Union Budget 2022: The Departure from the Past
By Bibek Debroy & Aditya Sinha
The non-medical interventions such as economic restrictions, lockdowns, business closures due to the COVID-19 pandemic in the last two years have taken a toll on economic growth worldwide. The Indian economy was no exception, but it has proven to be resilient. As the Economic Survey for 2021–22 and FM’s Budget Speech for 2022–23, the Indian economy has recovered robustly across the sectors. Absolute GDP has surpassed the pre-pandemic levels, and Real growth in GDP in 2021–22 was 9.2%, and the economic survey has estimated the real growth to be around 8-8.5%. Many announcements in the Union Budget 2022-23 will ensure that this momentum continues.
The Union Budget is an annual statement of the Union government’s receipts and expenditures. However, it has become a document that signals the government’s policy intentions over the years. Since 2014, the government has brought many subtle changes to the Budget, be it transparency or accountability. We highlight some of these changes and important announcements in the Budget 2022-23.
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