Pre-Budget 2022 Highlights: FM Nirmala Sitharaman all set for Budget 2022; here's what may be in store - The Economic Times

Finance minister Nirmala Sitharaman will present the fourth Budget of the Modi 2.0 government on February 1, 2022. The focus of the Budget is expected to be on further accelerating India's pace of recovery from the pandemic shock along with shoring up India's healthcare system to secure against any future outbreaks. The government will continue to spend more to aid the recovery and put India back on a trajectory of higher growth. Announcement of various PLI schemes have added heft to India's manufacturing ambitions and will speed up India's march to reach the $5 trillion economy goal.Latest on the BudgetEconomic Survey projects economy to grow at 9.2% in the current fiscal, forecasts FY23 real GDP growth at 8-8.5%.The Budget Session of Parliament began today with the address by President Ram Nath Kovind to both Houses in the Central HallThe Budget Session 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"Considering the contribution of startups to growth of the economy, nurturing them back to their feet through appropriate support measures and incentives can ensure an untold boost to employment rates, drawing maximum FDI channels to the country again.- KR Sekar, Partner, Deloitte India"Economics has become too important for the citizens of India to be left to economists alone. It is time for wider deliberations about India's development trajectory. 'Non-economists' - according to economists - must be listened to. Economic policies focused on only increasing the topline of GDP are not the solution. Policies must also focus on the bottomline - on increasing incomes at the bottom faster for all.- Arun Maira, former member, Planning CommissionSCROLL ALONG FOR MORE NEWS AND INFORMATION ON BUDGET 2022...


via Economictimes

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