Finance Minister unveils India’s budget for 2022-2023

The news in early February 2022 is the Parliament session dedicated to the budget of the Indian nation.

Budget session for India for 2022-2023

Negotiations on the next state budget for 2022-2023 began on Monday, January 31 in Parliament. The session ends on February 11th. Opposition parties in particular took the opportunity to harass governments over the Pegasus spyware scandal. In fact, as we mentioned in the brief precedent, the New York Times revealed that India had reached an agreement with Israel to obtain the software and to be able to locate certain Indian citizens.

On the first day of the meeting, Indian Finance Minister Nirmala Sitharaman gave an update on India’s general economic situation and a rather optimistic outlook for the coming year. Thus, according to the minister, the country can expect final GDP growth of 9.2% in this year 2021-2022, and in terms of prospects, it is likely that growth will be 8-8.5% in 2022-23 . The main risks are obviously the return of another epidemic wave, the hardening of inflation and the rise in energy prices.

India Budget Overview 2022 – 2023

Then, on Tuesday, February 1, 2022, the finance minister presented the new budget for 2022-2023.

Major announcements include the launch of a new digital currency (the “digital rupee”) and electronic passports. Second, in terms of taxes, no change in Indian income tax rates is contemplated. However, tax breaks have been announced for people with disabilities.

The minister also said that the government will invest heavily in a large number of infrastructure projects. It is planned to expand the network of federal roads by 25,000 km in 2022-23.

The opposition parties have sharply criticized the finance minister’s proposed budget, pointing out the lack of initiatives to increase the supply of jobs or bring down inflation. The finance minister did not even mention the MGNREGA rural employment program in her budget speech on Tuesday. It is a program that guarantees 100 days of unskilled work to any rural household that so desires, and is an effective support for many rural families during confinement in 2020. It even seems that the budget allocated to this program during this time The unemployment rate in rural areas has increased.

The rest shortly…

The brief dated February 2, 2022

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