Union Budget 2022-23 : A fine balance between growth and fiscal - HDFC AMC
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Union Budget 2022-23 : A fine balance between growth and fiscal
Budget 2022-23 was presented amidst a backdrop of nascent domestic economic recovery with significant divergence across sectors. While, on an overall basis, the domestic economy has seen strong rebound from a low base, impact on consumption, MSMEs and contact intensive services sector continues to linger. Further, economy is likely to face increasing headwinds on external front with accelerated tapering and heightened pace of rate increases by US Fed, softening of global growth, risk of China slowdown and elevated global inflation.
Given this background, there was a need to continue to nurture growth while making fiscal progress. This budget has precisely delivered that. This budget ensures continuity in policy, stability in taxation and consistency in the strategic direction of the economy while taking steps towards fiscal consolidation.
Last few years’ budgets including the current one can be stringed together on 4 broad themes
1. AatmaNirbhar Bharat and Domestic Manufacturing
2. Accelerating Infrastructure and logistics development
3. Stability in and Simplicity of tax structure
4. Gradual fiscal consolidation
While this budget maintains continuity of aforesaid policy objectives, it also contains targeted measures towards developing digital ecosystem and supporting rural sector, social causes and pandemic impacted sectors.
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