CHANDIGARH – March 31, 2008: The Book Release Ceremony of ICSSR North-Western Regional Centre was conducted at the ICSSR Complex, P.U. Chandigarh on March 31,2008.Honorable Minister of State for Finance – Shri Pawan Kumar Bansal and Professor R.C. Sobti, Vice-Chancellor, Panjab University released the book etitled “Financial Administration in India: Changing Contours and Emerging Challenges” edited by Professor R.K.Gupta, Shri P.K. Saini, Shri P.K. Saini in his welcome address said that this volume consists of the papers presented at a National Seminar on “Changing Contours of Financial Administration in India: Emerging Challenges” held at the ICSSR Complex, Panjab University, Chandigarh. The seminar was organized jointly by the Indian Council of Social Science Research, Regional Centre, Chandigarh and Senior Citizens Council for Human Resource Development, Chandigarh. The contributors include senior level functionaries from the Ministry of Finance, Civil Services, Comptroller & Auditor General of India, Reserve Bank of India and Senior Professor from the Universities, apart from those who have retired but have held highly responsible positions in Government and other organizations. This Volume will do a great service to the people of India to create public opinion in favour of public welfare and not allowing the Government to make investments in wasteful activities.
Shri Pawan Kumar Bansal while addressing the audience said that the book has much relevance to present times in Indian economy. This edited volume encompasses a whole range of topics ranging from ideas on people friendly budget tax reforms in India, the various dimensions of budgeting process in India and critical evaluation of union budgets to management of forex reserves to location of major sources of revenue of the central government. Interestingly, the new paradigm of expenditure management in the volume of connect with each individuals.
Dwelling on relevance of the study Shri Bansal said it is important to understand the dynamics of financial administration where 82% of farmers own less than five acres of land each. He further said that that people actually do not hesitate to pay tax but their concern is about its use, which should be transparent. The people do not hesitate to pay taxes is evidenced by the fact that there is 40% growth in tax revenue which has led to the central government giving relaxation to people in the present budget.
The finance and economics should be left to the Economists in the today’s interdependent world. The paradigm of development was based on the capital. We should look forward to much greater growth. The inflation has to be taken head on. The present growth rate is 8.6%. The important thing is not to control but regulation is must. We must bring down the revenue deficit to 0% and the fiscal to 3%. We are hopeful to achieve this target from presently 2.5% to 3% incoming years. The people must become the part of economic development and we have to spread the message that the maximum people pay the taxes. The government is of the view that 75% of budgetary allocations must be spent in first nine months on quality expenses.
Professor R..C. Sobti, Vice-Chancellor, Panjab University, presided over the function. He appreciated endeavour of the ICSSR North-Western Regional Centre for publishing a book on an issue of present context. He declared the book a step in right direction
Professor Pranab Banerji from Indian Institute of Public Administration, New Delhi, in his Book Review remarks said that the book brings together a set of contributions from experts drawn from the fields of finance, academia, administration and audit. It covers the developments in important areas of the financial sector and especially the fiscal sector, in post reforms India. It focuses both on quantitative trends and qualitative aspects of Central Budgets. It also analysis the institutional and procedural changes that have been introduced in financial administration. It links fiscal developments to foreign exchange markets and also discusses new initiatives like public private partnerships, FRBM Acts, gender budgeting etc. The book is a valuable milestone in the study of post reforms financial administration in India.
Professor R.K. Gupta proposed vote of thanks. He was hopeful that the rich experience and innovative thoughts of the contributors in this Book will be of a great help to all the readers specifically in the area of revenue and public finance area