Union Budget 2022
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Amid elections in five states, the country's budget will be presented in Parliament today. The country's attention is focused on how the budget will address the impacts of the Corona era. Finance Minister Nirmala Sitaraman will propose her fourth budget, which will face significant challenges in balancing the fiscal deficit and the rate of growth. Today the world's fastest-growing economy will propose its budget. In such a situation, Union Finance Minister Nirmala Sitharaman will undoubtedly face these five obstacles.
The most pressing question facing the country right now is whether or not the Sanjeevani Booti will be available to battle the Corona era. How will the government address the problem of unemployment? What will be the impact of inflation? What will be the speed of development? When Finance Minister Nirmala Sitaraman presents the general budget to the people today, these issues would undoubtedly arise in her mind as to how to boost the country's pace. How do you create jobs?
Union Budget 2022
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In five states throughout the country including Uttar Pradesh and Uttarakhand, assembly elections will be held. These five polls, including the one in Uttar Pradesh, are regarded as crucial in the run-up to the 2024 Lok Sabha elections. In this case, if the environment is electoral substantial budget announcements for election states are possible. How to keep the people of the electoral states satisfied with the budget would remain a challenge for Nirmala Sitharaman.
The Union Finance Minister will face a significant challenge in making farmers happy. If the farmers' plight becomes more pressing, the Kisan Samman Nidhi and their pension may be increased. In today's budget, concessions to enhance food processing could be announced. In addition, MGNREGA's budget may be increased to provide financial assistance to the impoverished and rural areas.
Union Budget 2022
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If spending increases, the tax will increase as well, therefore there is no way to get around the income tax limit exemption. Only through greater taxes can the government enhance infrastructure investment. During the Corona era, however, the government can boost the health budget. If complications arise as a result of the semiconductor chip, a concession in its import-production may be announced.
Small and medium-sized businesses may be able to benefit. Import duties on electronic goods could also be reduced. One must pursue improvement, but this necessitates striking a balance between spending and earning. The country will be watching to see how Finance Minister Nirmala Sitaraman handles this.
