By Jaya Vaidhyanathan, CEO, BCT Digital
As far as Union Budget 2022-23 is concerned, expectations are at an all-time high. The good news is that despite the obvious pandemic-induced impediments, economic recovery and expansion are still on track, and we seem to be moving closer to the US$5 trillion target. This is in no small part due to the recovery measures taken by the Government of India since 2016. Positive indicators in the stock market could also be interpreted as signs of progress. In addition, December 2021 saw robust GST collections of Rs.1.3 lakh crores, indicative of an era of monthly figures consistently above the Rs.1 lakh-crore-mark. On the flip side, persistent and high inflation in retail and wholesale leaves the economy in a precarious position.
For consumers and salaried employees, simple tax-related exemptions and benefits would be welcoming this year. On the business side, reduction in duties, concessions, simplified compliance measures, investment incentives, and state-sponsored programs to boost manufacturing, are all desirable steps to keep up the momentum of growth. It is also most critical to acknowledge the role of fintech in the future of economics. The expectation is for the government to reward and sustain fintech intervention to bolster India’s position as a global growth leader.