2 in 3 Indians believe Union Budget 2022 will have positive impact on economy: Survey

Two in three Indians believe that Union Budget for the fiscal year 2022-23 will have a positive impact on the economy, according to the latest survey by LocalCircles.

Although many citizens had pinned hopes for some sort of relief in times of pandemic, there were only a few changes made to the personal income tax structure, none that provide relief.

The survey, which received more than 40,000 responses from citizens residing in 342 districts of India, indicated that 24 per cent of citizens are thrilled with the Budget and see many benefits ranging from infrastructure growth to boosting spending and creating employment, while 42 per cent believe it will drive progress in at least one area.

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Finance Minister of India Nirmala Sitharaman deliberated the Union Budget 2022 in Parliament on February 1. There were a host of measures announced for several sectors. However, 29 per cent of citizens do not see any impact of such spending.

When asked about overall rating, 42 per cent of citizens find Union Budget 2022 meeting or exceeding expectations while 56 per cent find it below expectations with lower rating largely driven by no personal tax relief.

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The Union Budget allocated Rs 86,200.65 crore for the health sector. The spending on “medical and public health” has been reduced from Rs 74,820 crore in 2021-22 to Rs 41,011 crore in 2022-23. However, 48 per cent of citizens believe that the Union Budget 2022 allocation to health is not sufficient to handle the pandemic while 40 per cent believe it is.

Among the host of announcements, the decision to tax sales of digital assets has caught some serious attention.

According to the survey, 58 per cent of citizens support the launch of RBI’s digital currency while 54 per cent of citizens support taxation of digital assets at 30 per cent.

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