As the Indian economy carves a path for itself that moves away from the pandemic-induced slump, the value of the Union Budget 2022-2023 outlined on February 1, 2022, gains credence. This budget is pertinent as it makes clear the foundation for economic growth via public investment. The 2022-2023 budget has given a considerable amount of attention to developing and boosting domestic manufacturing and hopes to create several new jobs to offset the unemployment triggered by the pandemic over the past two years.
Continue reading to understand different areas of budget that are worth noting.
Deficit and Expenditure
In terms of the proposed deficit and expenditure, the union budget outlined a fiscal deficit of 4.5 per cent of the gross domestic product (or GDP) anticipated by 2025-2026 whereas it outlined a fiscal deficit worth 6.4 per cent of the GDP in 2022-2023. It also revised 2021-2022’s fiscal deficit to 6.9 per cent of the GDP. The total expenditure anticipated for 2022-2023 is marked at INR 39.45 trillion.
Other facts worth noting here are the following.
The 2022-2023 budget proposed the following suggestion as far as taxation is concerned.
The following factors are pertinent.
In terms of infrastructure, the following factors are pertinent.
While the aforementioned proposed initiatives outlined in the 2022-2023 budget are promising, the income tax slabs remain unchanged which is a setback for salaried individuals. All in all though, the budget encourages development, greater reliance on domestic goods rather than imported goods and recognizes the importance of making changes that are in line with environmental issues such that climate change can be tackled effectively.
Disclaimer: This blog is exclusively for educational purposes and does not provide any advice/tips on investment or recommend buying and selling any stock.
Enjoy Zero Brokerage on Equity Delivery
Join our 1.75 Cr+ happy customers
Enjoy Zero Brokerage on