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As Finance Minister Nirmala Sitharaman presented her 4th Budget at the Lok Sabha on Tuesday, Kiran Mazumdar-Shaw, Executive Chairperson of Biocon, pointed out that the middle class is gravely disappointed with the budget for sure. 

Belying expectations, Finance Minister did not tinker with the personal income tax rates in the Budget for 2022-23. The minister also did not raise standard deduction, which was widely anticipated in view of elevated inflation levels and impact of the pandemic on the middle class.

The standard deduction currently stands at 50,000. There were no change income tax slabs in the personal income tax category in the Budget unveiled on Tuesday.

Shaw also mentioned, the pandemic impact has badly hit the informal sector, MSMEs and the services sectors. They are urgently in need of fiscal stimulus.

Though it was expected that this year's Budget would be focused towards Micro, Small and Medium Enterprises (MSME) and Export, however, no major announcements were mentioned for this sector. 

She also tweeted, Fiscal prudence and business ease has been the theme. 35% increase in capital expenditure will drive infra n jobs - Positive rhetoric with no negative surprises = balanced budget.

FM Sitharaman, who presented her 4th Union Budget in the Lok Sabha, said that this year's budget will lay the foundation for India's economic growth and expansion for the next 25 years.

"This Union Budget seeks to lay the foundation and give a blueprint of the economy over Amrit Kal of next 25 years - from India at 75 to India at 100," Sitharaman said.

The Finance Minister also mentioned the government's focus will continue on boosting public investment to modernise infrastructure. One of the priority areas of the government in the coming years would be the PM Gati Shakti programme. Seven engines of the PM Gati Shakti initiative are roads, Railways, airports, ports, mass transport, waterways and logistics infra.

 

 

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