It would not sound too exaggerated to define the 2022-23 Union Budget presented by Finance Minister Nirmala Sitharaman a “blueprint for India’s AmritKaal”. As India celebrates 75 years of independence and prepares to spend the next 25 years in building its position as a global power to reckon with, the budget is likely to serve as a guiding light on India’s pathway to prosperity and international dominance. Prime Minister Narendra Modi has been an unwavering votary of disrupting the status quo to ring in transformational change. The ideas he brings to governance put the citizen at the forefront of policy-making.
The Union Budget continues that tradition by bringing in several new ideas and fitting them snugly in the framework of government policies and expenditure. On the day of the Union Budget announcement, the capital markets witnessed two diverse trends. In a volatile session, Indian equities rose after fading losses in afternoon deals post the budget announcements. The yield on the benchmark 10-year bond increased by as much as 21 basis points to 6.89 per cent, the highest since July 2019. The rupee slipped 0.2 per cent to ₹74.74 per dollar. It seems that the equity markets were impressed by the budget but the bond markets were not.
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