How Budget 2022 Is A Long Term Focus For Increasing Economic Efficiency?

According to the Union Budget 2022-23, India's economic growth for the current year is expected to be 9.2%, the highest among all large economies. As a result of the ample appropriations made by the finance minister in this Budget, the experts have their opinions to share with us, which we will address below.

Mr. Manish Mehan, CEO and MD of TK Elevator India, expressed his views on the Budget 2022-23, saying, "The Union Budget for the fiscal year 2022 is quite robust and centered around the nation's progress, with a focus on increasing economic efficiency and infrastructure growth. The budget is looking forward to focusing on a long-term plan for the country with digitization, urban development, and sustainability at its core. Allocating 48,000 crores for PM Awas Yojana will help to achieve the Prime Minister's vision of Housing for All. Also, 60,000 houses will be identified as beneficiaries for PM Awas Yojana in rural & urban areas to further ensure that more and more homebuyers get to avail of this benefit."

He also stated that "The government's aim to create 6 million new jobs over the next 5 years will enable the growth of residential as well as the commercial sector across the country. However, a time extension of the credit-linked subsidy scheme would have given affordable and mid-income homebuyers the much-needed financial elbow room to make a purchase. Furthermore, adding a standard definition for 60m and 90m affordable homes would have given a bigger boost to the housing industry."

Mr. Sanjay Dangi, Director - Authum Investment and Infrastructure Ltd. has said that "This is a der aaye dust eye budget. Let's go from the negatives to the positives. My pipe dream of tax rationalism stays a dream. Some tax relief would have immediately pumped billions into an economy that's not seen growth. But perhaps in these turbulent times, it was best to leave the tax structure alone. With the higher spends announced, we can do with more capital inflows to close the deficit. I am in two minds over the digital tax. On one hand, it shows a welcome tax-don't-criminalise attitude. We need to broaden the basket of choices for people to invest their savings in. Nevertheless, 30% for any tax only incentivizes evasion."

He further added that "Higher CAPEX expenditures on health, education and capacity building are more than welcome. Our healthcare and education systems were ripped apart by the pandemic last year, and unemployment has skyrocketed. This budget's emphasis on expanding the pie gets an enthusiastic welcome from me."

Dr. Gunjan Bhardwaj, Founder and CEO, Innoplexus has discussed his views by saying that "We congratulate the govt on the budget and hope this encourages entrepreneurship and new research in the blockchain. It's a welcome sign from the GOI to bring cryptocurrencies into the tax ambit. It also puts an end to all the speculation and confusion. The 1% TDS is a masterstroke for also tracking the trading volumes and monitoring the movement of liquidity through cryptocurrency exchanges. The government has also announced the National mental health programs. This is really a great approach and startups like us, are working towards solving these problems. We would like to partner and comply with the government to address the rising mental health problems in the country".