Union Budget sets agenda for continuity to provide predictable tax system, vision for 25 years: FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman said on March 7 the Union budget for 2022-23 that she unveiled stands for continuity to provide a predictable tax regime and vision for the next 25 years.

She added that the budget will also ensure the country is adequately equipped to celebrate when it achieves 100 years of independence.

“This budget is more indicative of continuity to provide a predictable tax regime and ensure we plan for the next 20 to 25 years. There is a vision and also a kind of roadmap through which we want to achieve a basic infrastructure that will help us to be proud of ourselves,” said Ms. Sitharaman during the budget outreach program, where she interacted with industry and took their feedback and complaints .

According to Ms. Sitharaman, the budget has brought a lot of technology and digitization to the economy.

Stressing that the country is still recovering from the impact of the COVID-19 pandemic, the Union minister said the nation needs a support system, especially for health, that is fully stabilized and strengthened.

She also stressed the need to “wake up to the kids who have lost two years of education and fill the gaps.”

Ms. Sitharaman pointed out that the budget should also ensure that states have a participatory role in everything the center does, so that the funds are shared with them and they can also actively participate in infrastructure construction.

“More general principles to draw synergies from all investments of the center and the states in the infrastructure, so that the multiplier effect really comes into play and the investments have synergistic effects,” said the minister.

Ms. Sitharaman explained that each of the investments does not stand alone in a silo and told the gathering that the center has introduced PM Gati Shakti’s principle, which will be like an umbrella-like scheme over the various targeted projects for the mutual benefit of the industry .

“The synergy of the different investments made in different areas, whether they are ports or roads, bridges or trains, must fall within each other’s domain and give us a common strength [under Gati Shakti project]’ said the finance minister.

According to Ms. Sitharaman, companies are suffering from the money used to offset the extreme disadvantage the industry is facing due to the lack of proper logistical convenience. All are brought together because of Gati Shakti’s synergistic approach, she explained.

Accompanied by senior Treasury officials including Treasury Secretary TV Somanathan and Treasury Secretary Tarun Bajaj, Ms Sitharaman said the next budget outreach program will be held in Assam, which will cover the north-east region.

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