The Union Budget of India, also referred to as the Annual Financial Statement, will be announced soon. Many individuals are curious about what new policies and budget expectations can we hope for the following fiscal year (2022-2023).
Even after two years of fighting the coronavirus pandemic, multiple sectors are struggling and trying to recover to their pre-pandemic status. The signs of economic burden are evident, especially in small businesses. Thus, the union budget will be a backdrop of such challenging financial situations.
So, to bring you some insights into what you can expect from the upcoming budget, changes and policies will be introduced and materialised before the start of the new financial year in April. This blog is curated by gathering the opinions of chief economists from Dun & Bradstreet, who offer the most comprehensive Union Budget analysis on their platform.
Budget Expectations from Different Sectors
Some of the concerns that several sectors face are expected to be addressed in the upcoming Union budget 2022-2023.
- MSME Sector:
Low consumption expenditure, high freight costs, increased commodity prices, and supply chain troubles, including operational disruptions, are some of the headwinds faced by the MSME sector. To provide considerable relief for the same, the government may address the concern of delayed payments, modify working capital constraints, ease access to capital, and introduce policies favouring a strong export infrastructure.
- Banking and Insurance:
Everyone in the previous year felt the need for health insurance due to the life-threatening effects of the corona. The government may aim for universal health insurance via direct funding by incentivising the private insurance sector. In addition, measures such as exemption from GST on insurance premiums, an increase in the tax deduction range, and improvement in social protection can be expected.
- Infrastructure:
The will to develop the infrastructure and investment sector is expected to continue. The government might significantly improve the health infrastructure after a tough year because of the corona. Further, the lockdown situation has impacted the education faculty as well, to improve which government may introduce some policies. The Union budget will focus on enhancing both physical infrastructure and digital connectivity.
- Overall Changes:
It is expected that the government might introduce measures to promote a new hybrid work environment to be the new normal among all sectors. Also, a sudden surge in Covid cases has led to significant uncertainty over the availability of skilled labour, and its cost has increased. Reverse migration, rur-urbanisation, could be the key for the services sector at least. The government will also aim to bring a fine balance between social and economic needs to uplift the economy’s potential output.
Learn More About Union Budget Expectations on Dun & Bradstreet
The Union Budget affects each individual of our country and, at some point, even other nations. Therefore, it is crucial to understand and make complete sense of it. Sometimes, it can be a daunting task, but one entity simplifies the same for you, which is Dun & Bradstreet. It is a data and analytics company that will decipher all the significant policies and changes you need to be aware of to formulate policies for your own business. From budget expectation to its analysis, you will find everything you need to understand the Union budget and plan for the upcoming fiscal by going through Dun & Bradstreet’s comprehensive impact analysis reports.
