Saturday, October 1, 2022

Allocate 6% of GDP for Growth of Education, Says Madabhushi Sridhar

Hyderabad : Professor Madabhushi Sridhar, former Central Information Commissioner, and Dean (Law), Mahindra University emphasized the need for high allocations to the tune of 6% of GDP to the Education sector to get aimed results of New Education Policy. Prof Sridhar was concluding the debate on Union Budget 2022 at School of Law. There is an increase in allocation for public spending on Education this year, but it comes only to 3.1 percent, where as the New Education Policy needed 6% of GDP every year for three or four decades.

The analytical discussion on the Budget–2022 highlighted the need for better strategy in spending the money rather than increased allocations. The Budget meet was attended by a large number of academicians, lawyers and scholars of Mahindra University.

Dr. Samyukta Bhupatiraju, while assessing the impact of allocations in the budget, said that the schemes like National Employment Guarantee should have been increased, so that employability could have continued and prevented sudden loss of jobs. She felt at least the same fund should have been allocated. Though there is a small increase in allocation to Education, up to 3.1 percent of GDP, it is far less than 6% recommended by the New Education Policy. 

Professor Vinay Sharma said that the strategy to spending is more important than increased allocations. He said that the government increased Capital Expenditure to 7.5 lakh crores, which may result in inflation, which the RBI and Government need to control by initiating certain specific measures, by which jobs could be created. Though the Government is committed to limit the fiscal deficit to 6.4 per cent of GDP (last year it was 6.9%), it took bold initiative to increase the outlay of capital expenditure. He said that it was a delicate balance between growth and inflation, he said. Prof Vinay said that budget has positively continued the good policies for the growth of MSMEs sector in reference to the resource management maintained through Emergency Credit Line Guarantee Scheme, Green Bonds etc.

Prof. Rishi Raj explained that the replacement of the SEZ Act would result in utilizing that infrastructure for creation of more jobs, in addition to exports aimed production.  It also increased the scope of involving the states as partners in becoming development hub. The Budget also focussed upon the semiconductor industry potential of India, as the next manufacturing destination on the globe.

Prof. Shruti Kakkar highlighted the imposition of 30 per cent tax on digital assets in Budget 2022. There is no law so far in India authorising use of digital currency/assets. She emphasized the need for appropriate digital currency policy preceding the taxation on digital assets. She said that the Government opted for grown vis-à-vis additional taxation in view the economic crisis caused by Covid pandemic.

Many questions with analytical and evaluative nature were also discussed among the speakers and the audiences.

Recalling the popularity of budget lectures of eminent Advocate Nani Palkhivala, Prof. (Dr.) Sridhar explained the Constitutional link to the budget, which is legally called Annual Financial Statement, and the mandate that not single rupee could be spent without the sanction by the Parliament, which necessitated national debate on economy every year. He thanked all the faculty members, students and scholars for an energetic contribution and interaction.

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