Only a few days are left for the presentation of the budget 2022. From common man to industries, all have high hopes from the Finance Minister. However, in the report of rating agency India Ratings, the government has also told the need to make some special provisions in the budget. According to the news of PTI, India Rating has said that in the upcoming budget there is a need to make special offers in income tax and cut tax on fuel to help the economy affected by the COVID epidemic and boost consumption demand.
Need to focus on increasing demand
According to the news, India Ratings in its report released before the budget expressed the hope that the new budget will incorporate and strengthen the fiscal plan set 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 COVID.
Financial support is necessary for the economy
According to the report, Finance Minister Nirmala Sitharaman is expected to delay fiscal inclusion. Will make it a gradual and phase wise process and ensure that till the revival picks up pace, the necessary financial support is available for the economy. Referring to the adverse impact on the purchasing power of the common people due to the epidemic, the report demanded tax relief to them (Budget 2022), saying that this can be done by giving relief in income tax and cutting tax on oil products.