2022 Budget: A Future Vision of India

 With a focus on four pillars of development- inclusive development, productivity enhancement, energy transition and climate action, the budget 2022 has given a Blueprint of the economy from India at 75 to India at 100. Finance Minister Nirmala Sitharaman while presenting the second budget post covid-19 outbreak, highlighted several economic reforms that are going to be reflected for the coming year. Last year was a landmark one for the pharmaceutical sector as the government took cognizance and outlined policies to boost innovations and investments in it. This year’s budget was the shortest one in terms of the duration and lasted for one hour thirty-one minutes only. The focus of the Union Budget 2022 particularly revolves around the Capex, GDP, LTCG, Tax slabs and digital rupee.

The budget announced reforms in several sectors of economy. Finance Minister has proposed to step up capital expenditure outlay by 35.4% to a whooping Rs 7.50 lakh crore in FY23. The GDP is seen to grow by 9.2% and the government now vows a stable and predictable tax regime. Surcharge on long- term capital gains on transfer of any assets has been capped at 15%. Also, blockchain technology and proceeds from the sale of cryptocurrencies and other digital assets will now attract a tax of 30%. Several other Key highlights of the Budget 2022 session include fiscal deficit at 6.9% of the GDP, PM Gati-Shakti Master Plan on Infrastructure and roads, reforms in financial sectors, health and sanitation, banking, Chemical-free natural farming, establishment of new universities with focus on Digitization.

The Union Budget 2022 focused on promoting digital and technological innovations across all the sectors at large. It has outlined the scope growth for technology led development, digitization whilst ensuring an inclusive welfare society.

Shreya Mehta FYBA069

Shreyamehtaspm@gmail.com