Ahead of the union budget, the government has received feedback from the BJP and the Rashtriya Swayamsevak Sangh (RSS) that there must be further financial support for micro small and medium enterprises (MSMEs), small businesses and the informal sector. At the same time, there must be measures that should help the industry in offsetting high commodity costs and raw material prices which have hurt the industry in the current financial year.

At the same time, there might be an increase in import duties in certain products where India believes there can be greater levels of localisation.

The economic survey has said that strong revenue collections mean that India does have fiscal room for more policy interventions.

So let's see how the budget delivers on supporting MSMEs, supporting job creation, supporting small and marginal farmers, India’s startup ecosystem, the health sector and also the next steps in India's energy transition.

Watch the accompanying video of CNBC-TV18’s Parikshit Luthra for more details.

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First Published:Feb 1, 2022 8:15 AM IST