New Delhi: Amid the concerns over the third wave of coronavirus, Finance Minister Nirmala Sitaraman will present her fourth Union Budget on Tuesday, February 1, 2022. The Budget session of the Parliament will kick off on Monday, January 31, wherein President Ram Nath Kovind shall address both the houses.
Globally, inflation has reached its ugly head and many economists describe this period as a period of “predictable unpredictability”. COVID has seriously altered the economic and social landscape in the nation such that one cannot expect any path-breaking reforms, rather, the furtherance of past policies.
The upcoming budget is expected to steer a threefold course; drive inclusive growth, maintain stability, and expand reforms. It may see the FY23 fiscal deficit target to be pegged above 6% of gross domestic product (GDP), as the country enters the third year of the COVID-19 pandemic.
Earlier in 2021, India saw the highest transactions in the world, thanks to major government initiatives, leading to a high level of financial inclusion. The Unified Payments Interface (UPI’s) platforms have reached the poor and improved the ease of doing business. Although the pandemic-induced unpredictability has compressed the demand, sustainable growth would require continued investment in infrastructure.