Union Budget 2016-17

A workshop on the union budget was organised for the economics' students of class XII on March 19th 2016 at School. The purpose of the workshop was to provide an overview of some of the salient features of the Union Budget 2016-17, presented in Parliament by finance minister, Mr. Arun Jaitley. The guests of honour and speakers for the day were Mr. Vineet Sharma and Ms. Darpan Sharma. Mr. Vineet Sharma is a chartered accountant and runs a company of his own. Ms. Darpan Sharma is associate member of the ICWAI and also Manager, Finance at Bharat Electronics.

The session started with a brief introduction on the budget by Ms. Darpan Sharma. She explained the different parts of the budget and the concept of deficits. A deficit budget is good for a developing economy as the government spends more on the welfare of people as compared to its revenue collection. Mr. Vineet Sharma also provided the students with information on the current union budget and pointed out its highlights. He told them that this year's budget mainly focused on rural and agricultural development. He provided them with some basic knowledge on taxation and then explained the recent changes in tax rates. Both speakers described their experiences of drawing up budgets for different companies. This workshop left us with a wider perspective of what the budget is about.

Shivangi (XII B)