The Centre for Business Law at the National University of Study and Research in Law (NUSRL), Ranchi, organized a panel discussion on the topic "Union Budget 2025: Balancing Growth, Stability, and Inclusive Development.”

The discussion delved deeply into various aspects of the Union Budget, focusing on its policies, objectives, and the potential impact on development. 

The panelists described the budget as balanced and development-oriented. During the discussion, students raised questions regarding the focus on Bihar in the budget. 

Dr. Narendra Narottam responded by emphasizing the deep connection between politics and the economy, stating, "Bihar is a major exporter of makhana, and there is a need to empower this sector." 

Dr. Amarendu Nandi explained the fundamental definition of a budget, saying, "A budget is a record of income and expenditure, but more than that, it reflects policies, plans, and development." 
He also shared his views on the aspects of the budget related to Bihar. Mr. Vinay Jalan elaborated on tax-related issues, He explained that Everyone contributes taxes, either directly or indirectly.

If someone does not pay direct taxes, they contribute indirectly through the Goods and Services Tax (GST) when buying goods. Until we take responsibility for the development funded by our tax money, discontent will persist." 

He further simplified the budget by comparing it to a household budget. Dr. Shweta Mohan highlighted the changes in tax slabs and said, "People will now have more money to spend, which will increase consumer expenditure. 

The focus on employment creation and strengthening agriculture will improve the country's economic condition." Throughout the session, both students and faculty raised various questions. 

One question asked, "Many people pay both direct and indirect taxes, yet they don’t receive special benefits. Why?" In response, Mr. Vinay Jalan explained, "If tax exemptions were based on effort, the hardest working people, like rickshaw pullers, porters, and laborers, would receive the most. 

Tax money is spent on national development, and it is incorrect to think that paying taxes should result in personal benefits." 

The discussion also touched upon issues like the return of black money, the relationship between central and state budgets, and the political influence in the budget. The panelists answered all questions thoroughly, providing valuable insights. 

This event not only proved to be educational for the students but also gave them an opportunity to understand the complexities of the budget and economic policies. 

*Panelists:* 

Dr. Amarendu Nandi, Assistant Professor, IIM Ranchi Mr. Vinay Jalan, Tax Consultant Dr. Narendra Narottam, Assistant Professor, NUSRL Ranchi Dr. Shweta Mohan, Assistant Professor (Selection Grade), NUSRL Ranchi 

*Program Moderator:* Saurabh Kumar Jha, Student 

*FACULTY MEMBERS:* Dr. Hiral Mehta Kumar, Convenor Dr. Sanchita Tewari Dr. Mrityunjay Mayank Mr. Shantanu Braj Choubey