The first part of the Union Budget session of the Parliament for the year 2022-23 has begun with President Ram Nath Kovind’s address. The Economic Survey 2022 has already been presented and the budget is likely to be presented on February 1st, 2022 by Indian Finance Minister Nirmala Sitharaman.
The Indian economy is expected to grow by 8 to 8.5% in the forthcoming fiscal, as per the survey.
What to expect from the budget?
Announcements related to personal taxation are keenly awaited and analysts expect that the finance minister may announce major relief to taxpayers. They expect that the basic exemption limit will be enhanced and the income slabs will be changed, especially the top income slab.
What do economists and analysts expect from the budget?
Ahead of the budget, here are a few tweets about the expectations of experts as well as the general public:
1. This one is relatable, for most of us as we expect changes in slab rates
2. Former RBI Governor Raghuram Rajan’s thoughts: Well funded infrastructure is important
3. Expectation about taxation on cryptocurrencies
4. Dr. C Rangarajan’s expectations from the budget
5. Kayezad E Adajania’s take on Section 80C
6. Expectations about work from home allowances
7. Business Standard: Retail and e-commerce firm’s expectations from the budget.
8. Expectations regarding the healthcare sector
9. Market Veteran Madhusudan Kela’s expectations
In Closing
The Covid-19 pandemic hit numerous industries in the last two years. This year, people are looking forward to recovery.
They are expecting income tax relief so that they have more disposable income, upward revision in Section 80C deductions, clarity on taxation regarding cryptocurrencies, exemption of Indian listed equity shares from LTCG, rationalization of customs duty, and expansion of the PLI scheme amongst others.
