Ahead of Union Budget 2022, which is to be tabled on February 01, 2022, huge expectations, from individual as well as corporate taxpayers, await Finance Minister. Nirmala Sitharaman. Businesses are waiting with bated breath to see what reforms and reliefs are introduced for the financial year ahead. It is expected that Union Budget would be an agent of change in ushering India towards the long-enumerated feat of realizing $5-trillion economy by the government. Along with the booming economy, Budget 2022-23 also has the huge responsibility for revival of economy in view of new looming Omicron threat.
Expectations continue to circle economic recovery, ease of compliance and kick-start investment cycle to transit domestic economy into a higher growth orbit while remaining inclusive and sustainable. The forthcoming Union Budget will also be important from the perspective of sustaining the growth turnaround after induced stress of Covid-19 pandemic. There have been spate of reformist announcements lately including Gati Shakti, sale of Air India as part of the aggressive asset monetization plan, scrapping of retrospective taxation, sector specific Production Linked Incentive (PLI) schemes all of which have set the premise that the Budget will continue to impart momentum to this infrastructural thrust.