Actor Richa Chadha's take on best, worst things in Union Budget

Finance Minister Nirmala Sitharaman presented the Union Budget 2022-23 on Tuesday

Does the Budget address the distress caused by the pandemic?

I am not an economist, but I wish there were more tax rebates for the middle/salaried classes. It seems that only the ultra-rich can dump their unpaid dues on the Indian exchequer and run away to London.

Will this Budget help the economy and create jobs?

The economy is destroyed and there’s no real Covid relief package here, only extension of the credit line. Jobs have been lost, industries shut down. Even if one were to assume that incomes have been the same (which they haven’t), what about inflation? Especially in food items? The government is tone deaf to the astronomical petrol, diesel, LPG prices. It’s very bizarre.

The middle class is supporting the poorest of the poor, but 75 per cent of the country is in debt post-Covid. What about employment opportunities, new industries?

What is the best thing about the Budget? And the worst?

Middle-class and salaried individuals should be encouraged to invest  more in tax saving instruments. Raising the deduction limit under Section 80C would have helped. Also, the 18 per cent goods and services tax (GST) for the service industry could have easily been brought down to 12-15 per cent.

There’s no special focus on environmental issues in the Budget, but our lives depend on them. There’s only mention of coal gasification, without any incentive to renewable energy. I have no understanding or laws about cryptocurrency, but a 30 per cent tax on profits?

Does the Budget make India a better investment destination?

I really hope India becomes a better destination for investment, because it was distressing to see the fate of the Cafe Coffee Day founder and the fact that so many big multi-national corporations (MNCs) have shut manufacturing in India.

All in all, big numbers and goals, more talk of centralisation and digitisation, but don’t know how much of that translates into reality.