New Delhi: Experts have started to weigh in on the Budget 2022 presented by Finance Minister Nirmala Sitharaman on Tuesday amid the third wave of Covid-19. The key takeaway from the budget is the huge impetus to the infrastructure sector which, experts say, is likely to boost the job creation for the middle-class in the country.
Speaking to ETV Bharat, Akash Jindal, a renowned Indian economist said that amid Covid-19 "today's budget seems pragmatic and is likely to boost job creation."
Praising the budget for being practical enough to serve the interests of the citizens in the longer run, Jindal said that huge allocation is being given to the infrastructure which will have a dual benefit for the middle class -- one in the domain of travelling and two the development of the corporate sector that is likely to boost the employment opportunities.
Asked whether this budget would help the middle class, poor strata and the agriculture sector, Jindal said that people especially the middle-class section were expecting a reduction in income tax, something the budget has not addressed.
Pointing out the rationale behind this, he said that "people should understand that the government has limited resources because of the Covid-19 situation, and within those limited resources it has managed well". Jindal said that the government has delivered a pragmatic budget that would 'eventually benefit' the middle class and the poor in the longer run.
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For Jindal, the major takeaways from the budget include the launch of 5G services, a huge allocation towards infrastructure, technology absorption, and capital being spent on villages and farmers. "It's a long-term, visionary, and a growth-oriented budget," he said.
As the Indian market has been reviving after a long time, there was a general expectation from the people that this budget would propose additional elements to boost the market. To this equation, Jindal said that although no direct benefits are being given and that is why the stock market has fallen in the longer run, it will smoothen the market.
He added that since the government has announced 400 Vande Bharat trains in the next three years, it will not only increase the mobility of the masses but will also pave a way for job creation. Major investment, Jindal added, is being made in the infrastructure sector which would eventually boost the manufacturing and give an impetus to the Make In India program.
