Budget 2022 was paperless like the last year.
Finance Minister Nirmala Sitharaman presented a Rs 39.45 lakh crore Union Budget 2022 in the Parliament today. The major part of the spending would be on highways and affordable housing, in a bid to revive the economy hit by the Covid pandemic.
Ms Sitharaman's Budget for the fiscal year beginning April 2022 proposed a massive 35 per cent jump in capital expenditure to Rs 7.5 lakh crore.
Just like last year, the Budget gave a big boost for infrastructure spending -- from 5G spectrum auction, expanding national highways by 25,000 kms, inter-linking of rivers and manufacturing of 400 new generation Vande Bharat trains.
The Finance Minister also gave clarity on taxation of earnings from virtual digital assets. In the Budget, the government has proposed a 30% tax on income from transactions in such assets.
Here are the highlights on Budget 2022:
Culture Ministry Gets Over Rs 3,000 Crore In Budget
Budgetary allocation for the Culture Ministry for 2022-2023 has been increased by 11.9 per cent compared to the Budget Estimate (BE) for 2021-2022, with the Archaeological Survey of India (ASI) being allocated Rs 1,080 crore, 35 per cent of the total amount.
inance Minister Nirmala Sitharaman's BE for 2022-2023 proposed Rs 3,009.05 crore for the Culture Ministry, up from Rs 2,687.99 crore in BE 2021-2022 and Rs 2,665 crore in the Revised Estimate (RE) 2021-2022. The increase comes after a 15 per cent reduction last year, when the proposed expenditure was reduced from Rs 3,149.86 crore in 2020-2021.
"Useless, Purposeless Budget With No Direction": Telangana Chief Minister KCR
Ruling TRS president and Telangana Chief Minister K Chandrasekhar Rao has alleged that the NDA government's Union Budget has deeply disappointed various sections of society, including SCs, STs, backward classes, the farming community and the salaried class, and that it is a "useless and purposeless budget".
"The Budget introduced by the BJP-led government at the Centre had no direction or intent and it is a useless and purposeless Budget," he said in a statement.
Budget 2022: Anti-Dumping Duties On Select Steel Products RevokedGovernment on Tuesday announced revoking of anti-dumping duties on certain steel products imported from countries including China, a move aimed at containing high prices of metals and promoting domestic manufacturing.
Countervailing duty (CVD) is also being permanently removed on imports of certain hot-rolled and cold-rolled stainless steel flat products from China. Read
here Why Budget 2022 Is A Hit For MSMEsMeasures targeting critical factors, such as raw material and input costs and access to credit; supporting infrastructure and skill development; and facilitating ease of doing business announced
The budgetary announcements have been riding on optimistic sentiments vis-a-vis expectations on the growth rate of the GDP (even by the IMF) at comfortably over 8% this fiscal, with a strong balance of international reserves position at over USD 635 billion but mirrors global confidence on the Indian economy. Read
here "Union Budget Or Gujarat Budget?": Opposition's Dig Over A ProposalLok Sabha members heard Finance Minister Nirmala Sitharaman's 90-minute budget speech in rapt attention, barring the occasional remarks by opposition members and regular applause from the treasury benches.
Congress members protested the announcements related to strategic sale of Air India and Neelanchal Ispat Nigam Limited and the planned IPO of Life Insurance Corporation (LIC).
Several members were dismayed at the non-availability of the hard copies of the Budget Speech of the Finance Minister. Lok Sabha Speaker Om Birla said the speech copies would be available after the presentation of the Budget. Read
here "Most Capitalist Speech Ever": P Chidambaram Rips Into Finance MinisterThe Union budget unveiled by finance minister Nirmala Sitharaman today will be rejected by the people, the Congress said today. The party's senior leader P Chidambaram, who was the finance minister in the Manmohan Singh government, especially issued a sharp takedown, telling reporters that the 'budget speech was the "most capitalist speech ever" and the Finance Minister "has mastered the jargon of capitalist economics". Read
here Budget "Gravely Disappointing", Says Hospitality Industry
The tourism and hospitality industry has termed the Union Budget 2022-23 as 'gravely disappointing', saying the measures announced by Finance Minister Sitharaman were not enough to support the sector that has been crippled by the COVID-19 pandemic.
In her Budget 2022-23 speech, Ms Sitharaman had acknowledged that hospitality and related services, especially those by micro and small enterprises, are yet to regain their pre-pandemic level of business.
Budget: Government To Tweak TDS Norms On Sale Of Immovable Property
One per cent TDS will apply on a non-agriculture immovable property of over Rs 50 lakh on the basis of sale price or the stamp duty value, which ever is higher, after an amendment in the Income Tax Act. Currently, the TDS is deducted basis only the consideration value of the immobile properties.
There is an inconsistency in the Income Tax Act regarding levy of Tax Deduction at Source (TDS). Finance Minister Nirmala Sitharaman on Tuesday proposed the amendment to do away the anomaly in the law.
PM's Instruction Was Very Clear, "No Additional Taxes": Nirmala SitharamanPrime Minister Narendra Modi had instructed that taxes not be raised amid the Covid pandemic, Union Minister Nirmala Sitharaman told reporters today after presenting the Union budget in parliament. PM Modi, she added, had given the same direction last year as well.
"Didn't want to increase tax at the time of pandemic... PM Modi's instruction was very clear --'No additional taxes'," Ms Sitharaman said. Read
here Winners And Losers In Today's BudgetPrime Minister Narendra Modi's government laid out India's budget for the financial year starting April 1, months after a devastating second Covid-19 wave that crippled small businesses and deepened the country's already vast inequalities.
Finance minister Nirmala Sitharaman Tuesday presented a budget that calls for a bigger spend to fire up growth in Asia's third-largest economy, as it stages a world-beating recovery from the pandemic.
Sitharaman proposed increasing the size of the economy's annual spending to Rs 39.5 lakh crore ($529 billion) to support growth plans. Read
here India Plans Record Borrowing To Spend Big To Spur GrowthIndia doubled down on its spending commitment, relying on an already swamped debt market to borrow and spend big to spur growth. Bonds tumbled and stocks rose.
Prime Minister Narendra Modi's administration will target a budget deficit of 6.4% of gross domestic product for the year starting April 1 -- wider than the median 6.1% seen in a Bloomberg survey -- as it prioritizes growth over fiscal consolidation. Read
here Budget "Very Depressing", No Relief To Middle Class: Shiv Sena The Shiv Sena has dubbed the Union Budget as "very depressing", saying it has neither given any relief to the middle class nor it has any reference to Prime Minister Narendra Modi's vision of making India a "USD 5 trillion" economy.
After the Budget, Shiv Sena MP Vinayak Raut said the Union Budget 2022-23 only has jugglery of words like the PM-Gati Shakti, Atmanirbhar Bharat, while old schemes are presented as new. Read
here Will cryptocurrency be taxed? Here's what the Finance Minister said"Profits from sale of digital assets will be taxed at 30%. Talks are on to draw up new regulation," says Finance Minister Nirmala Sitharaman.
"A currency is a currency only when issued by the central bank. RBI can issue digital currency. Everything outside of it, including the crypto world, are assets," Nirmala Sitharaman on being asked if even cryptocurrency would be taxed.
We are sure of achieving the numbers: Nirmala SitharamanWe are sure of achieving the numbers, if anything we will better it, says Nirmala Sitharaman on targets mention in Budget 2022.
Union budget lacks special provision for farmers, common man: Rajasthan Chief MinisterRajasthan Chief Minister Ashok Gehlot on Tuesday said the Union budget will further lead to rise in fiscal deficit and has no special provision for farmers, common man, poor and women.
"The fiscal deficit of the central government has doubled in the last seven years. After this budget, the deficit is going to rise further. There is no special provision for farmers, common man, poor, women and deprived sections in the budget," Gehlot said in a statement.
He said new employment figures have been presented in the budget but no concrete action plan has been made for it. "Its fate will also be similar to the promise of two crore jobs per year," the chief minister said.
Budget 2022 brings new hopes and opportunities for people: PM Modi
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 said today.
Ken-Betwa river link to be completed with Rs 44,605 crore: Budget 2022-23The 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.
Extremely Disappointing, A Damp Squib: Shashi Tharoor On Budget 2022Congress MP Shashi Tharoor on Tuesday said that the Union Budget is "extremely disappointing, a damp squib" and there is absolutely nothing.
Speaking to ANI, the Congress MP said there is no mention of MGNREGA, Defence or any other urgent priorities facing the public.
"Extremely disappointing, a damp squib! There seems to be absolutely nothing in this Budget. It's an astonishingly disappointing Budget. When you listen to the speech, no mention of MGNREGA, of Defence, of any other urgent priorities facing the public," said Mr Tharoor.
What Finance Minister Nirmala Sitharaman Said On Digital Assets- Tax on Virtual Digital Assets to be 30%.
- Any loss from virtual digital assets can't be set off against gains.
- Gifts (Airdrops) of virtual digital assets will also be taxed in hands of the recipient.
- No expenditure deduction except cost of acquisition.
- Digital Rupee, powered by Blockchain to be introduced 2022-23.
Just In: Lok Sabha adjourned till tomorrow, February 2.
Budget 2022 Live Updates: Customs DutyCustoms duty on cut and polished diamonds, gems to be reduced to 5%, says Finance Minister Nirmala Sitharaman.
Budget 2022 Live: GST collection highest in JanuaryThe gross GST collections for the month of January 2022 are Rs 1,40,986 crores which is the highest since the inception of GST, says Nirmala Sitharaman.
For 2022-23, allocation is Rs 1 lakh crore to assist the states in catalyzing overall investments in economy. These 50-year interest-free loans are over and above normal borrowings allowed to states. It'll be used for PM Gati Shakti-related and other productive capital investments of states, says Nirmala Sitharaman.
Finance Minister of Blockchain and Cryptocurrency
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: FM Nirmala Sitharaman
Battery swapping policy for EVs will be framed: Nirmala SitharamanBattery swapping policy to allow EV charging stations for automobiles will be framed, says Finance Minister Nirmala Sitharaman.
Finance Minister's announcement on digitisation
Budget 2022 Live Updates: Defence sector
68% of the capital procurement budget for Defence to be earmarked for domestic industry to promote Aatmanirbharta and reduce dependence on imports of defence equipment. This is up from the 58% last fiscal: Nirmala Sitharaman
Budget 2022 Live: Finance Minister on 5G rollout5G rollout within 2022-23. Bharat Net optical fibre PPP project to be complete in 2025, says Nirmala Sitharaman in her Budget speech.
Union Budget 2022 Live Updates: Resilient MSMECredit guarantee trust for micro and small enterprises will be revamped with required infusion of funds. This will give Rs 2 lakh crore more for MSMEs.
Drone Shakti scheme for drone as a service: Nirmala SitharamanDESH stack e-portal to be launched to help citizens skill and re-skill, says Nirmala Sitharaman.
The Finance Minister, during her Budget 2022 speech, also announced the Drone Shakti scheme for drone as a service.
Nirmala Sitharaman lays 4 priorities for development
We lay the following four priorities - PM Gati Shakti, inclusive development, productivity enhancement and investment, sunrise opportunities, energy transition and climate action and financing of investments, says Nirmala Sitharaman.
This Union Budget seeks to lay foundation & give blueprint of economy over 'Amrit Kal' of next 25 years - from India at 75 to India at 100: FM Nirmala Sitharaman.
India in strong position to withstand challenges: Nirmala SitharamanWe are in the middle of Omicron wave, in strong position to withstand challenges, Nirmala Sitharaman says in her Budget speech.
Budget 2022 LIVE: Nirmala Sitharaman Presents Budget In Parliament
Finance Minister Nirmala Sitharaman has started the Budget speech in Parliament.
Union Budget 2020 Live Updates: Union Cabinet approves BudgetBefore the actual presentation, the Cabinet headed by Prime Minister Narendra Modi has approved the Budget for the fiscal year 2022-23.
Union Cabinet meeting underway ahead of Budget 2022 presentationA Union Cabinet meeting being held ahead of the presentation of Budget 2022 by Finance Minister Nirmala Sitharaman at the Parliament on Tuesday.
Earlier today, Ms Sitharaman met President Ram Nath Kovind ahead of the Budget presentation. She was accompanied by Ministers of State for Finance Pankaj Chaudhary, Bhagwat Karad and other officials from the Ministry.
Budget expections: What education sector expectsThe education sector has lots of expectations from this year budget, from increase in allocation to better digital infrastructure, the experts wished to see some changes in policies focusing on a longer term impact in the education sector
Nirmala Sitharaman takes tablet in red pouch to Parliament to present paperless Budget
Finance Minister Nirmala Sitharaman on Tuesday again took a digital tablet wrapped in a traditional bahi-khata style pouch as she headed for Parliament to present the Union Budget 2022-23 in a paperless format just like the last year.
She posed for the traditional 'briefcase' picture outside her office along with her team of officials before heading to meet the President. She, however, was holding a tablet instead of a briefcase to present the Budget in a digital format.
Budget 2022 Updates: Finance Minister arrives in the Parliament
Budget expectations: Brokerage Nomura expects 25% increase in capital expenditure
Brokerage Nomura expects a 25% increase in capital expenditure, with higher allocations for roads, highways and railways, as the government is likely to attract investments that create jobs and spur growth.
Nirmala Sitharaman calls on President Kovind before presenting Budget 2022Finance Minister Nirmala Sitharaman called on Ram Nath Kovind before presenting the Union Budget for 2022-23 in Parliament on Tuesday.
She met the President as part of established tradition. The Finance Minister was accompanied by Ministers of State for Finance Pankaj Chaudhary, Bhagwat Karad and senior officials from the Ministry.
Markets surge ahead of Budget 2022
Sensex surges over 500 points ahead of Budget, Nifty trades above 17,500; ICICI Bank, Infosys among top gainers
Ahead of elections, Nirmala Sitharaman could promise higher rural spending
The budget comes days before the start of elections in five states, including the most populous, Uttar Pradesh, which could spur Nirmala Sitharaman to promise higher rural spending and subsidies on food and fertiliser, economists and officials said.
Just in: Union Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance.
Finance Minister to boost budget spending to support economic growthIn Budget 2022, Nirmala Sitharaman is expected to strike a fine balance between being fiscally prudent and growth supportive. The Budget will be an important one amid the Covid pandemic and the Finance Minister is expected to have plans to boost spending to revive investment and create jobs.