Shri Ved Prakash Goel, MP (Rajya Sabha), BJP, while presiding over a seminar at IIF on 'Union Budget & its Impact on Common man' on March 19, 1997 took a very critical reviw of the budget and has shown his apprehensionS regarding the achievement of the budget proposals. The seminar was organized by Indian Institute of Finance and Udyog Bharti.

While speaking on this occasion, Dr. Manju Agarwal, and economist opined that Budget 1997 has been largely admired by a large section of the socitey but it has been criticized by some, including the constituents of UF Government, by calling it pro-poor,or pro rich.

Accroding to her, Budget's objective to achieve growth should not only be in economic variable (as can be seen that GDP 7.1% Saving 25.6%, Investment 27.4%, Agriculture 3%; Industrial Production 9.8% and Infrastructure 7 to 8%), but also to increase the "Physical quality of life Index" of people residing in India, Government had tough task to frame budget under the numerable constraits like Heavy fiscal deficit, sluggish industrial growth, wide trade deficit, Inadequate and poor infrastructure, high debet service ratio Lower export growth, Mounting oil pool deficit, Heavy financial burden due to pay commission recommendation, Heavy debet burden, Weak tax administration Massive Corruption, Black money and capital flight, observed Dr. Manju Agarwal.

Dr. Agarwal feels that people are very happy with the reduction to tax rates but, the reduction is going to affect only be 15 mn peopl, compared to 920 mn people. Tax on services will fuel inflation. Containment of fiscal deficit is good. However, if we change our attitude towards it and use this fical be growth in all economic variables in the economy. Similary imposition of 10% tax on distribution of divided would be counter productive for the economy because it is going to benefit FII and penalize small companies.

What is needed in the Golden Jubilee year of India's Independence is to provide basic minimum needs to every Indian citizen.

While speaking on this Goleden occasion, Shri V.D. Agarwal, Chartered Accountant discuse various revised tax proposale, concentrating moer on the proposals that affected the industries, i.e the corporate world .

He pointed out that by levying 10% divided tax (i.e. the formula of double dividend tax ), corporate tax has infact increase, and only private companies will be benefited from the revised rates. He suggested that, UTI unit's interest should be fully exempted, that value of boonds must alsbe calculated as indexed rates for computing capital gains.