Union Budget 2022

India Budget 2022 will be presented on 1st February, 2022 by Finance Minister Nirmala Sitharaman. The objective of the Union Budget for FY 2021-22 is to accelerate growth after the impact caused by the pandemic.

There are various amendments aligned to bring about sustainable growth infrastructure investment, focus on Research and Development spending, and nurturing incentives to the core sectors including manufacturing and services.

Ease of tax compliance, simplifications and digitization are also the priority to enhance the ease of doing business.

With Union Budget 2022 around the corner, it is expected that the Gross Domestic Product (GDP) is expected to grow for the next two to three years.

For the FY 2021-22, GDP growth is expected to be 8.7 percent to 9.4 percent and for FY 2022-23, it is expected to be around 9 percent and 7.6 percent in the following year. The following growth is possible because of the impressive pace of vaccination and the rising demands for goods and services in the market.

This rising demand will kick in the virtuous cycle of capital expenditure and investment leading to businesses ramping up production, hiring and opportunities will boost employment, and income in the hands of consumers.

While some sectors will be foreseeing exceptional growth, there will some sectors still facing structural challenges like hospitality, leisure, travel, & entertainment sectors. because of the regional lockdown.