Budget 2022: Focus on infra, jobs, connectivity as FM Sitharaman provides booster dose for 'Naya Bharat'

Congress leader Rahul Gandhi on Tuesday alleged that the government had delivered a "zero-sum budget" that has nothing for the middle class, farmers and the poor, drawing a derisive response from Union ministers who suggested that the opposition leader had not understood the "futuristic" measures. As the two sides exchanged barbs, the opposition party also hit out at Finance Minister Nirmala Sitharaman, accusing her of insulting the people of Uttar Pradesh with her remarks and demanding that she apologise to them. "There is despair all around our country, our youth have no future and once again the Modi govt's budget completely ignores this painful reality. #Budget2022," Gandhi said in a post on Instagram.

The Union budget presented by Finance Minister Nirmala Sitharaman has put forward some interesting policies that would greatly benefit the electric vehicle segment in the country, Oben Electric co-founder Dinkar Agrawal said on Tuesday. In a statement, he said owing to the emergence of special mobility zones with zero fossil fuel policy, many manufacturers and OEMs (original equipment manufacturers) would seize the opportunity to further strengthen the EV Supply chain. Similarly, Coimbatore-based EV maker Boom Motors CEO Anirudh Ravi Narayanan said the primary announcement of interest for the EV industry was the Finance Minister's commitment to boost initiatives for EV infrastructure and ecosystem.

Finance Minister Nirmala Sitharaman on Tuesday announced that 400 new Vande Bharat trains will be introduced and the Railways will also develop new products for small farmers and MSMEs. Presenting the Union Budget for 2022-23, she said contracts for multi-modal parks at four locations will be awarded during the next fiscal. "400 new-generation Vande Bharat trains with better energy efficiency and passenger riding experience will be developed and manufactured during the next three years," she said. These new trainsets are going to be made of light-weight aluminium, as opposed to steel, making each around 50 tonnes lighter in weight, consuming much less energy than their steel counterparts.

Uttar Pradesh Chief Minister Yogi Adityanath on Tuesday welcomed the Union Budget 2022-23 as "progressive" and "holistic", even as president of main opposition Samajwadi Party Akhilesh Yadav said it will cut into the pockets of the general public. "This is a budget which fulfils the vision of AatmaNirbhar Bharat. It is holistic and progressive, and it pushes the economy on the path to be the biggest economy in the world. We welcome the Union Budget. We thank Prime Minister Narendra Modi and Union Finance Minister Sitharaman for a budget which is progressive for farmers, women and the youth," Adityanath said here. Samajwadi Party chief Yadav, however, said the budget will bite into the savings of the people. "All work and businesses have come to a standstill...There is a historical recession, lakhs of jobs have been lost...Incomes of the general public have decreased...All savings lost due to unemployment and (treatment of) disease...Now another budget by the BJP has come to bite into the savings of the people," he said in a tweet in Hindi.

The RSS on Tuesday hailed the budget as "well-balanced" which was needed for post-Covid recovery while its affiliate Swadeshi Jagran Manch suggested that after taxing cryptocurrency, the government should move towards banning it. Senior RSS functionary Ram Madhav said a 'Digital Budget' has been announced by rolling out of 5G and taxing digital assets. He also praised Finance Minister Nirmala Sitharaman for overcoming naysayers and announcing the Reserve Bank India will introduce a digital rupee to boost the digital economy and for better currency management.

I was astonished, shocked that the Finance Minister was outlining a plan for the next 25yrs. Govt seems to believe that the present does not need any attention & the public can be asked to wait patiently until 'Amrit Kaal' dawns. This is mocking the people of India: P Chidambaram

Today's budget speech was the most capitalist speech to be ever read by an FM. The word 'poor' occurs only twice in para 6 & we thank FM for remembering that there are poor people in this country; people will reject this capitalist budget: Former FM &Congress leader P Chidambaram

Pandemic snatched away so many jobs across the world. Our Atmanirbhar Bharat Package saved the jobs of a lot of people. We are trying to help those who lost their jobs, through various schemes. I am denying but it is not fair to say that we didn't do anything: Finance Minister

We're taking several steps to tackle these (unemployment & inflation) issues. Our govt didn't allow inflation to go double-digit. Yes, it breached the 6%  limit for a month but never crossed it. However, before 2014 it was always in the range of 10,11,12,13: FM N Sitharaman

Central bank will issue a digital currency, no discussions over what are Crypto & Crypto assets for now. Consultation with stakeholders is underway. The description of digital assets will come after the consultation: FM Nirmala Sitharaman

I have not tried to earn even a single paisa by increasing tax this year & even last year. PM had given clear instructions that people should not be burdened with taxes at the time of the pandemic, notwithstanding the deficit: FM Nirmala Sitharaman

Union Budget will be debated for 11 hours by the Rajya Sabha MPs. Ministers of Parliamentary Affairs Pralhad Joshi informed the BAC that Finance Minister Nirmala Sitaraman will reply to the 11 hour debate on February 11. The debate will start on February 2 at 11.30 am and the PM is likely to reply to the debate on February 8. The time allocated for this debate includes the time to be taken for the reply: Sources to ANI

I don’t think this budget is going to be up to the mark to face the current economic situations of the country. Without legislation via budget they are legalising that (crypto), this is not a right parliamentary practice: Congress leader & Rajya Sabha MP KC Venugopal

Finance Minister Nirmala Sitharaman speaks on proposed Digital Rupee and cryptocurrencies: What RBI will issue is a digital currency. Everything that prevails outside of it is assets being created by individuals & we are taxing profits made out of transactions of those assets, at 30%. We are also tracking every trail of money in that (transaction of crypto assets) by imposing 1% TDS at every transaction.

Lauding the announcement of a new open platform National Digital Health Ecosystem in the union budget 2022-23, Union Health Minister Mansukh Mandaviya on Tuesday said that it will significantly enhance the ease of living for citizens. "Leveraging the power of technology, the National Digital Health Ecosystem will significantly enhance 'Ease of Living' for citizens & create a healthier India", he said in a tweet.

After liberalising the rules relating to drones in 2021, the government has given a big boost to the drone industry with announcement of Kisan Drones in the Budget 2022-23, an industry stakeholder said. Presenting the Budget in the Parliament Finance Minister Nirmala Sitharaman said: "Use of 'Kisan Drones' will be promoted for crop assessment, digitisation of land records, spraying of insecticides, and nutrients."

Anti-corruption ombudsman Lokpal has been allocated Rs 34 crore for 2022-23 to meet its establishment and construction-related expenditures, according to the Union Budget presented on Tuesday. It was given Rs 39.67 crore for the ongoing fiscal. However, the budgetary provision was further revised downwards to Rs 26 crore for 2021-22.

The implementation of Ken-Betwa rivers linking at an estimated cost of Rs 44,605 crore will be taken up, Finance Minister Nirmala Sitharaman said on Tuesday. She said the draft DPRs of five river links, namely Damanganga-Pinjal, Par-Tapi-Narmada, Godavari-Krishna, Krishna-Pennar, and Pennar-Cauvery have been finalized. The Ken-Betwa Link Project is aimed at providing irrigation benefits to 9.08 lakh hectare of farmers' lands, drinking water supply for 62 lakh people, 103 MW of Hydro, and 27 MW of solar power, Sitharaman said while presenting the Budget for 2022-23. "Allocations of Rs 4,300 crore in RE 2021-22 and Rs 1,400 crore in 2022-23 have been made for this project," she said. "Once a consensus is reached among the beneficiary states, the Centre will provide support for implementation," she said.

The defence budget was on Tuesday increased to Rs 5.25 lakh crore for 2022-23 from last year's allocation of Rs 4.78 lakh crore with a major push on ensuring self-reliance in manufacturing of military platforms. In the Union Budget presented in Parliament by Finance Minister Nirmala Sitharaman, a total of Rs 1,52,369 crore has been set aside for capital expenditure that includes purchasing new weapons, aircraft, warships and other military hardware. 

Delhi Police has been allocated a total budget of Rs.10355.29 crore in the Budget Estimates 2022-23 in comparison to BE 2021-22 allocation of Rs.8654.26 Crore, with additional allocation of Rs.1701.03 Crore.  Rs.9808.39 Crore has been allotted for Establishment related expenditure. Rs.287.00 Crore shall be incurred under Capital Section for installation of CCTV Security Surveillance system across Delhi, procurement of various advanced equipment for Law and Order modernization, Upgradation of communication system like Cyber Highway and Digital Trunking Radio System besides implementation of Intelligent Traffic Management System (ITMS) and induction of various type of vehicles for Policing. Rs.259.00 Crore shall be spent exclusively for Police Infrastructure for construction of Office buildings, Residential buildings for improving housing satisfaction level and operation & maintenance of New Police Headquarter building under PPP (Public Private Partnership) mode.

Finance Minister didn't utter a word for the poor, youth, & unemployed or even inflation. There's no law on digital currency but there's a tax against it now: Congress leader Sachin Pilot on Budget

It is a directionless Budget. It doesn't have anything to offer to farmers, women, and the youth. This Budget says nothing about doubling farmers' income and the smart city project: Chhattisgarh CM Bhupesh Baghel

BJP has invited me to speak on the subject of the Budget and Self-Reliant India at 11 am tomorrow. I will speak in detail on the Budget tomorrow: PM Narendra Modi READ FULL STORY HERE

This budget brings in new hopes and opportunities for the people. It strengthens the economy; it's full of 'more infrastructure, more investment, more growth and more jobs'. There is also a new provision of green jobs; budget ensures a bright future for youth: PM Modi

An announcement of over Rs 2.25 lakh crores MSP will be directly transferred (to farmers); budget will double farmers' income. For MSMEs, credit guarantee and many new schemes have been announced: PM Modi

Besides the cleaning of Maa Ganga, a major step has been taken for the welfare of farmers. Natural farming on the banks of river Ganga in Uttarakhand, Uttar Pradesh, Jharkhand, Bihar, West Bengal will be promoted. This will help make rive Ganga chemical-free: PM Modi

For the first time in the country, 'Parvat Mala' scheme is being kickstarted for regions like Himachal Pradesh, Uttarakhand, J&K, northeast. It'll facilitate modern system of transportation & connectivity in hills. This will provide strength to border villages: PM 

PM Narendra Modi congratulates Finance Minister Nirmala Sitharaman for this 'People Friendly and Progressive budget'. I will speak in detail on the Budget at 11 am tomorrow.

There was focus on health infrastructure, mental health and other provisions in today's Budget; thankful to PM Modi and Finance Minister Nirmala Sitharaman: Union MoS Health, Dr Bharti Pravin Pawar

Finance Minister Nirmala Sitharaman on Tuesday proposed to reduce customs duties on certain chemicals, including methanol, to promote domestic manufacturing. She also announced a reduction in customs duty on cut and polished diamond, gemstones to 5 per cent. Besides, she said that the government will introduce IT-driven reforms for special economic zones (SEZs) and concessional rates on capital goods, and project imports would be phased out. Certain anti-dumping duties and countervailing duties on certain steel products are being revoked due to high prices, she noted. "Unblended fuel to attract additional excise duty of Rs 2/litre from October 1 to promote blending biofuels in petrol and diesel," she said.

Union Minister Hardeep Singh Puri said that as far as my Ministry is concerned, the announcement related to the PM Awas Yojana - 80 lakh homes will be completed under that and Rs 48,000 crores have been set aside for that. One point to note is what FM said that last month's GST collection is a record Rs 1.49 Lakh Crores. So, the economy is doing very well. I think the focus on growth - infrastructure growth - I'm very encouraged by the announcements.

Union Home Minister Amit Shah on Tuesday hailed the Union Budget as 'visionary' and said it will help making India the world's leading economy under the leadership of Prime Minister Narendra Modi. In a series of tweets in Hindi, Shah said by increasing the size to Rs 39.45 lakh crore, the Budget has shown that the Indian economy is rapidly growing even in the corona period. "This Budget, brought by the Modi government, is a visionary budget, which will prove to be a budget to change the scale of India's economy," he said.

The expectation that Budget will bring relief for the poor & common people, & taxpayers who are affected by rising inflation has not been fulfilled. Rising inequality has not been addressed. This Budget has brought no relief for small industries also: Congress leader Anand Sharma

A Digital Ecosystem for Skilling and Livelihood, the DESH-Stack e-portal, will be launched to empower citizens to skill, reskill or upskill through online training, Finance Minister Nirmala Sitharaman said on Tuesday. Presenting the Budget 2022-23 in Parliament, Sitharaman also announced that a digital university will be established to provide access to world-class quality universal education to students across the country with a personalised learning experience at their doorsteps. This will be made available in different Indian languages and ICT (information and communication technology) formats. The university will be built on a networked hub-and-spoke model, with the hub building cutting-edge ICT expertise. The best public universities and institutions in the country will collaborate as a network of hubs and spokes, she shared. The finance minister said programmes and partnerships with the industry will be reoriented to promote continuous skilling avenues, sustainability and employability. The National Skill Qualification Framework (NSQF) will be aligned with dynamic industry needs, she added. Sitharaman announced that 750 virtual labs in science and mathematics, as well as 75 skilling e-labs for a simulated learning environment, will be set up in 2022-23 to promote critical thinking skills and to give space for creativity.

Presenting the Union Budget 2022-23 on Tuesday, Finance Minister Nirmala Sitharaman announced that e-passports with embedded chips will be launched in Financial Year 2023. According to reports, the new e-passports will use Radio Frequency Indentification (RFID) and biometrics. FULL STORY 

The government's subsidies on food, fertilisers and petroleum are estimated to decline by 39 per cent to Rs 4,33,108 crore in the current fiscal, according to the Budget document. During 2022-23, the subsidies are estimated to further decline by 27 per cent to Rs 3,17,866 crore, it said. In its revised budget estimate for 2021-22 fiscal, the government pegged total subsidies to be at Rs 4,33,108 crore as against the actual budget estimate of Rs 7,07,707 crore in the previous financial year. Out of which, the food subsidy is estimated to increase to Rs 2,86,469 crore in the current fiscal from Rs 5,41,330 crore in 2020-21 fiscal, while petroleum subsidy is estimated to decline to Rs 6,517 crore from Rs 38,455 crore in the said period. However, fertiliser subsidy is estimated to increase to Rs 1,40,122 crore during the ongoing fiscal from Rs 1,27,922 crore in the previous fiscal. For the next 2022-23 fiscal, the government said total subsidies are estimated to further decline to Rs 3,17,866 crore from Rs 4,33,108 crore in the current fiscal. Out of which, fertiliser subsidy is estimated to decline by 25 per cent to Rs 1,05,222 crore during 2022-23 fiscal from Rs 1,40,122 crore this year, while food subsidy is estimated to decline by 28 per cent to Rs 2,06,831 crore from Rs 2,86,469 crore in the said period. Petroleum subsidies are estimated to decline by 11 per cent to Rs 5,813 crore during the 2022-23 fiscal as against Rs 6,517 crore in the current fiscal.

Madhya Pradesh Chief Minister Shivraj Singh Chouhan thanked the Centre on Tuesday for approving the Ken-Betwa river link project worth Rs 44,605 crore in the Union budget, and said the move proposing introduction of the digital currency will give a boost to the economy. In the budget speech, Union Finance Minister Nirmala Sitharaman announced that the implementation of the Ken-Betwa rivers linking worth Rs 44,605 crore will be taken up for providing irrigation of over 9 lakh hectares of farmers' land. The scheme is meant for the Bundelkhand region of Madhya Pradesh and Uttar Pradesh. Reacting to the announcement, Chouhan in a tweet said, "Gratitude towards the government led by visionary Prime Minister Narendra Modi for the generous allocation. This will speed up the project and bring prosperity & growth for lakhs of lives in the Bundelkhand region."

Congress MP Shashi Tharoor on Tuesday said that the Union Budget is "extremely disappointing, a damp squib" and there is absolutely nothing. Speaking to the media, the Congress MP said there is no mention of MGNREGA, Defence or any other urgent priorities facing the public. READ FULL STORY 

Finance Minister Nirmala Sitharaman on Tuesday delivered the Budget 2022-23 with her shortest budget speech so far. She spoke for one hour and 30 minutes, making it the shortest among the budget speeches that generally go for about 2 hours at least. Sitharaman, who also made the second paperless budget presentation as she read the speech from a tab, also quoted a verse from Mahabharat's Shanti Parva. In 2019, she had made the longest speech at two hours and 15 minutes (135 minutes), only to top that the next year, in 2020, to speak for over 160 minutes. Prior to her, Jaswant Singh had spoken for 2 hours 15 minutes in 2003. When it comes to word limit, former Prime Minister Manmohan Singh went on to create a record in his landmark 1991 speech - when he was Finance Minister in the P.V. Narasima Rao government -at 18,650 words. Arun Jaitley's 2018 budget speech was a bit short at 18,604 words, which took one hour and 49 minutes to deliver. He however, spoke at length almost every time with word lengths beyond 16,000.

Finance Minister Nirmala Sitharaman on Tuesday said measures will be taken to increase financial viability of infrastructure projects, including public-private partnerships (PPP), with technical and knowledge assistance from multi-lateral agencies. In her Budget speech, the minister said for financing the infrastructure needs, stepping-up of public investment will need to be complemented by private capital at a significant scale. "Measures will be taken to enhance financial viability of projects including PPP, with technical and knowledge assistance from multi-lateral agencies," she said. Enhancing financial viability shall also be obtained by adopting global best practices, innovative ways of financing,  and balanced risk allocation, she said.

Finance Minister Nirmala Sitharaman on Tuesday announced allocation of whopping Rs 48,000 crore for completion of 80 lakh houses under the Pradhan Mantri Awas Yojana (PMAY), both rural and urban, during the next fiscal year. In her budget speech, the minister said: "In 2022-23, 80 lakh houses will be completed for the identified eligible beneficiaries of PM Awas Yojana, both rural and urban. Rs 48,000 crore is allocated for this purpose." The Centre would work with states for reduction of time required for all land and construction related approvals, for promoting affordable housing for middle-class and Economically Weaker Sections (EWS) in urban areas, she said. We shall also work with the financial sector regulators to expand access to capital along with reduction in cost of intermediation," the minister said.

Congress leader Rahul Gandhi on Tuesday dubbed the Union Budget for 2022-23 as a "zero-sum budget", saying it has nothing for the salaried, middle class and the poor.  His comments came soon after Finance Minister Nirmala Sitharaman presented the Union Budget in Parliament "M0di G0vernment's Zer0 Sum Budget! Nothing for - Salaried class, Middle class, the poor and deprived, Youth, Farmers and MSMEs," Gandhi said on Twitter.

Defence Minister Rajnath Singh on Tuesday described as an "excellent move" the proposal in the Union Budget to set aside 25 per cent of the defence R&D budget for start-ups and private entities in the financial year 2022-23. Singh also welcomed Finance Minister Nirmala Sitharaman's announcement that 68 per cent of the defence capital procurement budget would be allocated towards procurement from domestic industry. "The 68 percent of defence capital procurement budget has been allocated towards local procurement. It is in line with the 'Vocal for Local' push and it will certainly boost the domestic defence industries," Singh tweeted.

The government's receipt from disinvestment proceeds in the next financial year beginning April have been pegged at Rs 65,000 crore, lower than the current year's estimated mobilisation of Rs 78,000 crore. With budgeted disinvestment targets rarely met, Finance Minister Nirmala Sitharaman's fourth Budget drastically reduced the receipts to an achievable Rs 78,000 crore in the current fiscal, from Rs 1.75 lakh crore budgeted earlier. So far, the government has mopped up Rs 12,030 crore from PSU disinvestment and strategic sale. This include Rs 2,700 crore from Air India privatisation and another Rs 9,330 crore through minority stake sale in various Central Public Sector Enterprises (CPSEs). In the current fiscal, the big-ticket disinvestment of Life Insurance Corporation (LIC) is in the works, besides the strategic sale of BPCL, Shipping Corp, Container Corp, RINL and Pawan Hans. The government has missed the disinvestment target for three consecutive years.

The Minority Affairs Ministry was allocated Rs 5020.50 crore in the 2022-23 Union Budget on Tuesday which is Rs 674.05 crore more than the revised figures of the previous fiscal. In the budget presented for 2022-23 by Finance Minister Nirmala Sitharaman, it is proposed to give Rs 5020.50 crore to the Ministry of Minority Affairs. The budget estimate for the Ministry of Minority Affairs in the financial year 2021-22 was Rs 4810.77 crore and later the revised allocation was Rs 4346.45 crore. Of the proposed allocation to the ministry, Rs 1425 crore is for the pre-matric scholarship scheme and Rs 515 crore is for the post-matric scholarship. Over 491 crore has been allocated for skill development and livelihood initiatives.

Priority given to agriculture, rural areas, welfare of all sectors followed by a focus on infrastructure. Introduction of 'Parvat Mala' project in my ministry is a great gift for hilly areas; will create jobs. Thankful to FM for this excellent Budget: Transport Min Nitin Gadkari

Congress leader Jairam Ramesh on Tuesday alleged that the Modi government is on a "destructive path" as it talks of protecting the environment on the one hand but is promoting ecologically disastrous river-linking projects on the other. His remarks came soon after Finance Minister Nirmala Sitharaman presented the Union Budget for 2022-23 in Parliament, giving a push to infrastructure projects. "On the one hand, the Budget talks of climate action and protecting the environment. On the other, it pushes ecologically disastrous river-linking projects. Rhetoric sounds nice. But actions matter more. On that front, the Modi government is on a destructive path," he said on Twitter. Ramesh served as Environment Minister during the UPA government and is currently the chief whip of the Congress in the Rajya Sabha.

The government will borrow about Rs 11.6 lakh crore from the market in 2022-23 to meet its expenditure requirement. This is nearly Rs 2 lakh crore higher than the current year's Budget estimate of Rs 9.7 lakh crore. Total market borrowings of the government for 2022-23 are estimated to stand at Rs 11,58,719 crore, according to the Budget document. The Revised Estimates for the same for 2021-22 are Rs 8,75,771 crore, as against the Budget Estimates of Rs 9,67,708 crore. Gross borrowing includes repayment of past loans. The government raises money from the market to fund its fiscal deficit through dated securities and treasury bills. 

The Finance Minister also said in Budget Speech 2022 that this year all Post Offices in the country will be brought on the core banking system customers. With this, Post Office account holders will be able to make online transactions and even transfer money to other bank accounts through netbanking.

Union minister Mukhtar Abbas Naqvi on Tuesday hailed the 2022-23 Budget and said it advances the opportunity for self-reliant India amid the Covid pandemic. Finance Minister Nirmala Sitharaman presented the Union Budget in Parliament and said the country's economic growth is expected at 9.2 per cent in the current financial year, on the back of a sharp rebound in the economy. Minority Affairs Minister Mukhtar Abbas Naqvi said amidst the global economic crisis, the Budget binds together trust and development with the thread of "self-reliant India". This Budget assures and advances the opportunity for self-reliant India amid the pandemic period, he said.

Belying expectations, Finance Minister Nirmala Sitharaman did not tinker with the personal income tax rates in the Budget for 2022-23. The minister also did not raise standard deduction, which was widely anticipated in view of elevated inflation levels and impact of the pandemic on the middle class. The standard deduction currently stands at Rs 50,000. There was no change income tax slabs in the personal income tax category in the Budget unveiled on Tuesday.

Congress said that FM Sitharaman and PM Narendra Modi have deeply disappointed, betrayed salaried & middle class by not announcing any relief for them.

Finance Minister Nirmala Sitharaman on Tuesday said GST revenues are buoyant despite the COVID-19 pandemic. Presenting the Union Budget for 2022-23, the finance minister said remarkable progress has been made in GST regime, although there are still few challenges remaining. She also informed that no set off of any loss will be allowed on undisclosed income detected during search and seizure operations, while any cess or surcharge on income is not allowed as business expenditure.

Finance Minister Nirmala Sitharaman on Tuesday announced that the government will bring a battery swapping policy to boost use of electric vehicles in the country in view of space constraints for setting up charging stations. "Considering the constraint space in urban areas for setting up (electric vehicles) charging stations, a battery swapping policy will be brought out and interoperability standards will be formulated," Sitharaman said in her Budget speech in the Lok Sabha. She stated that the private sector will be encouraged to set up sustainable business models for battery or energy service and this will improve efficiency in EV (electric vehicle) ecosystem. "We will promote a shift to use public transport in urban areas. This will be complemented by clean tech and governance solutions, special mobility zones with zero fossil fuel policy and EV vehicles," she stated. The policy will facilitate faster rollout of battery swapping centres where EV owners would be able to refuel their EV by replacing exhausted batteries with charged ones. This will also save time taken in charging the embedded batteries in EVs. At present, a few such options are available in the country and EV owners have to spend hours for charging their vehicles at charging stations especially in cities. Moreover, there is space constrain for setting up new charging stations in urban areas also.

Finance Minister Nirmala Sitharaman proposes 1 per cent TDS on transfer of virtual assets above a threshold, gifts to be taxed.

Lok Sabha adjourned till tomorrow after Union Finance Minister Nirmala Sitharaman introduced Finance Bill 2022. 

Sensex surges 879.62 points, currently at 58,893.79. Nifty rises 234.70 points, currently at 17,574.55

Finance Minister Nirmala Sitharaman on Tuesday said Rs 60,000 crore has been allocated to provide tap water connections to 3.8 crore households in 2022-23. Presenting the Union Budget 2022-23, she also informed that the government has decided to extend the period of incorporation by one year up to March 31, 2023, for startups to avail tax incentives. The finance minister also said the government proposes to increase tax deduction from 10 per cent to 14 per cent on contribution in NPS (National Pension System) by the state government to employees.

The government is committed to reduce imports and promote self-reliance in the defence sector, Finance Minister Nirmala Sitharaman said on Tuesday. She said that 68 per cent of capital for the defence sector would be earmarked for the local industry. Sitharaman also said that 5 per cent of Universal Service Obligation (USO) Fund would be provided for R&D and technology upgradation. "Contracts for laying of optical fibre net to all villages under BharatNet to be provided under PPP mode," she added. Further, she noted that risks of climate change are the strongest externalities for the world and a low carbon development strategy would open employment opportunities. 

Finance Minister Nirmala Sitharaman didn't mention of change in personal income tax rates/slabs. She said that the government vows a stable and predictable tax regime.

To boost the Indian economy, the Reserved Bank of India (RBI) will be issuing a digital rupee using blockchain and other technologies in the Financial Year 2022-23, Finance Minister Nirmala Sitharaman told the Parliament on Tuesday. "Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy," she said. READ FULL STORY 

Finance Minister Nirmala Sitharaman on Tuesday said data centre and energy storage system will be given infrastructure status to provide easy financing to the sector. While presenting the Union Budget 2022-23, she informed that private equity and venture capital investors invested Rs 5.5 lakh crore in startups. She further said an expert committee will be set up to suggest measures to help attract more investments. Measures will also be taken to step up private capital in the infrastructure sector, Sitharaman said.

Concessional corporate tax rate of 15 pc would be available for 1 more year till March 2024 for newly incorporated manufacturing companies: FM

Finance Minister Nirmala Sitharaman said that custom duty imitation jewellery raised to discourage their imports. Custom duty exemption on steel scrap is being extended. The one year extension will help MSMEs. Customs duty on cut & polished diamonds, gems to be reduced to 5%

 She also announced concessions on parts of phone chargers, transformers, etc to enable domestic manufacturing.

Finance Minister Nirmala Sitharaman proposes to reduce custom duty on methanol 

Finance Minister Nirmala Sitharaman has announced over 350 exemptions on agri products, chemicals, drugs, etc to be phased out.

Finance Minister Nirmala Sitharaman proposes phasing out concessional customs duty on capital goods. Initial rate of 7.5% to be imposed

On GST, Sitharaman says gross GST collections for January are Rs 1,40,986 crores. This is the highest since the inception of GST.

Govt proposes to reduce Minimum Alternative Tax to 15 pc for co-op societies, at par with corporate.

Corporate surcharge to be reduced from 12% to 7%:FM Nirmala Sitharaman

Long term capital gains on listed equity share units subject to maximum surcharge at 15%. Propose to cap transfer of long term capital gains at 15%.

Finance Minister Nirmala Sitharaman announces tax incentives for startups to be incorporated until March 31, 2023

Finance Minister Nirmala Sitharaman says income from transfer of digital assets to be taxed at 30 per cent. She proposes that recipients to be taxed in case of gift of virtual digital asset. I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition: FM Nirmala Sitharaman

Tax deduction hiked from 10% to 14 % on employers contribution to NPS account of state govt employees.

Govt to provide one-time opportunity to correct errors 2 years provision for submitting updated returns. A new provision to allow taxpayers to file an updated return. Updated return can be filed within 2 years from the end of the relevant assessment year: FM 

Finance Minister Nirmala Sitharaman said the fiscal deficit estimated at 6.9% for the current FY. 6.4% fiscal deficit projected for India in 2022-23.

States to get Rs 1 lakh crore as 50-year interest-free loans to help fund PM Gati Shakti related investments.

FM said state would be allowed a fiscal deficit of 4%. Fiscal management of 34.83 lakh cr projected, 37.7 lakh cr is revised expenditure..

Finance Minister Nirmala Sitharaman said that the government will launch digital currency. Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy, she said.

Finance Minister Nirmala Sitharaman said that International Arbitration Centre to be set up.

Finance Minister Nirmala Sitharaman said that green bonds would be issued for green infra.

Finance Minister Nirmala Sitharaman said that outlay for capital expenditure to be stepped up sharply by 35.4% from Rs 4.54 lakh crore to Rs 7.50 lakh crore.

Finance Minister Nirmala Sitharaman has announced Rs 19,500 crore allocation in PLI for solar modules

Finance Minister Nirmala Sitharaman said that the government will promote energy efficiency and saving measures.

Finance Minister Nirmala Sitharaman said that the government will launch the next phase of ease of doing business and ease of living. 

Finance Minister Nirmala Sitharaman said that farmers to be helped with tech and provided funds to reduce crop burning.

Finance Minister Nirmala Sitharaman to reduce the delay in payment, an online bill system will be launched. It will be used by all central ministries: FM Sitharaman

Finance Minister Nirmala Sitharaman one nation, one registration for land reforms to be rolled out

AI - Drone - Semi Conductor - Space - Pharma would be emphasised. Supportive policies would be promoted for domestic production.

Finance Minister Nirmala Sitharaman said 68% of capital procurement budget in defence will be earmarked for domestic industry in 2022-23.

Finance Minister Nirmala Sitharaman said all villages should have same access of digital resources as urban areas.

Finance Minister Nirmala Sitharaman said that paperless end-to-end e systems will be used for all procurements.

Finance Minister Nirmala Sitharaman said that the government will promote the gaming industry in the country.  Animation, Visual Effects, Gaming and Comics (AVGC) sector offers immense potential to employ youth. An AVGC promotion task force with all stakeholders will be set up to recommend ways to realise this and build domestic capacity for serving our markets and the global demand: FM

Finance Minister Nirmala Sitharaman said that roll out of 5G tele services would be done with 2023. She said 5G spectrum auction to be completed in 2022-23

Finance Minister Nirmala Sitharaman on Tuesday said the national highways will be expanded by 25,000 km during 2022-23 and the ropeway development plan will be taken up in the public-private partnership (PPP) mode. Sitharaman announced this while presenting the 2022-23 Budget in Parliament. She also said multimodal logistic parks will also be set up in 2022-23.

Villages on northern border of India will be covered under a new vibrant village programme to enhance development: FM Sitharaman 

A battery-swapping policy to be brought out with interoperability standards to boost EV ecosystem.

Finance Minister Nirmala Sitharaman PM development initiatives for northeast will be implemented for the North Eastern Council.

Finance Minister Nirmala Sitharaman said that issuance of e-passports with futuristic tech to be introduced in 2022-23.

FM Nirmala Sitharaman said that an open platform for the National Digital Health Ecosystem will be rolled out. It will consist of digital registries of health providers and health facilities, unique health identity and universal access to health facilities.

Finance Minister Nirmala Sitharaman said that 'One class, one TV channel' program of PM eVIDYA will be expanded from 12 to 200 TV channels. This will enable all states to provide supplementary education in regional languages for classes 1 to 12.

Finance Minister Nirmala Sitharaman said that 75 digital banking units to come up 75 districts. 

FM Sitharaman said that pandemic has brought to the fore the issue of mental health. A national tele mental health progamme will be launched.

Finance Minister Nirmala Sitharaman said that digital university to be set up for online with focus on ICT using hub and spoke mode.

Finance Minister Nirmala Sitharaman said that desh stack e-portal to be launched to promote digital infrastructure. 

Finance Minister Nirmala Sitharaman said that use of Kisan drones will be promoted for crop assessment, digitisation of land records, spraying of insecticides and nutrients. 

Finance Minister Nirmala Sitharaman draft DPRs for five river links have been finalised.

Finance Minister Nirmala Sitharaman said that 2022-23 has been announced as International Year of Millets.

Finance Minister Nirmala Sitharaman said that Railways will develop new products for small farmers and MSMEs.

Finance Minister Nirmala Sitharaman on Tuesday said the speed in the coverage of vaccination has helped in economic recovery. Presenting the Budget for 2022-23, she said the country is in the midst of Omicron wave.

Finance Minister Nirmala Sitharaman said that Make In India can create 6 million new jobs.

Finance Minister Nirmala Sitharaman said that the credit-linked guarantee scheme has been extended till March 2023. Emergency Credit Line Guarantee Scheme (ECLGS) will be extended up to March 2023, the guaranteed cover will be expanded by Rs 50,000 crores to total cover of Rs 5 lakh crores.

Finance Minister Nirmala Sitharaman said that the minimum support price (MSP) for farmers will be transferred directly to bank accounts. "Procurement of wheat in Rabi season 2021-22 and the estimated procurement of paddy in Kharif season 2021-22 will give cover 1208 lakh metric tonnes of wheat & paddy from 163 lakh farmers& Rs 2.37 lakh crores will be the direct payment of MSP value to their accounts," Sitharaman said.

Finance Minister Nirmala Sitharaman said that the government will promote chemical-free natural farming in the country. "Chemical-free natural farming will be promoted throughout the country with a focus on farmers' land in 5 km wide corridors along the river Ganga, in the first stage," she said.

Finance Minister Nirmala Sitharaman said that PLI schemes across 14 sectors have achieved a tremendous response and created 60 lakh job opportunities. 

Finance Minister Nirmala Sitharaman said that four multi-modal national parks contracts will be awarded in FY23.

Finance Minister Nirmala Sitharaman said that 400 Vande Bharat trains with higher efficiency for passengers will be developed in the next 3 years.

Finance Minister Nirmala Sitharaman said that PM Gatishakti masterplan for expressways will be formulated in next financial year. She said that the scope of PM Gatishakti masterplan will encompass the seven engines of economic transformation.

She said that disinvestment is in the process. Budget 2022 has provided a sharp increase in provision for public investment and capital expenditure, the FM said. "Strategic transfer of ownership of Air India has been completed," she said.

Finance Minister Nirmala Sitharaman said that the Union Budget 2022-23 will lay the foundation for the next 25 years. "This budget seeks to lay the foundation and steer the economy in the next 25 years. From India at 75 to India at 100," she said.

The Finance Minister said that the Aaatam Nirbhar Bharat has received a good response from the public. 

In her Budget address, Finance Minister Nirmala Sitharaman said that India is now in a strong position to withstand challenges. 

FM Nirmala Sitharaman said that India's growth is estimated to be at 9.2 per cent. This is the highest among all large economies. According to the Economic Survey tabled on Monday, the growth rate would be 8-8.5% in the FY 2022-23. 

Finance Minister Nirmala Sitharaman begins her Budget speech by expressing empathy to those who suffered during the Covid-19 pandemic. 

Finance Minister Nirmala Sitharaman is presenting the Union Budget for the year 2022-23 in Parliament. Before the actual presentation, the Cabinet headed by Prime Minister Narendra Modi approved the Budget for the fiscal year 2022-23 (April 2022 to March 2023).

For her fourth budget presentation, Union Finance Minister Nirmala Sitharaman on Tuesday kept her look simple and elegant. The finance minister was seen sporting a crisp rusty brown saree with off-white border detailing that spread throughout the sides. The rusty brown tone of her saree was a combination of two colours -- brown and red, that hold a deeper significance. While the colour brown is often associated with resilience, dependability, security, and safety; the red signifies warmth, love and power. READ FULL STORY

Union Cabinet approves the Budget 2022; the meeting underway at the Parliament has now concluded. Union Finance Minister Nirmala Sitharaman will present the Budget shortly.

National Oil Marketing companies have reduced commercial 19-kg LPG cylinder cost by Rs 91.50 effective from today, 1st February. 19 kg commercial cylinder will cost Rs 1907 in Delhi from today: Sources, according to news agency ANI

Aviation turbine fuel (ATF) price hiked by a steep 8.5 per cent to record levels across the country: Oil company price notification. 

Prime Minister Narendra Modi arrives for the Union Cabinet meeting. Union Budget will be presented in the Parliament today.

Delhi: Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others arrive at the Parliament for the union cabinet meeting ahead of the presenting of the Budget. 

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Union Finance Minister Nirmala Sitharaman arrives at the Parliament. She will present the Union Budget 2022 today.

A truck loaded with budget copies arrives at Parliament, ahead of the presentation of Union Budget 2022.

Sitharaman would use the Budget as the cornerstone to put the economy on an accelerated growth path after the impact caused by the pandemic. Amendments in the tax law to bring about sustainable growth, infrastructure investment, focus on R&D spending, nurturing incentives to the core sectors, including manufacturing and services, tapping the huge experience of running captive centres are some of the priority items on the agenda of the government.

It is unclear if Finance Minister Nirmala Sitharaman will tinker with income tax rates but there is an expectation that the exemption limit of Rs 2.5 lakh will be raised.

The real estate sector should be accorded top priority status in the upcoming budget to boost employment and growth of the economy, developers said. The construction industry has proven itself a "resilient sector against the pandemic", and is now riding on a positive growth trajectory, they claimed. The sector is expected to reach a market size of USD 1 trillion by 2030, and will contribute around 13 per cent to the GDP by 2025, a builder said. READ FULL STORY 

The Centre collected Rs 1,38,394 crore as gross GST (Goods and Services Tax) revenue in the month of January 2022, said the Ministry of Finance on Monday. Of the total revenue collected, CGST is Rs 24,674 crore, SGST is Rs 32,016 crore, IGST is Rs 72,030 crore (including Rs 35,181 crore collected on import of goods) and cess is Rs 9,674 crore (including Rs 517 crore collected on import of goods). According to the Ministry of Finance, the highest monthly GST collection has been Rs 1,39,708 crore in the month of April 2021. The total number of GSTR-3B returns filed up to January 30 2022 is 1.05 crore that includes 36 lakh quarterly returns.

The budget comes days before the first phase of voting in Uttar Pradesh, which along with four other states (Punjab, Uttarakhand, Manipur and Goa) is going to the polls to elect a new state government. And naturally, it is expected to contain measures for higher rural and agriculture spending.

Finance Minister Nirmala Sitharaman is likely to strike a fine balance between being fiscally prudent and growth supportive when she presents her fourth straight budget on Tuesday, which is expected to have plans to boost spending to revive investment and create jobs. The Budget for the fiscal year starting April 1, 2022 is likely to raise spending on infrastructure to set the economy on a firmer footing.

Setting up a separate ministry and creating special scheme on digital literacy for the elderly are among the recommendations made by some NGOs for the upcoming budget. HelpAge India, a not-for-profit working for elder care, in its budgetary recommendations to the central government, sought a set of measures that should be undertaken in three core areas -- income and social security, health and geriatric care, and creating an enabling environment for elders.

India will comfortably meet its fiscal deficit FY22 target on the back of a strong rebound in revenues, said the Economic Survey 2021-22. "The fiscal support given to the economy as well as to the health response caused the fiscal deficit and government debt to rise in 2020-21. "However, a strong rebound in government revenues in 2021-22 has meant that the government will comfortably meet its targets for the year while maintaining the support, and ramping up capital expenditure," said the Survey tabled in the Parliament on Monday by Union Finance Minister Nirmala Sitharaman. According to it, the strong revival in revenues "means that the government has fiscal space to provide additional support if necessary". The revenue receipts of the Central government during April- November 2021 have gone up by 67.2 per cent (YoY), as against an estimated growth of 9.6 per cent in the 2021-22 Budget Estimates.

Ahead of the Budget presentation today, senior Congress leader and former finance minister P Chidambaram on Tuesday slammed Opposition parties stating that they have "no views on the economy." "On the morning after the Economic Survey, if you read some newspapers, you will come to the conclusion that there is no Opposition in India And, even if there is a feeble Opposition, it has no views on the economy," the Congress leader tweeted a day after the Economic Survey was tabled in both the Houses of the Parliament. READ FULL STORY 

Despite the Covid-19 pandemic, India's economic growth in the upcoming financial year, i.e., 2022-23, can be surprising on the higher side, ASSOCHAM Secretary General said. "While the 8-8.5 per cent GDP projections for FY23 are on the back of a high base of 9.2 per cent in the current financial year, ASSOCHAM is of the view that India's economic growth can surprise us on the higher side. Even as the pandemic is still raging in most parts of the world, its latest variant is less damaging. Besides, with 75 per cent of eligible Indians fully vaccinated and the booster dose being rolled out, India would be far better prepared to take on the challenges," ASSOCHAM Secretary General Deepak Sood said.

Union Finance Minister Nirmala Sitharaman along with Ministers of State for Finance, Dr Bhagwat Kishanrao Karad, Shri Pankaj Chaudhary, and senior officials of the Ministry of Finance, called on President Ram Nath Kovind before presenting the Union Budget 2022-23.

Equity benchmarks notched up solid gains on Tuesday ahead of the presentation of the Union Budget 2022-23. The 30-share BSE Sensex jumped 530 points or 0.91 per cent to 58,544 in opening deals. Likewise, the broader NSE Nifty moved 189 points or 1.09 per cent higher to 17,529. CLICK HERE TO READ MORE

Finance Minister Nirmala Sitharaman arrives at Rashtrapati Bhavan, ahead of Union Budget 2022.

Video report shows what people of Delhi expect from Union Budget 2022 

Finance Minister Nirmala Sitharaman leaves residence for Ministry of Finance 

Finance Minister Nirmala Sitharaman will present an inclusive budget, in line with each and every sectors' needs. It will be benefiting everyone. All sectors (including farmers) should have expectations from today's budget: MoS Finance Pankaj Chaudhary

Delhi: MoS Finance Pankaj Chaudhary and Bhagwat Karad arrive at the Ministry of Finance

Delhi: MoS Finance Bhagwat Karad offers prayers at his residence ahead of the presenting of Union Budget 2022 in the Parliament today

American companies having a foothold in India and those planning to expand their business in the fastest growing economy of the world expect “tax parity” in the annual budget to be tabled by Finance Minister Nirmala Sitharaman, the head of a top India-centric US business advocacy group said.

Mukesh Aghi, president, US India Strategic and Partnership Forum (USISPF) said the American companies have high expectations from what Sitharaman would present in her fourth annual budget on Tuesday. The US companies, he noted, are very keen on investing in India as they believe that the fundamentals of the economy remain strong in the country, offer a big market and they would like to diversify given the Chinese risk factor.

After a decline during the first quarter of 2020-21 due to the nationwide lockdown in wake of the COVID situation, various indicators of employment have bounced back remarkably, said the Ministry of Finance on Monday. The Economic Survey 2021-22 which was tabled in the Parliament on Monday by the Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman has analysed trends in the labour market and the impact of COVID on employment.

The Economic Survey also analyses trends in urban employment using Employees Provident Funds Organization (EPFO) payroll data. 

An analysis of the EPFO data suggests a significant acceleration in the formalization of the job market, during 2021. In fact, in November 2021, the monthly net additional EPF subscription peaked with 13.95 lakh new subscribers, the highest in any given month since 2017, the Survey states. This translates into a growth of 109.21 per cent in EPF subscriptions from November 2020.

Video report shows what's expected from Union Budget 2022

Al Salvador has adopted Bitcoin but there are still financial stability issues relating to cryptocurrency highlighted by the Reserve Bank of India, Principal Economic Advisor Sanjeev Sanyal said and noted that the government will take a "balanced view".

"This a matter of some debate both inside the government and even in Parliament. This is something that is currently in discussion. We understand the various issues around that. RBI has highlighted the financial stability impacts of this. We can also see it in other countries, for example, El Salvador has adopted Bitcoin," Sanyal said answering a query on cryptocurrencies at a press conference.

"There are some financial stability issues. But there are also other arguments that are made in terms of innovation and so on. A balanced view on this will be taken. This is not something we have covered in the economic survey, and I'm not quite in a position to comment on what the current thinking is, because that's still evolving," he added.

Special attention needs to be given to the health sector in the country. UG & PG seats in govt and private colleges should be increased. Maharashtra should also get more doctors and other healthcare facilities: State Health Minister Rajesh Tope on expectations from Annual Budget 2022

Many people have lost their lives during the pandemic. Best healthcare facilities should be developed in India. MSMEs should be supported as it is the backbone of our economy.

There should be rationalisation of tax. GST should be withdrawn from the textile industry as it provides maximum employment and it should not be discouraged. Employment is one of the biggest issues today, the government should give special attention to this: Padma Shri Prahlad Rai Agarwala, Chairman of Rupa & Company on expectations from Union Budget 2022

With the government's new Chief Economic Adviser Anantha Nageswaran articulating his hopes on private capex cycle to build on the back of what the Central and state governments have done, India Inc has some reason to cheer-- an Economic Survey which forecasts India's economy to grow by 9.2% during FY 2021-22 and by 8-8.5% in fiscal 2023 beginning 1 April.

"Crowding-in of private sector in capex cycle will lead to job creation," he said. "We hope to see virtuous economic cycle that will help address loss of jobs and incomes suffered," Nageswaran said on Monday.

For an industry which has weathered the triple whammy of the COVID-19 waves, lockdowns, severe setback to earnings across sectors, the survey's prescription of focused and targeted approach towards capital investment in agriculture sector and underlining the record profits of companies in recent quarters along with mobilization of risk capital as signals of a more robust investment climate, have generated optimism for continued reforms and sustained high rates of growth.

The Centre collected Rs 1,38,394 crore as gross GST (Goods and Services Tax) revenue in the month of January 2022, said the Ministry of Finance on Monday. Of the total revenue collected, CGST is Rs 24,674 crore, SGST is Rs 32,016 crore, IGST is Rs 72,030 crore (including Rs 35,181 crore collected on import of goods) and cess is Rs 9,674 crore (including Rs 517 crore collected on import of goods).

According to the Ministry of Finance, the highest monthly GST collection has been Rs 1,39,708 crore in the month of April 2021. The total number of GSTR-3B returns filed up to January 30 2022 is 1.05 crore that includes 36 lakh quarterly returns.

Finance Minister Nirmala Sitharaman will present Union Budget for the year 2022-23 in parliament today at 11 am. The budget session of Parliament began on Monday with the address by President Ram Nath Kovind to both Houses in the Central Hall.
 
The Finance Minister tabled this year's Economic Survey, which was centred around the theme of "Agile approach."

"The session is scheduled to conclude on April 8 wherein the first part of the session will extend up to February 11," said the Lok Sabha Secretariat on Sunday.