Dr Ram Manohar Lohiya National Law University, Lucknow, organised a panel discussion on ‘Macroeconomic Implications of Union Budget: 2018-19 and Current Economic Scenario in India’ on Monday evening on its campus. The panel comprised of the following three members:
The discussion dealt with various aspects of the Finance Budget 2018 and its ramifications on macroeconomic dimensions of the economy. The event was one its own kind since it dealt with an interface between law and economics in the light of Union Budget.
The discussion started by the opening remarks of Prof. (Dr.) Arvind Mohan, who gave a brief financial background of Indian economy. The cues given on the fiscal deficit condition helped students to delve into the real utility of allocation of financial resources under the Budget. His remarks on the futility of schemes, like national health insurance, without the proper resource allocation, explanation, and implementation were agreed upon.
The second panellist, Mr Vinamara Agarwal, a well-known industrialist, touched upon the subjects of growth of the industry. On one hand, when the Budget appreciated the small, medium and micro enterprises, on the other hand, it has not taken steps to ease the process of business for big manufacturing set-ups. The poignant state of factors of production (land, labour and capital) was highlighted and various steps to prevent the same were discussed.
The third panellist, CA (Dr.) Atul Mohan, lent a law background to the discussion, by talking about the functionality of economics in law. The importance of holistic approach towards analysing key financial issues from a lawyers’ perspective was highlighted. The effect of demonetization, taxation on the macroeconomic level was briefly discussed. His brilliant remarks on honing the skill in order to excel were inspiring. The discussion was carried forward by the questions posed by students on each aspect discussed during the event.
The event was attended by the students of Law University, faculty members, administrative and other staff members. The event was organized by faculty members Mr Bhanu Pratap Singh, Assistant Professor (Law) and Dr Mitali Tiwari, Assistant Professor (Economics) of the University.