ശ്രീക്കുട്ടന്‍‘സ്

BUDGET 2022 QUICK SUMMARY DEFICIT/EXPENDITURE 1. Proposes fiscal deficit of 4.5% of GDP by 2025/26 2. Projects fiscal deficit of 6.4% of GDP in 2022/23 3. Revised fiscal deficit for 2021/22 at 6.9% of GDP 4. Total expenditure in 2022/23 seen at 39.45 trillion rupees 5. States will be allowed 4% fiscal deficit to GDP in FY23 6. 50 year interest free loans over and above normal borrowing allocated to states 7. Scheme for financial assistance to states for capital investment outlay to be 1 trillion rupees in 2022/23 TAXATION 1. Import duty on certain chemicals are being reduced 2. Customs duty exemption on steel scrap to be extended for another year for small- and medium-sized businesses 3. Customs duty on stainless steel, flat products, high steel bars to be revoked 4. Unblended fuel to get additional duty of 2 rupees per litre from October 2022 FINANCE 1. Emergency credit line guarantee scheme for small and medium sized businesses to be extended to March 2023 2. Energy transition and cl...

Indian economy is expected to witness real GDP expansion of 9.2% in 2021-22. Agriculture and allied sectors have been the least impacted by the pandemic and the sector is expected to grow by 3.9% GVA of Industry (including mining and construction) will rise by 11.8%. Indian economy is in a good position to witness GDP growth of 8.0-8.5% in 2022-23. Foreign exchange reserves at US$ 634 bn on 31st Dec 2021. This is equivalent to 13.2 months of merchandise imports & is higher than the country’s external debt India’s CPI inflation at 5.6% Economic output surpasses pre-covid levels. Agricultural sector was the least impacted by the pandemic-related disruptions. Revival in the Indian residential real market in 2021 in terms of growth in sales, prices and new launches. Hotel occupancy rate has recovered substantially, reaching 56-58% in October 2021, from 30-32% in April 2021. Boom in software & IT-enabled services exports even as earnings from tourism have declined sharply...