GG News Bureau
Chandigarh, 5th Feb. The 2025-26 budget offers benefits to the middle class for consumption-led growth, with the expectation that they will become responsible stakeholders, effectively utilizing enhanced disposable income for need-based consumption, saving, and investment by adopting Needonomics (economics of needs) ,” opined Prof. Madan Mohan Goel, Founder of the Needonomics School of Thought, a three-time Vice-Chancellor (Starex University, Jagannath University, RGNIYD), and a Superannuated Professor of Economics at Kurukshetra University. He was delivering a lecture titled “Union Budget 2025-26: An Analysis from the Needonomics Perspective” at Goswami Ganesh Dutta S.D. College, Chandigarh. The event was presided over by Principal Dr. Ajay Sharma, while Dr.Vivek Sharma HOD economics delivered the welcome address and Dr Meenu Gupta presented a citation highlighting Prof. M.M. Goel’s achievements.
In his lecture, Prof. Goel provided insights into the Union Budget 2025-26, which amounts to Rs. 5,065,345 crore, as presented by Finance Minister Nirmala Sitharaman. He remarked that while the provisions of the budget are necessary, they are insufficient to achieve the vision of Viksit Bharat by 2047 unless the consumption-investment paradox is addressed.
Despite the introduction of new tax slabs and rates, Prof. Goel emphasized income taxpayers, who make up only 2% of the population, should be recognized as a minority group, deserving of specific benefits and protections similar to those afforded to other minorities in India.
To move towards Viksit Bharat, Prof. Goel also suggested a case for changing the financial year from July 1 to June 30, aligning it with the academic year and agricultural calendar, which both begin on July 1.
To strengthen infrastructure for Viksit Bharat, Prof. Goel stressed that the rate of increase in capital expenditure should surpass that of revenue expenditure in all forthcoming budgets.
Furthermore, to address the financial challenges faced by states in implementing the National Education Policy, Prof. Goel highlighted the importance of effectively utilizing the education cess collected from taxpayers as a crucial step toward achieving Viksit Bharat.
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