Budget 2022 Live Updates: Budget ‘people-friendly, progressive’, will give wings to ambitions of youth, says Modi

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Nirmala Sitharaman made a statement with her sartorial pick for Budget 2021. (Express photo by Praveen Khanna)

The Budget comes at a time when India’s employment rate has plummeted. Historic unemployment and faltering growth not only exacerbated inequalities of income and wealth but also led to anincrease in the absolute number of poor peoplein India — an unprecedented and embarrassing reversal in poverty alleviation. In the years leading up to Covid-led technical recession, there was much disagreement about the government’s approach.

The Economic Survey, tabled just a day before Sitharaman will announce the Union Budget 2022-23, emphasised the need for the government to provide a buffer against stresses such as the uncertainty in the global environment, the cycle of liquidity withdrawal by major central banks, etc.

The Survey has pegged that in the government’s efforts to build a post-Covid economy, demand measures alone will not provide…

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