Budget 2022: Finance Minister Nirmala Sitharaman will present the Union Budget 2022 today
New Delhi:
The Union Budget 2022 is likely to focus on boosting spending for faster growth, especially after consumption slowdown due to the COVID-19 pandemic.
This is the sixth Budget session to be held since the outbreak of the pandemic in January 2020.
The key elements of the Union Budget 2022 that will be keenly watched include, among other things, individual income tax, Provident Fund, pensions and spending on healthcare, which has been one of the most active sectors due to rising medical claims.
With several big initial public offerings, or IPOs, lined up in India, which is home to a significant number of unicorns, what the government decides on corporate taxes and start-ups will be one of the most actively monitored announcements by Finance Minister Nirmala Sitharaman.
Agriculture and farm subsidies – by their very fundamental effect on India’s economic growth – and after the big controversy over the now-withdrawn three farm laws, are likely to get the maximum attention from the government.
The Union Budget 2022 also comes in a month when assembly elections will be held in five states.
Here are the live updates of Union Budget 2022 announcements:
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Union Budget 2022: What worries policymakers
Policymakers are worried that private consumption, which makes up nearly 55% of GDP, is still below pre-pandemic levels amid rising levels of household debt, while retail prices have increased by nearly 10% since the coronavirus outbreak began in early 2020.
Union Budget 2022: More Spending On Roads, Railways
Finance minister Nirmala Sitharaman is expected to announce more spending on roads, railways, besides higher subsidies for affordable housing amid growing public criticism over inadequate relief following the economic disruption after the outbreak of pandemic in 2020.
