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Union Budget 2022-2023 : What India Inc Expects From Budget?

Sector wise expectations from the Union Budget 2022-23. Tax Slabs, MSME, Agriculture, education, MSME, startups, hospitality, infrastructure budget expectations from FM Nirmala Sitharaman.

Published: January 29, 2022 6:09 PM IST

By Toshi Tiwari | Edited by Video Desk

Union Budget 2022-2023: The Union Budget is being presented at very vital period when the Indian economy is recovering from the impact of last two waves of Coronavirus and simultaneously fighting the third wave with caution, therefore at this juncture the budget should focus on reforms to fast track economic recovery.

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Let’s take a look at the sector wise expectations from the Union Budget 2022-23:

Firstly, the Union Budget 2022 should focus on to increase public spending specially on the capital expenditure front with the objective of boosting demand and creating jobs.

Well when the budget comes into play, the tax slabs are first thing the common people and organisations think of…

In this budget, the expectation lies in the need to simplify Income Tax Law and reduce the disparity in rate structure for personal taxation in relation to Corporates and continue to address the structural/administration issues

GST: On the GST front, the industry demands to reduce/rationalize the number of slabs in GST and   bring down complications in the law & procedures.

Healthcare: The pandemic has brought the country’s health infrastructure into sharp focus, highlighting the critical position of the public health sector and the need for increased Government spending on public health. Therefore, continued focus on the expenditure on health infrastructure is required make country ready to fight the new emerging variants of Coronavirus.

Infrastructure: to boost public demand and employment, Increase in infrastructural investment in both Public and Private domain is critical

Another key expectation from the budget is on investments as the Private sector investments have not really taken off over last 2 years. Govt. could consider measures to expand it’s window her.

Agriculture:Well the agriculture sector, also known as the backbone of the Indian economy, need a pump too, in areas of strengthening the farm laws, public distribution system, warehousing and exports and an increase in the public investments in agriculture infrastructure is critical.

MSME:The micro, small and medium enterprises have experienced a curve in the past year..this budget should allow the industry Hassle free credit availability, and most importantly Ease of doing business with a cost-effective logistics network for taking them across the globe.

While for Revenue Generation, the budget should look into considering Privatization / Disinvestment and Reforms in diverse areas like Power sector, Insurance, etc along with Telecom (5G auction)

Education: On the education front, for your information, in 2021, the central government reduced its allocation towards Education by 6%, effectively making it an allocation of 93,223 crores. The Education sector has high hopes from this budget, in the lines of introducing some prominent reforms for remote learning, financial assistance for edtech and attractive proposition for driving investments and move ahead with NEP 2020.

While, the hospitality and tourism sector too expects incentives for domestic tourism and promote it within the country.

Lastly, Deeper penetration of financial services/ Fintech services can act as an enabler for accelerating growth investing in green technology, provide tax holiday for electric vehicle, provide competitive advantage to RE sector

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Published Date: January 29, 2022 6:09 PM IST