Faculty of Mass Communication & Media Technology, SGT University organized a review session of the Union Budget 2023
The faculty of Mass Communication & Media Technology organized a review session of the Union Budget 2023 at the SGT University campus. All the faculty members along with the students participated in the session.
Prof. Sushil Manav, Dean, Faculty of Mass Communication & Media Technology, while addressing the students gave a brief introduction about the basics of the Union Budget.
The aim of holding this session was to acquaint students with the fundamentals of the Union budget. To get a better understanding of the same live screening of the budget speech was also done which was followed by a discussion and interaction session on the same.
Prof. Sushil Manav said that the day of the annual budget speech is an extremely crucial day for all Indian citizens as it’s important to be well informed in a democratic country like India and about matters concerning a common man. The budget speech gives people an idea of the tax liabilities, and an understanding of important matters related to tax structure, resource allocation, and prices of goods and services which have an impact on people’s purchasing decisions.
Introducing the subject to the students he said that the sources of revenue taken into consideration by the central government for preparing the budget are income tax, GST, excise duty, and loans if there are any from the world bank or other financial institutions however, for expenses the allocation to various sectors are taken into consideration and assets are written on the left side while on the right side, liabilities are written and in an ideal situation there should be a balance between the two. And if assets are on the higher side that means that the country is growing and has enough amount to survive while there is generally a lack and expenses are mostly more than the sources of income in an underdeveloped or a developing country. He also elaborated on the difference between fiscal and revenue deficits.
While discussing the basics of the Union Budget, Prof. Sushil Manav explained to the students that the aim of the report given by the Economic Survey of India is to inform the citizens of the country about the actual spending of the amount allocated in the last year while the budget aims to give an estimates of sources of revenues and spending for the upcoming year and what should be the allocations to various sectors.
He mentioned that the economic growth rate of India is high because there is a scope for growth and possibility to achieve a certain economic target while developed countries are already at the pinnacle of economic success and there is no further that they can go and for the same reason the growth rate of America, china and Britain and other developed countries is low in comparison to India despite being developed countries.
Highlighting the significance of budget reporting ,Associate professor Mr. SK Pandey while interacting with the students said it is a very serious task and should be done by a seasoned professional only who has in-depth knowledge of the subject.
Prof. Sushil Manav concluded the session and asked the students about their key take away from the session and also asked them to prepare a news story on the same.