Mangaluru: The Speakers Club of Alva’s Education Foundation, Rostrum, organized a panel discussion on “The Current Economic Scenario in India” on 28th October. Senior economist, columnist, researcher and professor in the department of Business Administration at Alva’s Institute of Engineering & Technology, Mijar, Dr G .V. Joshi moderated the discussion. The event was held in V. S. Acharya Hall, Vidyagiri campus of Alva’s Education Foundation in Moodbidri.

The impact of demonetization on Indian economy, impact of GST on Indian economy, International factors of economic slackening and governance issues were some of the key issues that were discussed during the panel discussion. Ten prominent personalities and industry experts gave their views and opinion during the event.

Dr V. B. Hans, Professor of Economics, St Aloysius Evening College, Mangaluru said, ‘’ A new thought pattern is being brought into the system because of demonetisation and GST. India is going to be one of the strongest G20 nations in the fiscal year 2018-19 through a GDP rate of 7.8 percent”.

Mr Nithin J Shetty, Charted Accountant, Mangaluru continued the panel, pointing out that GST and demonetization were the two boldest decisions taken by the Indian government. Along with these, Real Estate Regulatory Authority (RERA) and Benami Transaction Bill have checked all the irregularities existed in the system, he added.

Mrs Shruthi B N, Business Finance Head, Yardley Lighting and Switches, Bengaluru asserted that there was no economic crisis in the country. She said, “’What really affects GDP is government’s unnecessary spending like farmer loan waive off and canteen schemes like Amma canteen and Indira canteen. These kinds of gimmicks consume more money and cause burden to government exchequer’’.

Mr Shankar Bharadwaj, Agriculturist said current economy provides scope for generation of employment in the agricultural sector.

Mr Vilas Nayak, MD Hanuman Group, said economic condition of India cannot be judged on the basis of comparison with developed countries. The country has a considerably larger population with a meagre part of it paying taxes. Hence, a country like India requires time to work out its own policies, said Mr Nayak.

Mr Satish Shetty, AGM, Canara Bank, Mangaluru, offered real-time examples to prove his point. He said, ‘’Demonetization and GST are being blamed for slow down in the GDP growth rate, but it is inappropriate to attribute GST and Demonetization for this cause. In contrast, the macro economic factors in the country have strengthened like never before. Moreover, the country has seen the lowest inflation rate, fiscal deficit is stabilized and stress in MSC rate has lowered, he said. Provisions of state enactments which hinder the country’s new bankruptcy law, the Insolvency and Bankruptcy Code (IBC) have stopped all illegal and unethical activities of the corporate sector”.

Mr Satish Shetty added, “To give capital adequacy to public sector banks, the union government infused Rs 2.11 lakh crore capital over next two years. America’s new president Donald Trump and Brexit storm have adversely affected Indian Pharma and IT sector due to their protection policy in Europe and England. The impact of GST on agricultural sector is seen to be positive, where agrarian sector has grown by 2%, which is first time in 25 years”.

Mr Mohammad Abbas, entrepreneur from Moodbidri, said entrepreneurship was the need of the hour and government schemes should encourage new ventures.

Mr Pradeep Kumar L, CMO, ONGC Mangaluru Petrochemicals Ltd, said, ‘’Fuel prices are strategic aspect for every country, not just India. Fuel prices are not influenced by GST because they remain subject to other international aspects’’.

Concluding, Dr G. V. Joshi expressed the view that GST and other economic reforms must help the economy and the system to run in a better and most effective way. There was interaction with the members of audience at the end of the session.

Managing Trustee, Alva’s Education Foundation, Vivek Alva, Prof Deepak Raj, Rohan Dsouza and other coordinators of the association were present during the occasion.