Live Budget Session

A ‘Live Budget Session’ was organized by the Department of Accounting & Taxation of the IIS deemed to be University on 1 February, 2020 from 10:00a.m. to 1:00 p.m. for all university students. The session was compulsory for students of B. Com. (H) Prof., M. Com. and B. Com. (H) ATG elective to enable them better understand the practical aspect of the subject by listening to the Union Budget 2020.

Before the budget, various news channels showed expectations and opinions of common man, small and medium businessmen, farmers, company CEOs and other high ranking officials and government present and retired officials of various fields from the 15^th finance commission report.

The students got to know the formal procedure of presenting a union budget in the parliament. They carefully noted the previous and new policies and provisions and then tried to analyze the changes and their prospective impact on the economy. Finance Minister, Nirmala Sitaraman pointed the 3 main points of the budget of financial year 2020-21 – Aspirational India, Economic India and Caring Society. She also stated that robotics, technology and analytics were among the focus of government for the upcoming financial year.

 The key announcements included IPO (initial public offer) of LIC( Life Insurance Corporation of India), 100 more airports to be developed by 2025 under the UDAN scheme , the fund allotment to different sectors of economy like Rs. 99,300 crore for educational sector, Rs. 70,000 crore for railways, new tax rates, F.Y.(financial year) 20-21 fiscal deficit target- 3.80%, etc.

All the students actively participated in the ‘Live Budget Session’. Their energy doubled up when the faculty members announced that a ‘Budget Quiz’ will be organized towards February end. They also appreciated the efforts of professors and other staff members to organize this session which provided them an opportunity to develop practical knowledge and analytical skills.