Budget 2022: ‘Wish FM does not dash our hopes’, says Kiran Mazumdar-Shaw

Executive Chairperson of Biocon, Kiran Mazumdar-Shaw tweeted that Budget 2022 is an event wherein everyone is hoping for some good news. Shaw further said that she hopes that the Finance Minister will deliver some good news and “not dash our hopes”. The Biocon boss underscored that the faster the economy is opened up, the better it will be for economic revival while sharing the link to her blog titled Hope FM delivers a feel-good Budget.
 
“Budget 2022 is an event that everyone is hoping will deliver good news and I wish the Finance Minister will not dash our hopes! The faster we open up the economy, the better it is for the economic revival,” Mazumdar-Shaw tweeted along with the link to her blog post.

She starts this blog by jotting down the three key demands – citizens want more disposable income through lower tax rates, industry wants lower corporate tax rates to afford investment for expansion and the government wants more tax income to afford greater public sector spending and investment. After this, the Bengaluru-based business tycoon goes onto explain that the loss of revenue can be offset by ensuring an increase in indirect tax from increased consumption and savings.
 
She also said, “I believe consumption-led growth can push India to realise its aspiration of becoming a $5 trillion economy.” Shaw then said that the Government’s revenue strategy should focus on divestment of public sector enterprises and accessing the capital markets for various PSUs. The Biocon boss also asserted that the government should also look at leveraging incremental revenue generation of a growth-led economy.
 
Besides this, Shaw also underscored that corporate investments have seen a sharp fall despite improved financial performance. According to her, the government should consider expanding the 15 per cent corporate tax rate announced for greenfield investments to brownfield and R&D intensive companies besides announcing a cap on corporate tax rate at 25 per cent.
 
She also went onto comment on the Air India handover and noted, “Air India’s growing losses are now behind us and I am sure the Tata Group will turn it around within 5 years.” She also talked about strengthening agriculture sector through an optimal supply-demand growth model, providing fiscal incentives to the MSME sector and raising public spending on healthcare to 3.5 per cent of GDP to support transformation.
 
Shaw also expounded on the need to bridge digital divide by 2030. “India needs to delete the digital divide by 2030 for which investment in digital education needs exponential investment. Ensuring that every school going child has access to a tablet and to computers will demand investment,” she explained.
 
The RPG Enterprises chairman Harsh Goenka, on the other hand, retweeted a tongue-in-cheek take on the upcoming Budget 2022 session shared by a user named Abhishek Singh. Singh shared a 2 minute 17 second long TikTok video featuring two people—Harry and Jim. The video begins with Harry calling on Jim to have a word with him. Goenka shared the video with the one-line caption, “Tomorrow’s Budget 2022 explained.”

Netizens put their humour to the fore and shared hilarious memes ahead of the Annual Budget, which will be tabled today in the Parliament.

Meanwhile, Minister of State for Finance Pankaj Chaudhary said that the Finance Minister will present an inclusive Budget today. “Finance Minister Nirmala Sitharaman will present an inclusive Budget, in line with each and every sectors’ needs. It will be benefitting everyone… All sectors (including farmers) should have expectations from today’s Budget,” he said.

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