Missing Expectation from Budget: The Finance Minister made many important announcements in the budget of Rs 39.44 lakh crore for the financial year 2022-23, but many important expectations could not be fulfilled. Apart from this, many allocations for the agriculture sector have also been reduced.
Missing Expectation from Budget: Union Finance Minister Nirmala Sitharaman presented the budget for the next financial year 2022-23 on yesterday (February 1). The Finance Minister made many important announcements in the budget of Rs 39.44 lakh crore, but many expectations regarding this budget could not be fulfilled. As the common people expected that due to the Corona epidemic, concessions would be announced in the budget for the people badly affected. Apart from this, the workers doing work from home will also get the benefit of deduction on account of increased expenditure in the changed circumstances. There were many such expectations from almost all the sectors which could not be fulfilled. According to Kiran Mazumdar Shaw, head and MD of Biocom, in this budget, the government could have done better for the middle class and informal sector.
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Duty not reduced on gold
According to Ajay Kedia, director of Kedia Commodity, it was expected from this budget that the government would reduce the duty on gold and rationalize the custom duty for the boolean industry. In the last budget, the Finance Minister had reduced the import duty on gold from 12.5 per cent to 7.5 per cent and this time also it was expected that it will be reduced. In 2004, there was a duty of 2 per cent on gold, which was increased to 10 per cent in 2013 and then to 12.5 per cent in 2019. Before the 2019 budget, GIC (Gems and Jewelery Domestic Council) had demanded a reduction in import duty on gold to 4%, which is much lower than the 7.5% fixed in the previous budget. According to Kedia, there has been a demand to remove or reduce the commodity transaction tax for a long time and it was expected from this time’s budget.
Budget 2022 Expectations: These were the expectations of the gold and silver industry from the budget
Government failed regarding agriculture
- According to Kedia, this budget has failed to boost consumption in an instant, which was needed by the economy which has slowed down due to the current pandemic. There is sluggishness in rural markets due to external factors like global inflation, about which nothing has been done in the budget.
- Instead of increasing the allocation for Farmer Producer Organizations (FPOs-Farmer Producer Organizations), the government reduced it from Rs 700 crore to Rs 500 crore this time.
- The amount allocated for Paramparagat Krishi Vikas Yojana (Organic Farming) has also come down to just Rs 100 crore as against Rs 450 crore allocated for the current financial year.
Budget 2022 Expectations: These were the expectations of the agriculture sector from the budget
- In the budget, 28 percent less provision has been made on food subsidy allocation. 2.06 lakh crore has been kept for this in the budget of the next financial year 2022-23, while a provision of Rs 2.86 lakh crore (revised) has been made for it in the current financial year 2021-22.
- The provision for fertilizer subsidy was also reduced from Rs 1.4 lakh crore (revised for FY 2021-22) to Rs 1.05 lakh crore.
This was the expectations of the people from the budget
- Relief was expected regarding expenditure on COVID: Expectations were being raised from the budget presented in the shadow of Corona epidemic that the Finance Minister might make some announcements for Corona patients and their families.
Budget 2022 Expectations: COVID patients and their families had these expectations from the upcoming budget
- Increased wait for industry status for real estate sector: According to Vimal Nadar, Head and Senior Director (Research), Colliers India, there has been a demand to give industry status to the real estate sector for a long time and it has been partially fulfilled. At present only affordable housing has been given infrastructure status. This sector will be benefited by getting loans at low cost through infrastructure status and easy access to loans. This will also boost investment and employment. It was expected from this budget that if the real estate sector, which is trying to recover from the shocks of the Corona epidemic, will get industry status, its recovery will accelerate, but its wait has been pushed forward.
Budget 2022 Expectations: Experts gave important suggestions for the real estate sector
- Deduction benefit not available on increased expenditure in ‘Work from Home’: Due to the Corona epidemic, many people have to work from home for the last two years. Due to this, they have to spend on office set-up, electricity, internet etc. In such a situation, in its pre-budget memorandum, the Institute of Chartered Accountants of India had suggested the government to give exemption benefits for ‘work from home’.
Budget 2022 Expectations: These were the expectations from the budget for the workers working from home
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