing on smaller projects like affordable housing finance, and at the same time facilitating initiatives like last-mile connectivity and increased spending on rural agricultural storage facilities, thus improving the supply chain to all parts of India.

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The panel addressed the famous debate surrounding the old tax regime vs. the new tax regime. The panel also underlined that the government has increased their allocations for MSME, is banking on fuel cell based batteries, is focusing on sustainable finance along with climate finance and the bullet train project is setting the foundation for growth.

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After this insightful discussion, the floor was opened for the Q&A session, where the students raised several pertinent questions. The event concluded with ending remarks from the student members of Arthashastra and the faculty members of the Economics area, IIM Bodh Gaya, thanking all the panelists and the moderator for their participation and priceless insights. Submitted by IIM Bodh Gaya