In the pandemic era, many countries have primarily adopted Keynesian demand-side stimulus measures in their economic packages and budgets. India has stood apart by mainly adopting supply-side policy reform-rich budgets. The Union Budget 2022-23 continues this trend and incorporates structural measures with a 25-year outlook. While capital expenditure was needed to aid economic recovery and mitigate global monetary policies in the short-term, equally important was the need to chart a robust post-pandemic recovery path in the medium to long-term. Towards that, this Budget (in the background of other government and regulatory initiatives), provides policy signposts for a potentially globally competitive economy based on connectivity, creativity, circularity and cooperation.
