Latest News | Budget Aimed at Providing Stability: MoS Finance Karad

New Delhi, Feb 4 (PTI) The Union Budget for 2022-23 is aimed at providing stability to the country and supports different sections through various schemes, Minister of State for Finance Bhagwat Kishanrao Karad said on Friday.

"If we want to develop our country's economy, then we have to penetrate up to the common man and the common man should also know about the finance," he said while addressing an annual function of the Institute of Chartered Accountants of India (ICAI).

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Karad added that some modifications in the banking sector could be made for its smooth functioning.

"Two days back our finance minister Nirmala Sitharaman presented Budget in the Lok Sabha. And the Budget, if you see, is to give the stability to the country and different schemes which are there in the different sections are given full support," he said.

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He noted that we are celebrating Azadi ka Amrit Mahotsav and Prime Minister Narendra Modi has declared the 25-year period till 2047 as "Amrit Kaal".

This period is very important for the development of India and therefore we have to develop our country in all respects, Karad said.

Thus, development of the economy becomes very important and so does the role of chartered accountants (CAs), he noted.

The minister said CAs are the "doctors of wealth" and have an important role in improving finances and the economy.

CAs' role is important in fields like accountancy, taxation, capital markets and cost management, among others.

Karad further said the Prime Minister decided to have "one market, one tax and one nation" and on this basis GST was rolled out.

The GST collections increased even during the pandemic, Karad said, adding the mop-up stood at Rs 1.4 lakh crore in January, Rs 1.3 lakh crore in December 2021 and Rs 1.31 lakh crore in November 2021.

ICAI President Nihar N Jambusaria said in 2021 the institute forged alliances with regional body of ASEAN and arrangements with accountancy institutions in Russia, Azerbaijan, Poland and Qatar.

As the MSMEs were suffering the worst during the pandemic, a dedicated MSME and startup committee was set up to make them understand the facilities the government had extended to them, he added.

On sustainability initiatives of the government, the institute set up a sustainability reporting standards board. It is also intensively working on climate change, gender equality and towards achieving other sustainable development goals, he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)