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Decoding the Union Budget – An Introduction to what is in store this year

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India’s Finance Minister Nirmala Sitharaman finally presented The Budget on 1st February 2022.

The multiple speculations, expectations, expert opinions on what the Budget should address are over.

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But wait, it is now time for a complete breakdown of the things left unsaid.

The rise of ‘Amrit Kaal’

Creating a Budget that make everyone happy is difficult, so the FY2023 Budget did not try to pacify any specific section. It was a straight-up plan to aid growth and maintain the recovery momentum the country has been on since the second wave in 2020. The finance minister declared that India will grow at 9.27% during FY2023.

The Budget focused on four pillars of development -comprehensive development, augmented productivity, energy transition, and climate action. It presents the economic blueprint for India from its 75th-year to 100 years of Independence dubbed the Amrit Kaal.

The Budget forecasts effective capital expenditure of the Central government at Rs 10.68 lakh crore in 2022-23, amounting to 4.1 per cent of the GDP. The gross GST collections for January 2022 were the highest at 1,40,986 crores since its inception in 2017.

Addressing the elephant in the room – digital assets

In a major boost for digital currency and the economy, the finance minister said the RBI will issue ‘digital rupee’ using blockchain 2022-23. What’s more, the budget took cognizance of cryptocurrencies and virtual digital assets. The income from the transfer of virtual assets will be taxed at 30 percent.

We are just skimming the cream off the top.

But we’ve decided to begin February with a deep dive into the budget and what it could mean for the country.

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Interestingly, did you know the finance minister’s attire on budget day also makes a difference?

Well, the late finance minister Arun Jaitley sported Nehru jackets while the current Nirmala Sitharaman is known for her love for local like her red-and-cream silk Pochampally with ikat print pallu.

This year she walked in carrying a tablet to present the Budget. Those watching the live session felt it was the government’s emphasis on digital is what prompted this change.

Well, we hope you find it interesting like we do.

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