There were quite a few relevant representations by the industry which do not find any reference/amendments with respect to restructuring, extending tax regimes (as applicable to the manufacturing sector) to the services sector, etc.
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.
"All in all, I read the (budget) statement and I thought it was a very thoughtful policy agenda for India, the senior official said in response to a question," said Kristalina Georgieva, Managing Director, International Monetary Fund.
With a change in narrative with a 25-year vision, the goal is to establish an open, digital, and inclusive India. The budget will help India become self-sufficient and set the groundwork for a new India in its centenary year of independence.
Among other things, Finance Minister Nirmala Sitharaman unveiled a bigger Rs 39.45 lakh crore Budget, with higher spending on highways to affordable housing with a view to firing up the key engines of the economy to sustain a world-beating recovery from the pandemic.
Business Today’s Budget Big Bites presents broad aggregates of the budget for easy understanding and shows snapshots of the economy and key elements of Finance Minister Nirmala Sitharaman’s fourth Budget.
The government has taken the route of stepping on the gas to spend more and boost investments by using the current fiscal space created by the buoyant tax collection and a longer 5-year glide path to achieve a fiscal deficit of 4.5 per cent of GDP.
The Chief Minister, however, said it was gratifying to see Kerala's unique projects like digital university, online education, M-service and optical fiber expansion as models in the budget by the union government.
In a tweet in Hindi, the Aam Aadmi Party (AAP) national convenor noted that people had "high expectations" from the Union Budget during the corona period but there is nothing in it either for the common people or to reduce price rice.