Govt’s fiscal position and what to expect from Budget 2022
2 years, 11 months ago

Govt’s fiscal position and what to expect from Budget 2022

Live Mint  

In last year’s Budget, the finance minister announced pillars on which her proposals would rest. These were creation of physical and financial capital, speedy infrastructure development, attention to health and wellbeing, reinvigorating innovation and R&D, improving on human capital, and minimum government and maximum governance. To achieve the budget objectives, the government boldly increased the budgetary outlay by 1% to ₹34.83 lakh crore, with capital expenditure at 15% of the budget outlay, going up by 26.8% over FY 2020-21, the first year of pandemic. Making changes in the direct tax to include them can help the sector’s consolidation through amalgamation and mergers and thereby get the necessary capital to spur growth, generate employment, and also pave way for possible digitisation. Other important tax measures that government could consider including in the Budget are higher standard deduction for individuals, enhancing the limit on interest on home loan for individuals, and recognising the business requirement of work-from-home for unburdening the individuals.

History of this topic

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