Topic

1. Will the budget 2022 help build the economy post the pandemic? How?’

Solution : Yes, the budget 2022 will be helping to build the economy post in pandemic by some of
the following ways.

So, good afternoon to one and all present over here. My name is Sadhan Padhi and I am going to
discuss on about the economic post building during post pandemic situation. So starting from the
basics, the budget is also known as the Annual Financial Statement (Article 266) which states that
the parliament approval is required to draw money from the consolidated fund of India where all
the revenue received by the government and expenses made by it excluding the exceptional items
are taken into consideration.

So, the budget division of the department of economic affairs holds the financial matters that are
been the responsible sole body for preparing the budget.

So, coming straight to the point, this year gross domestic savings (% GDP)

1948 1972 1997 2022

Gross Domestic Savings (% of GDP) 9.5 14.1 24.2 31.4
Tax/GDP (in %) 2.8 5.1 6.8 7.1
Direct Tax/Total Tax Revenues (in %) 52.8 17.5 35.2 50
Fiscal Deficit (% of GDP) 0 2.53 5.66 6.8
Population (In Million) 361 548 990 1380
Food Grains Production (in million tones) 50 97 193 308
Import Cover (in months) NA 2.9 6.5 17.8
Agriculture/GDP (in %) 54.7 41.2 24.3 16.7

Sources : MOSPI, RBI, Un Population Division, Ministries of Finance and Agriculture, Report of the
National Income Committee, author estimates.

Taxation Slab

Existing Tax rate (in Rs) New Tax Slabs (in Rs)
Upto 2.5 L  Nil Upto 5L  Nil
2.5 L – 5 L  5% 5l – 7.5 L  10%
5 L – 10 L  20% 7.5 L – 10 L  15%
Above 10 L  30% 10 L – 12.5 L  20%
(As per 2020 Tax Slab) 12.5 L – 15 L  30%
(2020 and after in accordance to budget)

2.