Budget 2022 News LIVE Updates: Budget session begins today; here's what India Inc expects from FM Sitharaman - The Economic Times

For the Modi government, the biggest challenge of the hour is to create jobs and that could be the top priority in the Union Budget. With the Covid surge still going strong, economies around the world have once again taken a hit and that has affected the macro and the micro equally. Now, India's middle class is pinning its hopes on Sitharaman's fourth budget for jobs, concessions on healthcare and education, tax breaks and measures to tackle soaring inflation. While Covid has exposed the fragility of our healthcare system, like the last budget, this time too the government could opt for long-term plans to reduce the suffering of a common man.Latest on the BudgetThe Budget Session of Parliament begins today with the address by President Ram Nath Kovind to both Houses in the Central HallThe Budget Session commences on Monday and is scheduled to conclude on April 8 wherein the first part of the session will extend up to February 11The Union budget 2022-23 to be presented by finance minister Nirmala Sitharaman on February 1 will be in paperless formNo 'Zero Hour' on 31st January and 1st FebruaryNo ‘halwa’ ceremony this time around amid Omicron worriesStrict Covid-19 protocols will continue in parliamentBudget expectationsHealthcare industry seeks priority status, increase in fund allocation to 3% of GDPSome experts are anticipating changes in income tax slabs and ratesBudget 2022 will be MSME and export oriented, says FIEOBudget should focus on amping up health infra, say expertsFintech industry hopes for incentives in Budget to push financial inclusionScheme to develop 700 districts as export hubs on the cardsThe realty sector is pinning high hopes on Budget to boost market sentimentsEconomy may need more hand-holding, fiscal correction can wait, shows a recent reportBudget to aim at boosting growth, achieving fiscal consolidation, says BoB eco researchReal estate sector expects tax relief, industry status from SitharamanExperts want Budget to focus on bridging widened inequality in economy and create jobsPharma industry wants Budget to announce incentives for conducting R&DBudget and MarketsMarket watchers believe that despite the higher target divestment for the upcoming financial year in the Union Budget, LIC IPO will be the key for the targets.Though market sees volatility pre and post Budget, net-net, the event hardly leaves any impact in the two-week periodCentre is likely to miss the targets of divestment and the strategic stake sales in FY2021-22Market experts believe disinvestment and privatisation are likely to gain further tractionCrypto startups seeking clarity over issues like taxation, legislation, exemptions and regulationsAnalysts do not see any change in capital gain tax on equityEconomic indicatorsNSO data and the third-quarter results emanating from the corporate sector paint a picture of cautious optimismKey challenge to strike a balance between supporting the growth by reviving the dormant private consumption and investment demands while containing inflationAccording to the NSO, the real GDP in the year 2021-22 is expected to be Rs 147.54 lakh crore registering a growth rate of 9.2%The Purchasing Managers' Index for services is back to pre-Covid levelsExports and imports have registered high growth rates, and so has the trade deficitThe nominal GDP is expected to grow almost at 18%, about 3.5 percentage points higher than the budgetary estimatesThe direct tax revenue is expected to be beyond budget estimates for this yearPrivate final consumption expenditure, estimated at Rs 80.8 lakh crore for the fiscal year, remains about three percent below the Rs 83.2 lakh crore in 2019-20Expert opinion"Targeted measures can be introduced to ease the liquidity risks faced by NBFCs. For the metals industry, reduction in custom duty would help fight the sticky challenge of ballooning input costs. The hospitality and tourism sector will look forward to any announcement of tax incentives, cheaper loans, and capital expenditure concessions to cope with the pandemic pressures which have impacted their prospects in a brutal fashion.- Anshul Arzare, Chief Business Officer, YES Securities"Union Budget on February 1 and the Russia-Ukraine conflict would keep the market volatility high in the coming week as well. Expectations are running high from the government to present a progressive budget which can revive economic growth. However, given the various state elections, the risk of a populist budget cannot be ruled out completely. Capital goods, infra, housing, real estate, PSU banks amongst others are some of the sectors that would remain in focus ahead of the budget- Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial ServicesSCROLL ALONG FOR MORE NEWS AND INFORMATION ON BUDGET 2022...
via Economictimes
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