Steps should be taken to increase growth in Budget 2022, focus should also be on increasing consumption: Bank of Baroda

Bank of Baroda (BOB) in its latest economic research report released on Friday said that the general budget for the financial year 2022-23 is expected to boost growth, achieve fiscal consolidation and increase consumption. The report also said that there may be some changes in the tax concessions in the budget.

Budget 2022

Bank Of Baroda (BOB) In its latest economic research report released on Friday, said that the general budget for the financial year 2022-23 ,Budget 2022, Increase (Growth) To promote, achieve fiscal consolidation and consumption (Consumption) The emphasis is expected to increase. The report also said that there may be some changes in the tax concessions in the budget, while the incentives linked to production (PLI) More allocation can be made to increase investment under the schemes. According to this report, the gross borrowing will be maintained in the range of Rs 12,000-13,000 billion to avoid volatility in the bond market. In this way, the fiscal deficit is expected to be between 6-6.25 percent in the financial year 2022-23.

Expected increase in revenue and expenditure of the government

According to BoB’s research report, with a 13 per cent increase in GDP at current prices, the Centre’s net revenue may grow by 12.2 per cent and expenditure by 4.5 per cent.

The report claimed that the expected disinvestment proceeds in the next financial year could be around Rs 750 billion.

Apart from this, lucrative offers in income tax and tax cuts on fuel are needed to support the pandemic-hit economy and boost consumption demand in the coming budget. This has been said in the report of rating agency India Ratings. India Ratings, in its report released before the budget, expressed the hope that the new budget will incorporate and strengthen the fiscal plan set out in the previous budget. In this, instead of adopting new things, the methodology of revenue and capital expenditure of the current financial year will be adopted, so that the existing efforts can be strengthened.

In this report, it has been hoped from the budget that the focus will be on increasing demand by creating employment opportunities in the areas most affected by the global pandemic Kovid. According to the report, Finance Minister Nirmala Sitharaman is expected to delay fiscal inclusion, make it a gradual and phased process and ensure that necessary financial support is available to the economy till the recovery picks up pace. Ho.

read this also: Budget 2022: Demand to promote new technologies in fintech, emphasis should also be given on skill development

read this also: Income tax relief in budget 2022, tax on fuel should be reduced: Report

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