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Budget 2022 expectations LIVE: Jobs, tax reduction amid pandemic, and more

Budget 2022 LIVE: With Assembly elections in four states and one Union Territory getting closer, the Centre could go for some populist measures

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Budget 2022 | Budget presentation | Budget at a Glance

BS Web Team  | New Delhi 

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Nirmala Sitharaman
Finance Minister Nirmala Sitharaman holds a folder case containing a tablet with files of the Union Budget 2021-22 on it Photo: PTI
LIVE: Finance Minister Nirmala Sitharaman is set to present the Union on February 1 at a time when India continues to reel from the coronavirus pandemic. The disruptions from the pandemic weighed heavily on India’s fiscal metrics last year, with the central government’s fiscal deficit rising to an all-time high of 9.2% of GDP in FY21. However, the story changed in FY22 with better-than-expected tax collections. As things look relatively promising from a growth perspective, some reduction in pandemic-related spending could be on the cards. Tax buoyancy may further allow the government to go for fiscal consolidation this year. That said, the Indian economy remains fragile and growth, volatile.

With Assembly elections in four states and one Union Territory getting closer, the Centre could also go for some populist measures while continuing with higher spending to boost economic recovery.

Earlier this week, the International Monetary Fund (IMF) slashed India's economic growth forecast for the financial year 2021-22 from 9.5 per cent to 9 per cent on concerns over the impact of the new Covid variant.

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First Published: Sat, January 29 2022. 07:36 IST