Finance Minister Nirmala Sitharaman is set to present the Union budget 2022-23 on February 1 in the paperless form. While the Congress is set to raise farmers’ issue, Chinese aggression, Air India disinvestment. All eyes are set what the fin min has in store for the common man. 4

Already bearing the brunt of rising inflation, Covid-induced lockdowns, job loss and salary cuts, individual taxpayers are hoping for a budget that will help reduce their tax burden and leave more money at their disposal.

For individual taxpayers below 60 years of age, the income tax exemption limit is Rs 2.5 lakh per annum. This limit has remained unchanged from Financial Year 2014-15. With an aim to enhance the net disposable income, it may be considered whether the basic exemption limit under the existing tax regime can be enhanced to Rs 5 lakh itself.

India is also pinning hopes that the upcoming Budget will seek to balance short-term fiscal needs with structural reforms to support medium-term growth.

With the Budget’s emphasis shifting more towards policy announcements aimed at providing growth stimuli, the expectations of the infrastructure sector have also aligned with this trend.

“With India poised for an impressive growth, Budget 2022 could play a critical role in stimulating the upward trajectory of the country,” says Atul Sobti, Director General, SCOPE (Standing Conference of Public Enterprises).

Ravi Singhal, Vice Chairman at GCL Securities says infrastructure and PSU will be in focus ahead of the Union Budget this year.

Deloitte India Partner Gokul Chaudhri said the budget is expected to provide relief to lower and middle-income earners with disposable income impacted due to inflation.