With India celebrating Azadi ka Amrit Mahotsav and entering Amrit Kaal, the 25-year-long leadup to India@100, the Government intends to complement the macro-economic level growth focus with a micro-economic level all-inclusive welfare focus. Moreover, digital economy & fintech, technology enabled development, energy transition, and climate action have been prioritized. Further, reliance would be placed on virtuous cycle starting from private investment with public capital investment helping to crowd-in private investment. This was stated by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman while presenting the Union Budget in Parliament on 1st February 2022.
The enhanced capex spending, the impetus to the domestic industries, regulation of crypto asset, massive infrastructural layout and inclusive development are notable proposals of the Budget.
We are pleased to share the consolidated tax and policy highlights as well as key takeaways and impacts of the proposals announced.