India's economic growth may hit 7-7.5% in 2022-23: EAC-PM

Once capacity utilisation improves, private investments should also recover. “However, this should not mean that the Union Budget for 2022-23 should project unrealistically high tax revenue or tax buoyancy numbers,” the EAC-PM members said in a media release.

The Union Budget for 2021-22 was applauded because of reform measures, as well as transparency and realism in the numbers. EAC-PM members are of the view that these dimensions should be carried forward into the 2022-23 Budget too, signalling use of the extra revenue in the form of capital expenditure and human capital expenditure, since COVID-19 has led to a human capital deficit.

“There should also be a clear road-map for privatisation and the growth orientation of last year’s Budget should also be maintained,” the release said.

ALCHEMPro News Desk (KD)