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:
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.
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.
Government 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
Measures 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
Lok 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
The 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
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.
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.
Prime 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
Prime 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 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
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
"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, if anything we will better it, says Nirmala Sitharaman on targets mention in Budget 2022.
Rajasthan 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.
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.
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 opposition Congress has sharply criticised the Union budget presented by Finance Minister Nirmala Sitharaman in parliament today, saying it has nothing for the middle classes.
From 5G services to battery swapping for EV vehicles to e-passports, budget announcements for you and me
Congress 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.
Finance Minister Nirmala Sitharaman wrapped up her budget speech this time in about 92 minutes - her shortest one so far.
- 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.
Customs duty on cut and polished diamonds, gems to be reduced to 5%, says Finance Minister Nirmala Sitharaman.
In a big boost to the economy, digital rupee - using blockchain and other technology - will be introduced by the RBI in 2022-23, Finance Minister Nirmala Sitharaman said today as she presented her fourth budget.
The 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.
The coronavirus pandemic has accentuated mental health problems in people of all ages, Finance Minister Nirmala Sitharaman said today while presenting the Union Budget 2022 in the second year of the pandemic.
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 to allow EV charging stations for automobiles will be framed, says Finance Minister Nirmala Sitharaman.
Finance Minister Nirmala Sitharaman today announced that e-passports would be rolled out from next year for more convenience to the public.
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
5G rollout within 2022-23. Bharat Net optical fibre PPP project to be complete in 2025, says Nirmala Sitharaman in her Budget speech.
India is set to present an annual budget topping $500 billion Tuesday, in one of its most keenly watched economic events seen pivotal to sustaining the nation's recovery from pandemic-induced disruptions.
Credit 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.
DESH 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.
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.
We are in the middle of Omicron wave, in strong position to withstand challenges, Nirmala Sitharaman says in her Budget speech.
Finance Minister Nirmala Sitharaman has started the Budget speech in Parliament.
Before the actual presentation, the Cabinet headed by Prime Minister Narendra Modi has approved the Budget for the fiscal year 2022-23.
A 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.
The 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
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.
When Finance Minister Nirmala Sitharaman presented her first Union Budget in 2019, she drew the nation's attention by replacing the budget briefcase with the "bahi khata". The decision to opt for the bahi khata appeared to be a move to dump the colonial practice of carrying a briefcase.
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.
Finance 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.
Byju's is in negotiations with at least three special-purpose acquisition companies and is aiming to unveil plans to go public via a merger with one of them.
Sensex surges over 500 points ahead of Budget, Nifty trades above 17,500; ICICI Bank, Infosys among top gainers
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.
Finance Minister Nirmala Sitharaman is likely to raise spending on infrastructure when she presents her fourth budget today, but experts say fiscal constraints leave little chance of concessions for households hurting from the pandemic.
In 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.
