Budget 2022: Jobs, tax concessions, home loan benefit and more

Ground Report | New Delhi: Budget 2022; India’s Finance Minister Nirmala Sitharaman will present the General Budget on February 1, 2022. The general budget will be presented at 11 am. Nirmala Sitharaman will present the budget for the fourth time.

The session will be conducted in two parts – the first part of the session will end on February 11, 2022. After a month-long break, the second part of the session will begin on March 14, 2022, and end on April 8, 2022.

The duration of the budget presentation can range from 90 to 120 minutes. The FM’s address on the 2020 Budget was the longest in India’s independent history, lasting around two hours and 40 minutes. She could not complete the remaining two pages, and the speech had to be shortened, despite rendering for 160 minutes.

The focus of this year’s budget is expected to be on strengthening the country’s health system to protect against future outbreaks while accelerating India’s recovery from the pandemic shock.

However, the story changed in FY12 with better-than-expected tax collections. As things look relatively promising from a growth perspective, some reduction in spending related to the pandemic could be on the cards. The tax buoyancy could allow the government to push for fiscal consolidation this year. That said, the Indian economy remains fragile and growth, unstable.

The general budget of the government is basically a statement of its expenditure and revenue. The expenditure of the government includes money to be given in public welfare schemes, import expenditure, financing the army, salary and interest paid on loans etc.

Whereas the government collects revenue by levying taxes, earning from public sector businesses and issuing bonds.

This budget has two parts- Revenue budget and Capital budget. The revenue budget itself contains the details of expenditure and revenue. Revenue receipts reflect the amount received from tax and non-tax sources.

Revenue expenditure is the expenditure incurred in the day-to-day functioning of the government and the services rendered to the citizens. If the revenue expenditure exceeds the revenue receipt, the government suffers a loss of revenue.

Capital budget or capital budget is a statement of receipts and payments made by the government on its behalf. This includes loans taken from the public (through bonds), loans taken from abroad and loans taken from RBI.

Whereas capital expenditure includes expenditure on machinery, equipment, building, health facility, education. When expenditure exceeds the revenue of the government, a situation of fiscal deficit arises.

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