Analysis Of Budget 2022-23

The wrath of the coronavirus pandemic has had a delirious Impact on Indian society. While the recovery was in process, the union government introduced the 2022 budget to push India’s economy. The budget reflects an evident aim of recovering from the shocks incurred during the pandemic. Therefore, before the honourable Finance Minister, Nirmala Sitharaman introduces the 2023 budget, which would be the last budget before the Nation goes to general elections in 2024, it becomes important to shed light on how far the budget of 2022-23 was able to meet its visionary targets. This paper restricts itself to an analysis of the structural changes proposed by the budget. Structural Changes are defined to have the potential to alter the framework of the economy. It attempts to analyse these structural changes – developmental goals of the National Monetization Pipeline, the changes in the Banking Sector, budgetary allocation on subsidies and the relevant debate, privatisation goals, Agneepath scheme and consequent changes in the defence sector and the efforts to bring down the fiscal deficit. This paper seeks to understand the financial impact of these changes as well as provide an analysis of the impact on the affected sectors. It also provides recommendations for the drafting of the budget for the coming financial year. The study has collected its findings from academic analysis of secondary sources available in the online and offline mode. The conclusion so derived presents a contrast of its successes and failures in the aforementioned sectors and provides a roadmap for drafting the Annual Financial Budget of 2023.

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Author : Falguni Mahajan
Co-Author: Anchita Dua