A large portion of Sitharaman’s speech was dedicated to climate action and the energy transition — from supporting low-carbon sectors, to the announcing of green bonds.
When presenting a Budget like 2022, political management is a bit of a problem. Here, Nirmala Sitharaman needs more than good English and bad Economics.
Budget deficit target is doable, increased capex is a positive & it takes a realistic, if political, view of disinvestment. But protectionism, rising debts, slashed subsidies are problems.
In Budget 2022, FM Sitharaman labels cryptocurrencies as ‘digital assets’ and not currency, and taxes income gains from their transactions at a high 30%.
According to documents, the slash is to account for reduced Covid vaccination need, even as 2nd doses are awaited for most aged 15-18 years & vaccinations for children are yet to roll out.
Mini deal will likely see no cut in 10% baseline tariff on Indian exports announced by Trump on 2 April, it is learnt, but additional 26% tariffs are set to be reduced.
India-Russia JV is also racing to deliver 7,000 more AK-203 assault rifles by 15 Aug. These are currently being made with 50% indigenisation and this will surge to 100% by 31 December.
Public, loud, upfront, filled with impropriety and high praise sometimes laced with insults. This is what we call Trumplomacy. But the larger objective is the same: American supremacy.
COMMENTS