Review of Budget 2022

The budget 2022-23 rose above, met but also left behind many expectations. The digitally presented economic blueprint laid emphasis on mental health, education, backward sections of society and took into consideration all the sectors. With an expected growth rate of 9.27% and fiscal deficit pegged at 6.4%, the focus is on four pillars of development- inclusive development, productivity enhancement, energy transition, and climate action; giving a wide view of India at 75 to India at 100. A revolutionary statement was the issue of the digital rupee by RBI and the formalization of digital currencies by taxing virtual digital assets at 30%. Finance Minister Nirmala Sitharaman announced the formation of a unified digital university built on a network hub providing a world-class education to Indian students. It will impart lessons in all regional languages creating a network of ‘hub and spoke’. A hike in customs duties on imported parts and rationalization in custom duties for imported cut and polished diamonds, asafoetida, cocoa beans, acetic acid, methyl alcohol, frozen squids, and mussels was announced. 

Clothes, leather goods, mobile and chargers, footwear were some goods that became cheaper. As the Finance Minister appreciated taxpayers, a concession for the same was expected but the middle class was disappointed upon no announcement. 

National Digital Health Ecosystem and expansion in nationwide mental health support was announced. 

Overall it was a growth focussed budget providing relief to poorer sections of society, the welfare of farmers, a boost in education, housing for the poor, and support of the hospitality sector. Unemployment and inflation still remain a concern for the common man. The vision is to make India a $5 trillion economy by FY 2026. The budget for 2022 has set the tone for Modern India. 

Head Girl DPSGV

Riya Berry

Class 12

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