Budget 2022: Union Finance Minister of Modi’s 2.0 governments Nirmala Sitharaman is scheduled to announce her fourth Union Budget 2022 on February 1 raising fears about the effects of the Omicron strain of the Covid-19 on India’s GDP development.
President Ram Nath Kovind will address both houses of Parliament during the Budget session, which will begin on Monday, January 31, 2022. The session will get divided into two parts, the first of which will end on February 11, 2022.
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Part two of the session will commence on March 14, 2022, and end on April 8, 2022, following a month-long break.
With only a few hours till India’s most significant financial event, numerous market gurus, economists, and financial specialists are pinning their hopes on the Budget session.
It will be Ms. Nirmala Sitharaman’s fourth budget and her second after Covid took place.
The budget will be noteworthy enough that it would serve as a pre-election budget for states including Uttar Pradesh and Punjab, but also Goa, Manipur, and Uttarakhand, where the national government may endeavor to satisfy the people’s expectations in these states.
This is also the second-to-last budget 2022 of the Mega Election in the National Election of 2024. Now, let’s look at what the common person wants from the government.
Several persons have died in the previous two years, and significant markets have been lost for jobs, life savings, and small merchants.
To stimulate the real estate market, the government has tried all it can to lower interest rates on bank loans. However, due to the Covid virus’s recurrence, we still have a long way to go.
Now, let’s look at what the average citizen expects from the government in this budget.
Deduction of Covid expenses
Almost everyone in India has been affected by covid-19 pandemics, either directly or indirectly, and has spent a huge amount of money on their treatment. The government should recognize covid expenditures as legitimate expenses.
Better Health infrastructure
Minister Nirmala Sitharaman announced a 137 % increase in health allocation to Rs 2.23 lakh core from the previous year’s budget estimate of over Rs. Ninety-four thousand crores (Rs. 94,452 crores)and a 118 percent increase from the previous year’s proposed budget of over Rs. 1.02 lakh crore (Rs. 1,02,873 crore).
Now, the average man wants better hospitals throughout the country so that he does not have to go to a private hospital for primary healthcare treatment.
Countdown to the much-awaited Union Budget 2022-23 has already started!
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Boost to employment
We have seen constant agitation on employment concerns in recent days, and now we want the government to lend a helping hand to stressed industries like automobiles and real estate so that more jobs may be produced in the market.
Benefits in Income tax slab rate
The salaried class possesses high expectations for this budget in terms of increasing their net income, or income after taxes, and how this would be accomplished.
This can be accomplished by providing direct relief upon income up to $5 million, i.e., no tax up to $5 million and subsequent rate reductions on additional income, as well as surcharge reductions.
Increased limit of Section 80D
Because of the rise in healthcare costs, more individuals are now purchasing health insurance. There are some chance is their considerable increase in public awareness and lots of people are now taking medical insurance.
To make it even higher, the government must boost the ceiling from 25,000 to 50,000.
Increased limit of section 80C and other similar deductions
For the last many years, it’s been speculated that the maximum for these parts should be extended from 1.5 to 3.0 laces, which would greatly aid in the expansion of savings in the hands of many Indians.
Increased limit of home loan interest
To enable the public to buy their dream house and strengthen the real estate market, the government could consider raising the interest deduction ceiling on home loans from 2 lakh to 3 lakh.