Feb 1, 2022
Budget 2022: Can India's budget address its uneven recovery?
"The budget will see the government walking the tight rope in terms of boosting growth and reducing the gap between its income and spending," Madan Sabnavis, chief economist at Bank of Baroda, told the BBC.Ms Sitharaman tabled the annual economic survey in parliament on Monday - the report projected growth ranging between 8-8.5% for the 2022-23 financial year. "India's overall macroeconomic situation is in recovery mode... The worry stems from the fact that this growth is concentrated at the top end," India's former chief economic adviser Kaushik Basu said in a recent interview. A brutal second wave last year shrank India's middle class, gutted savings and widened inequality. India's revenues for the first eight months of the current financial year are up by 67% from the previous year, the Economic Survey, noted. Raghuram Rajan, former governor of India's central bank, said growing unemployment, low buying power, the financial stress faced by small businesses and the state of India's schools, were all "Dark stains" on the country's economy - despite "Bright spots" such as the "Roaring" IT business and the emergence of so many new billion-dollar start-up firms.
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