Budget 2022: Finance Minister Nirmala Sitharaman face this challenges during budget 2022
By Lokmat English Desk | Published: January 31, 2022 04:57 PM2022-01-31T16:57:14+5:302022-01-31T16:57:14+5:30
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On Tuesday, Finance Minister Nirmala Sitharaman will present the country's budget. But will the income tax slab change in the budget? Will the standard deduction be one lakh? Will there be more discounts in 80C? Numerous such questions are asked by the working class this time
There are also many questions in the minds of farmers about the budget. Will the amount of the Kisan Sanman Fund increase? Will there be any new schemes in the budget to increase fertilizers, seeds, crop insurance, income?
Union Finance Minister Nirmala Sitharaman will present the budget for the financial year 2022-23 on February 1. The challenge for finance ministers was to take concrete steps to strengthen the economy affected by the coronavirus.
Inflation
Domestic inflation is a matter of concern. In December 2021, the country's retail inflation was at a five-month high. Along with economists, the general public is also demanding a reduction in inflation. In such a situation, it is up to the finance minister to control this matter.
Employment
Unemployment is now a major problem in the country as many people lost their jobs during the Corona Massacre. Experts are also advising to link more people to employment to strengthen the economy. In December 2021, the unemployment rate in the country was 7.91 percent
Disinvestment
Corona has placed a financial burden on the government. The government coffers have also been hit hard. Finance Minister Nirmala Sitharaman had set a target of raising Rs 1.75 lakh crore through disinvestment in last year's budget. But only Rs 12,029 crore has been raised so far.
Rupee
The rupee is depreciating against the dollar. It also costs more on imports and affects foreign exchange reserves. The government has been talking about strengthening the rupee, but it does not seem to be succeeding.
Export
The government has been implementing various schemes for a long time to boost exports. This includes schemes like Production Linked Incentives for various sectors. However, so far the expected increase in exports has not been achieved.
Crude oil
International crude oil prices are hovering around 90 dollars barrels due to tensions between Ukraine and Russia, supply-demand gaps, and supply disruptions. Government oil companies have hiked petrol and diesel prices due to the ongoing elections in five states
Foreign Investors
The government is focusing on the development of various sectors. It requires money. The temptation for foreign investors to raise more money for development has been on the rise for days. For this, various ministries of the central government are conducting campaigns in other countries as well.
