Union Budget 2022-23 Expectations Vs Reality

Nirmala Sitharaman, India's Finance Minister, is currently presenting the Union Budget 2022 before the House of Representatives. This year, the finance minister is released four budgets so far.
The Budget documents contain income and expenditure statement of Union Government. In 2021, it was the first time instead of traditional bahi-khata FM Nirmala used a handheld tablet to present the budget. We can also expect something creative and innovative this year as well. 

Every year the people of India have lots n lots expectation from the budget. Many of them become happy after getting the facts in the budget and many are not happy. Last couple of years has been drastically annoying due the this pandemic. Then also we have expectation from our govt. Lowering taxes, easing credit options and stoking consumption would boost MSMEs.

Expectation from Union Budget 2022-23

  • Covid-19 spending
  • Crypto 
  • Fiscal Deficit
  • Privatization
  • Capital expenditure
  • Individual Tax revision
  • Borrowing
  • Farmer and Agriculture
  • Relaxation for loans and emi

Union Budget 2022-23 Live Announcement

Here is the highlights of FM Nirmala Sitharaman's 4th Union Budget 2022-23 - 
  • Income from Long Term Capital Gains(LTCG) to be taxed at 15%
  • 30% tax on proceeds of virtual/digital assets
  • ₹4800 Cr for 80 Lakhs Houses under PM Awas Yojna
  • Corporate Surcharges Reduced - From 12% to 7%
  • 35.4% increase in capital expenditure
  • Aatmanirbhar defence
  • ₹2.37 lakh crore worth of MSP direct payments to wheat and paddy farmers
  • 5G to be launched in 2022-23
  • E-Passport to be rolled out in this financial year
  • 75 digital banking units will be set up in 75 districts across India
  • A national telehealth programme
  • Digital education, digital university
  • Drone shakti Programme for IT Sector
  • Drone to be used for crop assessment, digitization of land records, spraying of insecticides
  • 400 new-generation Vande Bharat trains
  • PM Gati Shakti plan
  • ₹19,500 crore for manufacturing of solar modules
  • Digital rupee to be issued by RBI in 2022-23
  • Incentive for startup - Tax Exemption for one more year

Union Budget 2022-23 Reality - 

No matter what kind of budget is presented in Parliament every year there will be a group of people to criticize and another group of people to praise it. This is how it has been always. Talking about the Union Budget 2022-23 it was similar to Union Budget 2021-22, a budget for future we can say a blueprint for the future of India. Yes, It was disappointing for many who were expecting something quick and easy announcement from the government for the benefits of common man. Indeed! it is for common man, for the betterment of the country. To understand and see the benefits of this budget we'll have to wait for years to understand it. 

Once up on a time, The government used to focus maximum on revenue account and less on capital expenditure but this budget had maximum focus on the capital expenditure which is a good thing. There were announcements for digital era, health, agriculture, investment, infra and more. But there was not anything for particular middle class of India this is the one reason many people criticize it. We expected that government will focus on the state where soon there will be election, But it was surprising that there was not anything special in this budget for states having elections. 

If we conclude Union Budget 2022-23, we can say that the government has taken risk. There is a saying no risk no gain. Let's hope for the best, for the better future of India, the government has ignored many things and they have heavily focused on the future of the country.   

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