Understanding that sustainable mobility is the answer to these woes, the government has yet again announced a slew of initiatives for the EV and allied sector.
The Budget seeks to introduce several measures to promote the financial markets, support development of the IFSC, promote public-private capital investments and ensure overall fiscal management.
The government appears to have walked the tightrope by balancing growth support with fiscal consolidation in this year's Union Budget, bolstering and boosting 'Make in India' by taxing imports.
In the last couple of years, the government has been rationalising the rates of corporate tax, slashing them to 15% for new manufacturing entities, and 22% for all corporates.
The surcharge on certain incomes such as dividends and capital gains arising from the on-market sale of equity shares and certain other securities is already capped at 15%.
This macroeconomic growth coupled with the microeconomic focus on welfare will most certainly put the Indian economy on track to a resilient, sustained and holistic development.
The fate of cryptocurrencies and other digital assets in India continues to be a grey area, at least till the government comes up with a proper regulatory regime.
The Budget 2022 is growth-oriented with focus on 'Make in India' or 'Atmanirbhar Bharat' by rationalising custom duty exemptions and procedures and incentivising new manufacturing companies and startups.
Budget 2022 provides a foundation for the 'Amrit Kaal' or the 25 years lead up to India @ 100 years of Independence and reiterates the government's commitment towards strong MSMEs and the startup ecosystem.
Promoting digital economy, fintech and technology-enabled development is one of the primary goals of the government to attain the "Amrit Kaal" vision of India@100.
Many long-standing asks of the sector have not been addressed, including incentivising research and development and creating healthcare infrastructure.
Overall, the budget is modern and futuristic but a few initiatives to spur short term consumption would have uplifted the sentiment and benefit the consumer and retail sector.
Union Budget 2022 demonstrates the government’s clear intent to touch every aspect of the economy and to leave no stone unturned – be it digital economy push be it an infrastructure boost or be it the energy sector.
