India’s Union Budget 2022-23 that Finance Minister Nirmala Sitharaman will present on February 1 is likely to focus on micro, small, and medium enterprises (MSMEs) and may be export-oriented, according to the Federation of Indian Exporters Organisation (FIEO). In an interview, FIEO President A Sakthivel said Indian exports are on an upswing and may touch US$400 billion in the current financial year. Urging the Finance Minister to encourage MSMEs by providing a double tax deduction for overseas marketing, he said that for every US$1000 spent on global marketing, US$2000 should be given as tax deductions under the income tax for specified kinds of overseas marketing.
