On 1st February 2022, Finance Minister Nirmala Sitharam presented the Union Budget in Lok Sabha. The Budget is the Statement of Estimated Receipts and Expenditure of the central government before the beginning of each financial year.
The Budget presentation is an important event as it allows people and industries to learn about the areas the government plans to focus on for the next financial year. The 2022-23 Union Budget is significant as India finds itself in a tight spot because of rising inflation and falling industrial growth. Therefore, the industries might need a push through fiscal measures such as those announced in the budget.
Some of the significant announcements in this year’s Budget were:
- Capital Expenditure increased by 35%
- Continued focus on infrastructure
- Crypto and digital asset taxation
- Post office accounts will now be connected to core banking and have features like:
- Fund transfer
- Net Banking
- Mobile Banking
- Extension and expansion of Emergency Credit Line Guarantee Scheme (ECLGS)
- PLI Scheme for design-led manufacturing for 5G
You can read about the expectations of various industries and individuals and the outcomes from the Union Budget in our report displayed below:Download WealthDesk Budget 2022