Finance Minister Nirmala Sitharaman Sitharaman outlined measures to promote ease of doing business in the forthcoming financial year 2022-23 on Tuesday, February 1, intending to provide a boost to economic growth. In proposing the budget, the minister stated that compliance requirements will be relaxed to shift to **"trust-based governance." **She also stated that over 25,000 compliances have already been decreased in past years, and 1486 union statutes have been no longer valid.

Let’s get a little deeper into what exactly is budget and how the budget will impact different business sectors.

A budget is a projection of revenue and spending for a given period. Businesses, governments, and homes all use budgets, and they're an important component of running a business or a family. Companies use the union budget as a point of reference to get to major business conclusions.

Prime Minister Narendra Modi stated on Wednesday that the focus of the Union Budget and Union budget is on giving basic facilities to the poor, middle class, and youth. Modi described Budget 2022-23 as a step toward a modernized and self-reliant India while speaking to BJP workers at the Atma Nirbhar Arthvyavastha ceremony. Modi went on to say that the Budget offers a four-fold increase in public investments over the previous administration's and that this will provide tremendous opportunity.