Country's Transition Toward Greener Economy
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|Experts| |India| |ExpertsTalks|
The union Budget 2022-23 is a mixed bag.
In the backdrop of a discernible rise in tax revenues which offered a huge space for a hike in capital expenditure, Union Finance Minister Nirmala Sitharaman had announced a conspicuous jump of 35.4 percent in capital expenditure to fund various infrastructure projects.
No doubt, it does augur well for our ailing economy that has been struggling to script a robust economic recovery following the havoc unleashed by the debilitating Covid-19 pandemic.
If the introduction of a tax regime for taxation of digital assets can be considered as a significant step in mainstreaming of this asset class, the announcement for the launch of crypto currency by RBI is an indication that the government will discourage private crypto currencies.
The budget's push for country's transition toward greener economy is laudable.
While the budget has underlined the need goverment focus on long term growth support, it fell short of unleashing measures to boost employment generation on the ground.
While the hike in capital expenditure announced by the finance minister in the budget following an exponential rise in tax revenues is laudable for it will pump- prime the demand and aid the present nascent economic recovery, the absence of any concrete policy measures to ensure direct cash transfer to poor who borne the maximum brunt of the claustrophobic lockdowns and relief to middle class by means of tax cuts is highly disappointing.
The conspicuous reduction in outlays for education, health and Mahatma Gandhi Rural Employment Guarantee Scheme even while reducing the surcharges for corporates from 12 percent to 7 percent at a time when they are earning huge profits and sitting on huge piles of cash has only strengthened the perception that the present Modi led government favours only rich.
Concerted policy push for country's transition to greener economy is welcome.
However, no worthwhile proposals in the budget to boost more employment opportunities for the country's burgeoning educated youths is a big let- down .
Happy day dears! Thank you!
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