Budget 2022: Union Min Piyush Goyal calls Budget 'visionary & progressive'

The Union Budget 2022-23 has a lot for Maharashtra, including surveys for new rail lines, river connectivity and measures to boost the MSME sector, Union Minister of State for Finance Bhagwat Karad said on Tuesday.

The thrust of the budget was on basic amenities, farming, digital economy, financial inclusion and river connectivity projects, he said.

The Rajasthan Congress on Tuesday dubbed the Union Budget as "disappointing and directionless", while the state BJP welcomed the budget, calling it "growth-oriented".

Chief Minister Ashok Gehlot said the 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.

Former chief minister Vasundhara Raje said the Budget is going to realize the visionary thinking of Prime Minister Narendra Modi and fulfil the expectations of the common man.

"The Budget will reduce inflation, increase employment and strengthen the hands of farmers," she said, adding that the budget is dedicated to 'self-reliant India', which is going to strengthen the country's economy.

This will also give impetus to urban development, she said.

(PTI)

Union Minister of Commerce & Industry Piyush Goyal, speaking to Republic Media Network Editor-in-Chief Arnab Goswami, said, "India, with 135 crore Indians, aspiring for a better quality of life, are such a large demand ecosystem, that if we started being vocal-for-local, we could transform the future of India."

Piyush Goyal, Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Leader of House in Rajya Sabha, speaking exclusively to Republic Media Network Editor-in-Chief Arnab Goswami, said, "It's a budget that's visionary, progressive and creates a necessary framework for India's growth."

Slamming opposition parties, he said, "It's very difficult for them to fathom the fact that here's a PM & FM who is willing to come up with a very prudent budget despite it being election season."

NITI Aayog CEO Amitabh Kant, speaking exclusively to Republic Media Network Editor-in-Chief Arnab Goswami, said, "It's very important that India grows at rapid rates. Focus on capex and sunrise sectors this year ensures that. If India doesn't grow, poor & middle-class people can't grow. You can't grow on basis of doles."

Union Housing and Urban Affairs Hardeep Singh Puri, speaking exclusively to Republic Media Network Editor-in-Chief Arnab Goswami, said, "Tax slabs had already come down, and if we don't have other expenditures in time to come, I'm sure FM will address those. But we have benefits for the middle-class."

He added that India has a reasonable level (in terms of Income Tax slabs) compared to countries of our size and development.

Union Housing and Urban Affairs Hardeep Singh Puri, speaking exclusively to Republic Media Network said, "Budget will help fulfill PM's dream that every Indian should have a pakka roof over their head by 2022."

Taking to Twitter, PM Narendra Modi said, "Today’s Aatmanirbhar Bharat Ka Budget brings with it new energy and strength to our development trajectory, especially at a time when we are courageously fighting a once-in-a-lifetime global pandemic. This Budget brings more infra, more investment, more growth and more jobs."

He added, "People from all walks of life have welcomed the #AatmanirbharBharatKaBudget. The youth of India see this Budget as one that will give wings to their ambitions. The emphasis on futuristic technologies in all spheres is noteworthy and will benefit a cross section of our citizens."

Furthermore, PM Modi said, "This year’s Budget caters to the development needs of people in remote areas, hill states and those states on the banks of the Ganga. This is in line with our focus on all-round and inclusive development."

The budget focuses on digitalisation, infrastructure, environment, farmers, education, youth employment, pension, and security. So in a way, this is an overall balanced budget. It is to the country's benefit in the long run, said Haryana Chief Minister and BJP leader Manohar Lal Khattar.

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.

"It is exciting to see the thrust being placed on clean and sustainable mobility and initiatives being rolled out for growth of electric vehicles segment," he said, PTI reported.
 

Gujarat Chief Minister Bhupendra Patel on Tuesday welcomed the union budget, saying it will fulfil Prime Minister Narendra Modi's vision of "Atmanirbhar Bharat." In a statement, Patel thanked Modi and Union Finance Minister Nirmala Sitharaman for presenting a "pro-people budget."

"Despite providing vaccines against coronavirus free to people and strengthening the healthcare infrastructure, the budget did not propose any hike in taxes," the chief minister said.

It reflected the Union government's resolve to uplift the economy as well as various sections of society such as farmers, traders, women, the youth, rural folks and Scheduled Castes and Scheduled Tribes communities, Patel added.

BJP MP from Bangalore South Tejasvi Surya on Tuesday hailed Finance Minister Nirmala SItharaman's 2022-23 Union Budget and said that the Central bank digital currency will official make India enter the crypto market. He said that this move will revolutionise the digital economy.

"The central bank digital currency which will officially make India enter the blockchain-led crypto market. This is something that is going to revolutionise the digital economy or finance in the coming days," Surya said.

Finance Minister Nirmala Sitharaman, on February 1, presented the Union Budget 2022 wherein she introduced many reforms and schemes in the farming, manufacturing and education sectors in a bid to give a boost to the pandemic-hit economy. Among these reforms, the transition to clean energy and climate change were also given due consideration as India aims to achieve the target of producing 280 GW of energy through solar power by 2030.

Read Full Story.

On Finance Minister Nirmala Sitharaman's 2022-23 Budget, Former FM and Congress leader P Chidambaram on Tuesday said, "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 and we thank FM for remembering that there are poor people in this country; people will reject this capitalist budget."

He added, "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 and the public can be asked to wait patiently until 'Amrit Kaal' dawns. This is mocking the people of India."

He said that the Budget was on the behest of very rich people in the country. "Instead of RBI, FM has virtually announced that Cryptocurrency is legal from today. Now all of this is not beneficial to 99.99% of people of India," Chidambaram added.

Vice-Chairman and Managing Director of Bharti Enterprises, Rakesh Bharti Mittal, on Tuesday, spoke to Republic Media Network Editor-in-Chief Arnab Goswami and shared his opinion on the Union Budget 2022-23. He said that the government is focusing on supporting the startup ecosystem and ramping up space technology.

"I want to congratulate Nirmala Sitharaman for the simple reason that there are path-breaking long term initiatives announced which will not only ensure, we celebrate 75 years of independence, but in the next 25 years, the vision which Prime Minister gave is clearly reflected in the Budget," Mittal said.

Read the full story.

The Centre has allocated Rs 73,000 crore for the rural jobs guarantee programme MGNREGA for 2022-23 in the Union Budget presented on Tuesday. This is 25.51% less than the revised estimate for the current financial year.

Finance Minister Nirmala Sitharaman had allocated Rs 73,000 crore for the Mahatma Gandhi National Rural Employment Guarantee Programme in last year's budget too. However, this was later revised to Rs 98,000 crore on account of higher demand for the work.

MGNREGA is aimed at enhancing livelihood security of households in rural areas of the country by providing at least 100 days of guaranteed wage employment in a financial year to every household whose adult members volunteer to do unskilled manual work. 

In the first phase, the scheme was implemented in 200 most backward districts with effect from February 2, 2006, This was subsequently extended to additional districts, 113 with effect from April 1, 2007 and 17 from May 15, 2007. 

The remaining districts were included under the Act with effect from April 1, 2008. The Act now covers all rural districts of the country. 

Increased outlay for capital expenditure/public investment will have immediate impact on job creation. Production Linked Incentives for new manufacturing units are being provided in 14 sectors, this too will create jobs - FM Sitharaman

Private equity funds and venture capitalists have been one reason why many startups could become unicorns. A committee is being formed to let the sector discuss with a group of people who understand their needs and suggest solutions for policymaking- FM Sitharaman

The BSE Sensex jumped over 848 points on Tuesday, tracking heavy buying in metal and capital goods stocks, as investors cheered the big infrastructure boost provided in the Budget presented by Finance Minister Nirmala Sitharaman. 

Firm global cues also supported the rally in domestic equities, traders said.

After touching an intra-day high of 59,032.20, the 30-share BSE index closed 848.40 points or 1.46% higher at 58,862.57. Likewise, the NSE Nifty surged 237 points or 1.37% to end at 17,576.85.

Tata Steel was the top gainer in the Sensex pack, zooming 7.57%, followed by Sun Pharma, IndusInd Bank, L&T, UltraCement, ITC and HCL Tech.

On the other hand, M&M, PowerGrid, SBI, Bharti Airtel, NTPC, Maruti and Reliance closed in the red.

Sitharaman on Tuesday unveiled a bigger Rs 39.45 lakh crore Budget, with higher spending on highways to affordable housing with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic.

Her Budget for the fiscal year beginning April 2022 proposed a massive 35% jump in capital expenditure to Rs 7.5 lakh crore, coupled with the rationalisation of customs duty, an extension of time for setting up new manufacturing companies and plans for starting a digital currency and tax crypto assets.

"The Budget of 2022 is very balanced and continues the incremental growth-oriented approach of the last budget.

"In this budget, the finance minister provided a springboard for an investment cycle with the highest ever share of capex, focus on the development of national manufacturing capabilities and clean energy, tax rationalisation with no new taxes while maintaining its continuous growth focus on Aatmanirbhar Bharat," Ashishkumar Chauhan, MD and CEO, BSE, said.

The Budget is growth-inducing and does the heavy lifting by sharply increasing capital expenditure, said Dhiraj Relli, MD & CEO, HDFC Securities. 

The focus on boosting manufacturing as well as an underlined emphasis on areas such as startups, modern mobility and clean energy, shows the finance minister has prioritised long-term growth, he added.

Elsewhere in Asia, bourses in Hong Kong and Tokyo finished with gains. Markets in China and South Korea were closed for a holiday.

Stock exchanges in Europe were trading on a firm note in mid-session deals.

Meanwhile, international oil benchmark Brent crude slipped 0.24% to USD 89.05 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 3,624.48 crore Monday, as per provisional data.

(PTI)

RBI will be issuing digital currency; it is a currency only when issued by the central bank even it's crypto; anything outside of that which is loosely referred to as crypto is not currency: FM Nirmala Sitharaman

We recognize post 2nd wave of COVID-19, hospitality sector was in difficulty & needed support. Since Emergency Credit Line Guarantee worked well for MSMEs, we thought this is best formulation. We have added Rs. 50,000 Cr. to ECLGS for benefit of hospitality, related sectors: Finance Minister Nirmala Sitharaman

A digital university to be built on a 'hub-and-spoke' model and expansion of 'one class-one TV channel' programme through 200 channels for providing supplementary education in regional languages in school are among the major initiatives in the education sector proposed by Finance Minister Nirmala Sitharaman in her budget speech on Tuesday.

Presenting the budget for 2022-23, the finance minister acknowledged that due to the pandemic-induced closure of schools, children, particularly in the rural areas, and those from Scheduled Castes and Scheduled Tribes, and other weaker sections, have lost almost two years of formal education.

"Mostly, these are children in government schools. We recognise the need to impart supplementary teaching and to build a resilient mechanism for education delivery. 

"For this purpose, 'one class-one TV channel' programme 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 1-12," she said.

A digital university will be established to provide access to students across the country for world-class quality universal education with personalised learning experience at their doorsteps. This will be made available in different Indian languages and ICT formats, she said. 

"The university will be built on a networked hub-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 hub-spokes," added Sitaraman.

The finance minister proposed that in vocational courses, to promote crucial critical thinking skills and give space for creativity, 750 virtual labs in science and mathematics, and 75 skilling e-labs for a simulated learning environment, will be set up in 2022-23.

"High-quality e-content in all spoken languages will be developed for delivery via internet, mobile phones, TV and radio through Digital Teachers. A competitive mechanism for the development of quality e-content by the teachers will be set up to empower and equip them with digital tools of teaching and facilitate better learning outcomes," she said.

Sitharaman announced that for developing India-specific knowledge in urban planning and design, and to deliver certified training in these areas, up to five existing academic institutions in different regions will be designated as centres of excellence. 

"These centres will be provided endowment funds of Rs 250 crore each. In addition, AICTE will take the lead to improve syllabi, quality and access of urban planning courses in other institutions.

"World-class foreign universities and institutions will be allowed in the Gujarat International Finance Tec (GIFT), City to offer courses in Financial Management, FinTech, Science, Technology, Engineering and Mathematics free from domestic regulations, except those by IFSCA to facilitate the availability of high-end human resources for financial services and technology," she said. 

(PTI)

Shares of real estate companies on Tuesday jumped up to 6 per cent after Finance Minister Nirmala Sitharaman 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.

Oberoi Realty jumped 5.98 per cent, DLF gained 3.71 per cent, Sobha Limited 

went higher by 3.11 per cent, Indiabulls Real Estate 2.88 per cent, Sunteck Realty 2.52 per cent and Macrotech Developers Ltd 2.47 per cent on BSE.

The realty index was trading nearly 2 per cent higher. 

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 the 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.

"The Government has reiterated its commitment towards housing for all by allocating Rs 48,000 crore towards this scheme, around the same as last year," according to Shishir Baijal, Chairman and Managing Director, Knight Frank India. 

Baijal added that the government could have given further boost to the housing sector given the strong multiplier effect it has on the economy. 

The crypto ecosystem has welcomed Finance Minister Nirmala Sitharaman's proposal for a 30 per cent tax on digital assets for legitimising bets on the assets considered as very risky by the RBI, even as a law on regulating such activity is awaited.

In her Budget Speech, Sitharaman has proposed the tax on income generated at the sale of any digital asset without any deductions, amid a growing proliferation of assets like Bitcoin even as the regulatory structure on them remains unclear.

"India is finally on the path to legitimising the crypto sector in India," Nischal Shetty, founder and chief executive of crypto exchange WazirX, said.

With a majority of banks refusing to provide any financial services to crypto investing after the RBI's repeated pleas of concern to the government, Shetty hoped that the clarity offered by the government will remove ambiguity for banks and make them provide financial services to the crypto industry.

Crypto exchanges raised over USD 638 million last year from venture capital investors as investors made a beeline, despite the lack of regulatory clarity on the matter. The exact amount of crypto investments by Indians is unclear as there is no way to gauge those.

"Prima facie, it seems digital currencies will be taxed akin to speculative income at 30 per cent flat on a gross basis.

"Further, the introduction of TDS (tax deducted at source) on cryptotransfers will enable the government to better monitor crypto transactions," Amit Singhania, partner at Shardul Amarchand Mangaldas & Co, said in a statement.

However, Pranay Bhatia, partner and leader for tax and regulatory services at the consultancy firm BDO India, seemed to have differing views, saying tracking such transactions in the absence of a central regulator might be challenging.

In the absence of a law on cryptos, which was scheduled to be tabled in the winter session of Parliament itself, the regulatory aspects on crypto investments are as yet unclear.

Bitcoin rewards app Gosats co-founder and Chief Executive Roshan Aslam said, "While we eagerly wait for the crypto Bill, we expect positive and well-thought regulations going ahead, which are strongly needed for consumer protection."

Sumit Gupta, co-founder and chief executive of crypto exchange CoinDCX, termed the Budget as "forward-looking and inspirational".

"Taxation of virtual digital assets or crypto is a step in the right direction. It gives much-needed clarity and confidence to the industry. India's focus on digital innovation and the promotion of blockchain technology is welcome," he added.

However, accounting and tax-focused firm N A Shah Associates' founding partner Ashok Shah called the move a "deadly blow" to the virtual digital ecosystem.

"Proposed measure is a stiff provision and will adversely impact investment and dealing in digital assets. It also needs to be seen whether non-fungible tokens shall be included in its definition.

"Provisions related to TDS will lead to unintended complications. The identity of the payee is difficult in the digital assets trade. If the PAN of the payee is not available, there could be a TDS (tax deducted at source) of 20 per cent. Tax on the gifting of the virtual digital asset will act as a dampener," he said.

Meanwhile, industry players also welcomed the announcement to introduce central bank digital currency in FY23, which the RBI was intending to launch by the end of 2021.

Kashyap Mahavadi, founder and chief executive of fintech Dinero, said that with the introduction of the central bank digital currency (CBDC) and legitimising cryptos, India is now bringing out a revolution in financial systems. 

(PTI)

This budget solves the current issues and assures a strong future for our youth. The way our Budget has received acceptance has empowered our spirits to serve the people of India. - PM Narendra Modi

Telangana Chief Minister K Chandrasekhar Rao said that the Budget introduced by the Centre has put SC, ST, BC, Minorities, the farming community, the poor, hereditary professions, and employees to unhappiness and utter disappointment. 

"The entire Budget speech by Union Finance Minister Nirmala Sitharaman is full of hollowness and nothing but jugglery of words. The Central government through the Budget has heaped praises on itself while putting the common man to depression and unhappiness. The Budget, which can be called a Golmaal Budget, did not project the facts," KCR said in a statement. 

The measures taken by the Centre in the Budget for the welfare of the farm sector are nil and a big zero to the farming and agriculture sector. The Budget has nothing to offer to the handloom sector

Agriculture

Chemical-free natural farming along Ganga, support to branding of millet product, Kisan drones for crop assessment, spraying of insecticides, assessing land records, NABARD to help agri-startups for farm produce value chain, Thermal power plant upgradations via biogas firing - to stop stubble burning, support to farmers taking up agro-forestry.

Highways

National Highways will be extended by 25,000 km with Rs 20,000 crore outlay, One product one railway station to be popularised.

Railways

400 new Vande Bharat trains to be introduced, 2,000 km of the rail network under KAWACH

Logistics

Desh stack e-portal to promote digital infra, multi-modal parks at 4 locations to be developed in PPP mode 

North-East

Rs 1500 cr for enabling livelihood activities, border villages with less population to be covered under Vibrant Villages programme

Defence, MSMEs, Telecom

• Rs 6,000 crore program to rate MSMEs to be rolled out over 5 years, Additional credit cover of Rs 2 lakh crore to MSMEs, Duty relief on steel scrap MSMEs extended by a year
• 68% of the capital procurement budget for Defence to be earmarked for domestic industry
• 5G Telecom spectrum auction will be held in 2022 and the network will be rolled out in 2023, all villages in India will be connected via optic fibres by 2025
• E-Passports to be launched by 2022-23

Power & Environment

• High-level committee to be formed to recommend urban planning with 2047 in mind, Electric vehicles’ infra to be upgraded. Special mobility zones with zero fossil fuel policy with  'Battery Swapping Policy'
• Rs 1400 crore allocation for 103 MW hydropower. 27 MW solar power generation
• Rs 19,500 cr additional allocation for PLI for manufacturing high-efficiency solar modules
• 4 pilot projects for coal gasification to be set up

Other sectors

• Allocation of Rs 60,000 cr to ‘Har Ghar Nal Se Jal’ which has 8.7 crore current coverage
• Rs 48,000 crore allotment for PM Awas Yojana, for 80 lakh affordable houses
• 100% Post offices to come under Core Banking systems, post offices and bank accounts to be linked
• SEZ act to be revamped with new legislation for states’ partnership in development
• Animation, Visual Effects, Gaming and Comics (AVGC) sector task-force to be formed
• National Tele-Mental health program to be launched with NIMHANS as nodal centre and tech support from IIIT Hyderabad
• Upgradation of 2 lakh anganwadis
• One class-one TV channel for supplementary education for Classes 1-12 under PM Vidya Yojana, Digital university to be established

Cryptocurrency

• RBI to start issuing digital currency from 2022-23
• Virtual digital assets (for e.g cryptocurrency, NFTs) to be taxed at the rate of 30%, Loss from transfer of virtual digital asset cannot be set off against any other income, 1% TDS on payment for transfer of virtual digital, gift of virtual digital asset to be taxed.

Taxation & Capex

• Effective Capital Expenditure of the Central Govt estimated at Rs 10.68 lakh crores in 2022-23, about 4.1% of GDP
• Tax deduction limit to be reduced for central government employees from 18% to 15%, Tax deduction limit for state govt employees hiked to 14%
• Rs 1 lakh crore loans extended to states at 50-year interest-free rates
• Updated tax return can now be filed within 2 years of the assessment period
• Reduced surcharge on cooperative societies with income between Rs 1 and 10 crore to 7% from 12%
• Tax incentive for startups extended till next budget year, surcharge on LTCG capped at 15%
• Duty on shrimp reduced to increase exports, Custom duty on cut diamonds cut down to 5%

Finance Minister Nirmala Sitharaman on Tuesday announced cutting import duty on cut and polished diamonds and gemstones to 5% while on sawn diamond to nil in order to boost the sector.

At present, import duty on cut and polished diamonds as well as gemstones is 7.5%.

Presenting the Budget for 2022-23 in the Lok Sabha, Sitharaman also announced that the government will facilitate export of jewellery through e-commerce for which it will implement a "simplified regulatory framework" by June this year.

"To give a boost to the gems and jewellery sector, the customs duty on cut and polished diamonds and gemstones is being reduced to 5%. Simply sawn diamond would attract nil custom duty," the FM said.

To disincentivize import of undervalued imitation jewellery, the customs duty on imitation jewellery is being prescribed in a manner that a duty of at least Rs 400 per kg is paid on its import, she added. 

On the Budget proposal, All India Gem and Jewellery Domestic Council Chairman Ashish Pethe said, "Overall the Budget 2022-23 seems positive but there is nothing specific for the industry in this Budget except the cut in customs duty on cut and polished diamonds and sawn diamond, which is positive for the industry." 

"The Budget emphasis on increasing rural economy will indirectly help the gem and jewellery industry," he added.

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.

(PTI)

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.

Minority Affairs Minister Mukhtar Abbas Naqvi hailed the 2022-23 Budget and said it advances the opportunity for self-reliant India amid the Covid pandemic.

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.

(PTI)

• Public issue of LIC soon
• Budget goals: PM Gati Shakti, Inclusive development, productivity increase, financeial investments
• World-class Infra push: Big investment over 25 years in PM Gati Shakti, Roads, Railways, Ports, Mass transport
• Railways to develop new products to farmers and MSMEs, ‘One State-One Product’ to be prioritised, 400 new-gen Vande Bharat trains, 100 PM Gati Shakti cargo terminals to be developed
• 2,000 km of rail network to be brought under the indigenous world-class technology KAWACH, for safety and capacity augmentation
• Parvat Mala under PPP & National ropeways development to promote tourism & logistics
• Chemical free-natural farming, branding of millet products nationally & internationally, use of Kisan drones for crop assessments
• Finance startups for agriculture, Ken-Betwa river-interlinking and 5 more river-interlinking projects
• National Highways to be extended by 25,000 km in 2022-23
• Additional credit cover of Rs 2 lakh crore to MSMEs, online skilling and partnership programs to be revamped, Desh stack ePortal to be launched on Skill India
• Startups to be promoted for drone services - Drone Shakti, drones-as-a-service
• One class-one TV channel for supplementary education for Classes 1-12 under PM Vidya Yojana via Internet, TV, Mobile & Radio. Digital university to be established
• Open platform for health facilities, National Tele-Mental health program to be launched with NIMHANS as nodal centre and tech support from IIIT Hyderabad
• For Women’s empowerment, Mission Shakti, Saksham Anganwadis including upgradation of 2 lakh anganwadis
• Allocation of Rs 60,000 cr to ‘Har Ghar Nal Se Jal’ which has 8.7 crore current coverage. 
• Rs 48,000 crore allotment for PM Awas Yojana, for 80 lakh affordable houses 
• PM Deveopment Initiative for the North-East, with Rs 1500 cr for enabling livelihood activities for youth and women
• Border villages with less population to be covered under Vibrant Villages programme
• 100% Post offices to come under Core Banking systems, post offices and bank accounts to be linked to aid financial inclusion in rural areas
• ’25,000 complianes and 1486 union laws reduced in last few years’
• Ease of Doing Business 2.0 and next phase of Ease of Living to be launched
• Single-window portal for all green clearances - Parivesh launched in 2018 to see scope increase
• E-Passports to be launched by 2022-23
• High-level committee formed to recommend on urban planning with 2047 in mind. Electric vehicles’ infra to be upgraded. 
• Special mobility zones with zero fossil fuel policy to be introduced. Considering space constraints in urban areas, a 'Battery Swapping Policy' will be brought in
• Unique land parcel identification number to be rolled out with states; uniform process of registration of deeds and documents
• Voluntary winding up of companies time reduced from 2 years to 6 months
• Paperless and online end-to-end e-bill system for central ministries. Use of surety bonds to be made acceptable in govt procurement
• 5G auction in 2022, rollout in 2023. PLI push for 5G and optical fibers in 100% villages by 2025
• SEZ act to be revamped with new legislation for states’ partnership in development. Reform to be IT-driven
• Aatmanirbharta in defence: Govt to reduce defence imports with 68% procurement budget marked for internal market, up 10% from last year
• Focus on Geo-spatial systems, semiconductors, space economy, genomics and green energy
• Animation, Visual Effects, Gaming and Comics (AVGC) sector task-force to be formed
• Rs 1400 crore allocation for 103 MW hydropower. 27 MW solar power generation
• Effective Capital Expenditure of the Central Govt is estimated at Rs 10.68 lakh crores in 2022-23, about 4.1% of GDP
• Digital currency ‘Digital Rupee’ to be introduced by RBI using blockchain
• Rs 1 lakh crore loans extended to states at 50-year interest-free rates
• India’s budget at Rs 39,45 lakh crore, revised fiscal deficit at 6.9% versus 6.8% projection last year. 6.4% next fiscal deficit target
• Rs 19,500 cr additional allocation for PLI for manufacturing high efficiency solar modules has been made. 4 pilot projects for coal gasification to be set up
• Reduce surcharge on cooperative societies with income between Rs 1 and 10 crore to 7% from 12%. Tax incentive for startups extended till next budget year. Surcharge on LTCG capped at 15%
• Updated tax return can now be filed within 2 years of assessment period
• Any income from transfer of virtual digital assets to be taxed at 30% including gifts
• Duty on shrimp reduced to increase exports. Custom duty on cut diamonds cut down to 5%.

Budget Speech by Republic World on Scribd

Budget 2022-23 will boost growth and employment and Capital investment in infrastructure will improve living conditions, said  Ashwini Vaishnav, Union Minister for Railways, Communications, Electronics & IT.

The Congress has accused Finance Minister Nirmala Sitharaman and Prime Minister Narendra Modi of betraying the country's salaried and middle classes by not announcing any relief measures for them in the Union Budget.

Congress general secretary and chief spokesperson Randeep Surjewala said the salaried and the middle classes have been affected due to pay cuts and high inflation.

"India's salaried class and middle class were hoping for relief in times of pandemic, all-round pay cuts and back-breaking inflation. FM and PM have again deeply disappointed them in Direct Tax measures," Surjewala said on Twitter. "This is a betrayal of India's Salaried Class and Middle Class. #Budget2022," he said in his initial remarks on the Union Budget. 

Congress spokesperson Jaiveer Shergill also criticised the Union Budget calling it visionless, impactless, and reliefless. Going a step further, Shergill said that the Finance Minister has adopted a 'zero relief' policy for the salaried and the middle-class people. 

After Finance Minister Nirmala Sitharaman concluded her Union Budget 2022 speech, Sensex has surged by 879 points, while Nifty has risen by 234 points, currently at 17,574.55 indicating a positive response by the market

Hailing the Union Budget 2022, Suhel Seth, Managing Partner, Couselage India said that Finance Minister Nirmala Sitharaman focussed on mental health, urban development and also clarified on the digital march forward. 

With a major highlight of the Budget being taxes on Cryptocurrency, Congress Secretary Randeep Singh Surjewala questioned Union Finance Minister Nirmala Sitharaman. 

Mahindra Group Chairman Anand Mahindra, taking to Twitter reacted to the Union Budget 2022. Praising the announcements made in the Budget Speech, Mahindra called FM Sitharaman's shortest Budget speech as the most 'impactful' 

• Revised fiscal deficit in 2021-22 6.9% of GDP as against 6.8% projected. Fiscal deficit for 2022-23 estimated at 6.4% of GDP, says FM Sitharaman moving to direct taxes
• To provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year: FM Nirmala Sitharaman

Gross collection of GST for January 2022 is Rs 1,40,986 crores, the highest since the inception of GST; this has been possible due to rapid economic recovery post-COVID-19: FM Sitharaman while presenting Budget 2022

Tune in to watch LIVE here - 

 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. 

(PTI)

Current coverage of 'Har Ghar Nal se Jal' is 8.7 crores, of this 5.5 crore households were provided tap water in the last 2 years itself. Rs. 60,000 crore allocated to provide tap water connections to 3.8 crore households in 2022-23: FM Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday proposed the formulation of a battery swapping policy for EV charging stations.

She also announced the introduction of modern building by-laws.

The minister said the government would also promote the use of public transport in urban areas. 

The finance minister added that to promote ease of doing business, as many as 75,000 compliances have been eliminated and 1,486 union laws have been repealed.

Further, she announced that five existing academic institutions for urban planning will be designated as 'Centre for Excellence' with an endowment fund of Rs 250 crore.

A completely paperless e-bill system will also be launched by the ministries for procurement, Sitharaman stated.

(PTI)

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

Finance Minister Nirmala Sitharaman on Tuesday proposed to launch a new scheme PM Development Initiative for North East, to promote the growth of the region.

She also said that villages on the northern border of India will be covered under a new vibrant village programme to enhance development.

As much as 95 per cent of 112 aspirational districts have made significant progress in health and infrastructure, the finance minister said in her Budget Speech 2022-23.

She added that projects in the National Infrastructure Pipeline which pertain to seven engines will be aligned with PM Gati Shakti Framework.

All post offices, she said, will be linked with Core Banking Solution to push financial inclusion. 

(PTI)

All 1.5 lakh post offices in India will be connected to the core banking system that will enable people to access their account online and also transfer money within post office accounts and to other banks, Finance Minister Nirmala Sitharaman announced on Tuesday.

"In 2022, 100 per cent of 1.5 lakh post offices will come on the core banking system enabling financial inclusion and access to accounts through net banking, mobile banking ATMs and also provide online transfer of funds between post office accounts and bank accounts," Sitharaman said.

He added that this will be helpful especially for farmers and senior citizens in the rural areas enabling interoperability and financial inclusion.

Currently, post offices provide savings account services and payments bank services through the India Post Payments Bank. 

(PTI)

Equity benchmarks Sensex and Nifty extended their gains and were trading over 800 points higher in mid-session deals on Tuesday, as Finance Minister Nirmala Sitharaman began her Budget speech.

The 30-share Sensex was trading 842.07 points or 1.45 per cent higher at 58,856.24, and the broader Nifty rose 165.50 points or 0.95 per cent to 17,505.35.

Sun Pharma was the top gainer in the Sensex pack, rising 5.30 per cent, followed by IndusInd Bank, ICICI Bank, Tata Steel, HDFC, Infosys, Axis Bank and Infosys.

Among the 30 Sensex constituents, 27 scrips were trading in the green. Bharti Airtel, Dr Reddy's and and State Bank of India were the laggards.

In the previous session, the 30-share BSE index finished 813.94 points or 1.42 per cent higher at 58,014.17. Similarly, the broader NSE Nifty rallied 237.90 points or 1.39 per cent to end at 17,339.85.

Finance Minister Nirmala Sitharaman said sharp rebound in the economy was reflected in 2021-22, and growth is expected at 9.2 per cent. Speed in coverage of vaccination has helped in economic recovery, she noted.

Stock exchanges in the US ended on a positive note in the overnight session.

Meanwhile, international oil benchmark Brent crude rose 1.31 per cent to USD 91.21 per barrel.

Foreign institutional investors remained net sellers in the domestic capital market, pulling out Rs 3,624.48 crore on Monday, as per provisional data.

(PTI)

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: FM Nirmala Sitharaman

• Spectrum auctions to be conducted in 2022 to roll out 5G services
• Contract for laying optical fibre network across all rural areas

• 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: FM Nirmala Sitharaman.
• Rationalized and comprehensive scheme to increase domestic production of oil seeds to be implemented, to reduce dependence on import of oil seeds: FM Nirmala Sitharaman
• Use of Kisan Drones to be promoted for crop assessment, #Digitization of land records, spraying of insecticides and nutrients: FM Nirmala Sitharaman

Issuance of e-Passports with embedded chips and futuristic technology by 2022-23, announces FM Sitharaman. Watch the budget speech LIVE here -

• Production Linked Incentive (PLI) Scheme for achieving Aatmanirbhar Bharat has received excellent response, with potential to create 60 lakh new jobs and additional production of 30 lakh crore during next years - FM Sitharaman
• Towards implementing new Public Sector Enterprise (PSE) Policy, strategic transfer of Air India has been completed Strategic Partner for Neelanchal Ispat Nigam has been selected, public issue of LIC expected shortly, others in process for 2022-23 - FM Sitharaman
• National Bank for Infrastructure Development, National Asset Reconstruction Company have commenced activities Budget 2021 had provided sharp increase in provision for public investment Economic Recovery is continuing to benefit from the multiplier effect of investment - FM Sitharaman 

• Speed in coverage of vaccination has helped in economic recovery.
• Sharp rebound in economy reflected in 2021-22, growth expected at 9.2%.
• Big private investment in infra would be guided by Gati Shakti.
• Inclusive development, productivity enhancement, energy transition and climate action four pillars of development.
• National Highways will be extended by 25,000 km during 2022-23.
• One product one railway station will be popularised, 400 new Vande Bharat trains to be introduced.
• Govt focus since 2014 on poor and marginalised; govt strives to provide necessary ecosystem to middle class.
• Desh stack e-portal to be launched to promote digital infra.
• Railways will develop new products for small farmers and MSMEs.
• Contracts for multi-modal parks at 4 locations to be awarded next fiscal

Ken-Betwa link at Rs 44,605 crores to be taken up to provide irrigation to 9.05 lakh hectares, 65 lakh people drinking water, hydro and solar power: FM Sitharaman announces 5 river interlinking projects

Tune in to watch here Budget 2022 LIVE here - 

Strengthening of health infra, speedy vaccination programme implementation and nationwide resilient response to current wave of COVID-19 pandemic are evident to all - FM Sitharman said while presenting the Union Budget 2022

We are in the midst of the Omicron wave, the speed of our vaccination campaign has helped greatly. I am confident that ‘Sabka Prayaas’, we'll continue with strong growth: FM Nirmala Sitharaman

She also stated that India's economic growth in the current year is estimated to be 9.2%, the highest among all large economies. 

Tune in to Republic World here - 

The Union Cabinet on Tuesday approved the Budget 2022-23 which will be presented by Finance Minister Nirmala Sitharaman in Parliament. 

The meeting began at around 10:20 am ahead of the Budget presentation.

Prime Minister Narendra Modi, Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others were present at the Parliament for the Union Cabinet Meeting ahead of the presenting of the Budget. 

The Union Budget 2021 will be presented in a short while from now. The Budget speech will begin at around 11 am today with Sitharaman beginning it with an address to the speaker of Lok Sabha. 

Usually, the duration of the presentation ranges from 90 to 120 minutes.

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.

"#AatmanirbharBharatKaBudget | From 'Bahi Khata' to Made in India' Tablet Finance Minister @nsitharaman carrying the Budget in the #paperless format in a tablet kept inside a red cover with National Emblem embossed on it instead of the briefcase or 'Bahi Khata'," Digital India tweeted.

With tablet carefully kept inside a red coloured cover with a golden coloured national emblem embossed on it instead of the briefcase, she went straight to Parliament after meeting the President at Rashtrapati Bhawan.

Sitharaman, India's first full-time woman Finance Minister, had in July 2019 ditched the colonial legacy of a Budget Briefcase for the traditional Bahi-Khata to carry Union Budget Papers. She used the same in the following year, and in a pandemic-hit 2021, she swapped traditional papers with a digital tablet for carrying her speech as well as other Budget documents.

Her Budget for the fiscal year beginning April 2022 (FY2022-23) is the Modi government's 10th straight Budget since 2014 (including one interim Budget presented ahead of general elections in 2019).

She was appointed as the Finance Minister when Narendra Modi swept to power again in the 2019 election and presented her maiden Budget on July 5, 2019. She used a red-cloth folder enclosed with a string and emblazoned with the national emblem to carry the Budget documents.

Earlier, finance ministers in different governments, including her predecessors in the Modi government - Arun Jaitley and Piyush Goyal, used the standard Budget briefcase.

Before Sitharaman, a long-standing colonial tradition in connection with the Budget presentation was broken during the Atal Bihari Vajpayee government when the then Finance Minister Yashwant Sinha presented the Budget at 11 am rather than at the traditional time of 5 pm.

Since then, all the governments have been presenting the Budget at 11 am.

The tradition of carrying the Budget briefcase was a British legacy. The word 'Budget' originated from the French word 'bougette', which means leather briefcase.

The "budget case" tradition started in the 18th century when the Chancellor of the Exchequer or Britain's budget chief was asked to 'open the budget' while presenting his annual statement.

In 1860, the then British budget chief William E Gladstone carried his papers in a red suitcase with the Queen's monogram in gold. Budget briefcase came into being because Gladstone's speeches were extraordinarily long, and he needed a briefcase to carry his speech papers.

However, in India, different finance ministers carried different briefcases with colours of red, black, tan or brown.

India's first finance minister RK Shanmukham Chetty carried a leather portfolio to present the first Budget in 1947. TT Krishnamachari in the 1950s carried something that looked like a file bag. Jawaharlal Nehru carried a black briefcase.

As the finance minister, Manmohan Singh, who delivered the iconic 1991 economic liberalisation proposals, carried a black bag. Pranab Mukherjee, as Prime Minister Manmohan Singh's finance minister, used a red briefcase similar to the Gladstone case of Britain.

Piyush Goyal, who presented the interim Budget in February 2019, was the last finance minister to have carried a briefcase. He carried a red one to Parliament.

On Budget day, the Finance Minister of India poses with the Budget bag outside Parliament. In Britain, the Chancellor of the Exchequer poses with his suitcase in front of 11 Downing Street before the Budget speech.

Soon after presenting her maiden Budget in 2019, Sitharaman had said that Bahi-Khata was a break from the colonial legacy.

"Why did I not use a leather bag to carry budget documents? I thought it is high time we move on from the British hangover, to do something on our own. And well, easier for me to carry too," she had said.

One of her predecessors, P Chidambaram of the Congress, had however scoffed at her choice in that year. "A Congress finance minister in future will bring an iPad," the former Finance Minister had said when asked to comment on the Bahi Khata.

And Sitharaman did just that in 2021 and again this year.

(PTI)

Sensex surged over 600 points and Nifty advanced 159 points in opening trade on Tuesday, ahead of the Union Budget 2022-23 presentation in Parliament.

The 30-share Sensex was trading 603.39 points or 1.04% higher at 58,617.56, and the broader Nifty rose 159.25 points or 0.92% to 17,499.10.

IndusInd Bank was the top gainer in the Sensex pack, rising 2.45%, followed by ICICI Bank, HDFC twins, Sun Pharma, Infosys, Kotak Bank and Bajaj Finserv.

Among the 30 Sensex constituents, 28 scrips were trading in the green. ITC and PowerGrid were the laggards.

Finance Minister Nirmala Sitharaman will present the Union Budget 2022-23 in Parliament on Tuesday.

In the previous session, the 30-share BSE index finished 813.94 points or 1.42% higher at 58,014.17. Similarly, the broader NSE Nifty rallied 237.90 points or 1.39% to end at 17,339.85.

On Monday, the Economic Survey said India's economy is expected to grow by 8-8.5% in the fiscal beginning April 1 and is well placed to meet the future challenges on the back of widespread vaccine coverage, supply-side reforms and easing of regulations.

Meanwhile, the Indian economy contracted by 6.6% in 2020-21 as against the earlier estimate of 7.3% contraction, showing that the coronavirus pandemic-hit economy did not perform as badly as was initially thought.

According to the official data released on Monday, production of eight infrastructure sectors expanded by 3.8%  in December 2021 against a 0.4% contraction in the same month last year on a better show by coal, cement and refinery products.

"The Indian government's fiscal position remains comfortable, with data for the first nine months of the financial year showing that only half the budgeted deficit had been exhausted.

"For April-December FY22, the fiscal deficit stood at 50.4% compared to 145.5% last year. Stronger tax and non-tax receipts have helped the government stabilise its budget," Deepak Jasani, Head of Retail Research at HDFC Securities, said.

On Tuesday, Asian stocks harnessed the tailwind from a technology-led rally in the US that was spurred by dip buyers betting this year's equity rout is going to ebb. Several Asian markets, including China and South Korea, are shut for the Lunar New Year holiday, he added.

Stock exchanges in the US ended on a positive note in the overnight session.

Meanwhile, international oil benchmark Brent crude rose 1.31% to USD 91.21 per barrel.

Foreign institutional investors remained net sellers in the domestic capital market, pulling out Rs 3,624.48 crore on Monday, as per provisional data. 

(PTI)

Finance Minister Nirmala Sitharaman will be presenting her fourth Budget that will aim at maintaining the world's fastest-growing economy tag for India.

Here are the key numbers to watch out for in the Budget for 2022-23, which is widely expected to boost spending towards policies that create jobs, boost manufacturing, helping rural and agri-economy and infrastructure creation.

Sitharaman, who had in her first budget in 2019 replaced leather briefcase -- which had been in use for decades for carrying budget documents -- with a traditional red cloth 'bahi-khata', has spurt in tax collections to her aid in the budget that is expected to a spend-all budget.

* COVID spending: India had started the world's largest COVID inoculation programme on January 16, 2021. The expenditure on vaccination this fiscal, as well as in the next would be the most-watched figures in the Budget. The Budget estimate for vaccine expenditure for the current fiscal was Rs 35,000 crore.

* Fiscal Deficit: The budgeted fiscal deficit, which is the difference between the government expenditure and income, for the current fiscal ending March 2021 is 6.8 per cent, against 9.3 per cent in the last fiscal. The number for the 2022-23 fiscal would be in focus.

* Disinvestment/Privatisation: The government has rarely met the high disinvestment targets set in Budgets. With a focus on privatisation and keeping in mind fiscal consolidation and capital expenditure, the number would be closely watched. 

* Capital Expenditure: The government's planned capital expenditure for this fiscal is budgeted at over Rs 5.5 lakh crore. The government has to push infrastructure creation and this number would be in focus for the next fiscal too.

* Tax revenue: The government has budgeted a 9.5 per cent growth in tax collections at Rs 22.2 lakh crore for the 2021-22 fiscal (April-March, 2022). With Economic Survey projecting a GDP growth of 8-8.5 per cent in the next fiscal, the buoyancy in tax revenue too would be closely watched.

* Borrowing: The government's gross borrowing budget was at Rs 12.05 lakh crore, while net borrowing was pegged at Rs 9.37 lakh crore in the current financial year ending March 31. The government borrows from the market to fund its fiscal deficit and the borrowing number would be watched by the market, especially on the back of expected higher capital expenditures to boost growth. 

(PTI)

Prime Minister Narendra Modi, 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.

In a setback to Indian taxpayers, sources state that the Centre is expecting its direct tax revenue to increase by Rs 2.5 lakh crores, while indirect tax revenue to increase by Rs 80,000 crores. Sources further state that with the increased expectation the government's revenue will increase by Rs 3 lakh crore - passing $500 billion mark for the first time. The Centre is also looking to divest all of its stockholding in PSUs, except a few strategic sectors.

"Hope FM gives us a booster dose of incentives to overcome pandemic impact on our economy! We need to spur consumption n revive travel, tourism n hospitality. Common man needs more disposal income to combat inflation," Biocon chairperson Kiran Mazumdar-Shaw tweeted on Monday. 

Ahead of the Union Budget, Sensex soared 682.34 points, currently at 58,696.51. Nifty up by 175.85 points, currently at 17,515.70

Principal Economic Adviser Sanjeev Sanyal reaches Finance Ministry, ahead of Union Budget presentation

As per sources, the Union Budget 2022-23 is likely to have to the following announcements:

• PM Kisan Yojana's allocation to be increased to Rs 6000 per annum to farmers
• PM Garib Kalyan Anna Yojana to continue beyond March
• Bullet train to be flagged from Delhi to Kolkata
• 100% Railways electrification by 2023
• Increase in standard deduction 

"PM Modi expects that every group - be it the ruling side or the Opposition - should sit together and listen to the presenting of the Budget and cooperate," said Mos Finance Bhagwat Karad. He added, "I cannot speak anything on the Budget. A Budget that favours all the sections of the society".

"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," said Padma Shri Prahlad Rai Agarwala, Chairman of Rupa & Company

"Special attention needs to be given to 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," said Rajesh Tope.

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.

In a positive development on the eve of the Union Budget, the Finance Ministry revealed that it collected Rs.1,38,394 crore as gross GST revenue in the month of January 2022. 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).  The revenues for the month of January 2022 are 15% higher than the GST revenues in the same month last year and 25% higher than the GST revenues in January 2020. 

Parliamentary Affairs Minister Pralhad Joshi asked the opposition lawmakers to focus on the important issues related to the 2022 Budget in the Parliament. His remarks were issued after scores of MPs demanded a Privilege motion against Union IT Minister Ashwini Vaishnaw over the Pegasus spyware row.

Congress MP Adhir Ranjan Chowdhury asked the MPs to initiate the privilege motion against Union IT Minister Ashwini Vaishnaw for 'misleading parliament.’ Minister Joshi reminded that the Supreme Court has appointed an investigative committee to probe the matter, and that the parliamentarians must focus on the Budget related issues on February 1. 

Defence Minister Rajnath Singh, on behalf of the Govt, also reiterated that only the President's address and tabling of the Budget shall happen in the first half of the Budget session, adding that every other issue can be dealt with in the second session. 

READ FULL STORY HERE 

Child rights organizations have requested an increased allocation for the elimination of child labour in the Union Budget 2022. The safety of children should be the centerpiece of the Union Budget, they said. The overall percentage share of budget allocation for children in the Union Budget must be improved, and it should be restored at least to the level of 2020-21, Executive Director Kailash Satyarthi Foundation Jyoti Mathur told PTI. 

The percentage share of the Union Budget allocated for the welfare of children was reduced from 3.16 percent (2020-21) to 2.46 percent (2021-22), Mathur informed. If the budget allocation for the previous two years was to be analyzed, the total investment towards the welfare of children declined by 11% in 2021-22 over 2020-21 (a decline from Rs 96,042 crore in 2020-21 to Rs 85,713 crore in 2021-22). 

Chief Executive Officer of CRYChild Rights and You, Puja Marwaha, meanwhile hopes that the budget 2022 touches on the subject of education and healthcare system for the vulnerable children during the pandemic, lack of access to nutrition and protection services over the past two years, especially within rural areas and marginalized communities. 

READ FULL STORY HERE

India’s service sector is expected to grow by 8.2 percent in 2021-22, according to the Economic Survey 2022. “During the first half of the current fiscal year, the services sector has registered a steady recovery. Overall, the services sector grew by 10.8 percent YoY in the first half of 2021-22. The GVA in the services sector (excluding construction) crossed its pre-pandemic level2 in Q2 2021-22,” the survey stated.

Some of the worst-hit industries such as trade, hotels, transport, communications, and broadcasting during the pandemic last year in 2021 have witnessed significant growth of a whopping 18.4 percent in the first half of the year. But there are still some challenges as over 30 percent of hotels and restaurants within the country suffered during COVID-19 pandemic-related restrictions. Despite that, the Services sector showed resilience as it grew by 18.4 percent to $177.7 billion on a year-on-year basis in the April-December period, as per the Economic Survey. 

A meeting of the Union Cabinet will be held on Tuesday at 10:10 am to approve the Union Budget 2022-23. Finance Minister Nirmala Sitharaman will then present the Union Budget 2022-23 in a paperless form for the second time on February 1. Budget Session of Parliament will commence today and 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.

From February 2 to February 11, the House is scheduled to sit from 4 pm to 9 pm. Thus, five hours have been scheduled per sitting during the first part of the Budget Session.

"There will be a break from February 12 to March 13 during which the Standing Committees will examine Demands-for-Grants of Ministries/Departments and prepare reports thereon. In all, there will be 29 sittings; ten in the first part and 19 in the second part," the Lok Sabha Secretariat's press release stated.

It added, ”During the first part of the session, the members will be accommodated in Lok Sabha Chamber and its Galleries (except Press Gallery) and Rajya Sabha Chamber and its Galleries (except Press Gallery).” 

The backbone of the rural Indian economy, the agricultural sector, can expect significant policies and reforms in the budget 2022. Finance Minister Nirmala Sitharaman is likely to bring reforms this year to boost the agricultural economy, as well as enhance farmers’ access to credit. Budget 2022 is expected to widen the crop insurance facility which in turn will boost farmers’ income countrywide. With 3.9% growth in the current fiscal 2021-22, the agricultural sector was one of the least impacted by the COVID-19 pandemic. 

The government will push for monetary allocation to boost the use of new-age technologies to make farming methods easier, time-saving. The new budget will outline setting up institutions for critical agriculture-related services and educating farmers on cutting-edge technologies. The focus will be to double farmers' income by 2022-23 and more funding will go into agro infrastructure, exports, retail segment, storage facilities. Additionally, increasing the budget for MGNREGA, fertilizer subsidies, and the extension of free grains for another six months can be expected in the union budget 2022. 

READ FULL STORY HERE

Environmental experts are calling for budgetary allocation under green expenditure to show that India is serious about meeting the enhanced targets announced by Prime Minister Narendra Modi at the Conference of the Parties 26 in Glasgow. India's climate targets will require an investment of about USD 35 million this decade in order to meet various targets.

The budget for the fiscal year commencing April 1, 2022, will be presented today wherein climate change investments can be tabled. Public expenditure allocations can intersect with a range of programmes across sectors, some of which could be tagged as ‘green.’ Budget incentives will be needed to achieve India's ambition of boosting non-fossil electricity capacity to 500 gigawatts in just nine years and other climatic goals such as enhancing the potential of the rooftop solar photovoltaic systems for a clean source of energy. 

Budget 2022 can also focus on incentives for the circular economy, urban mining, and e-waste recycling, as well as a national transition fund for fossil fuel sector workers and MSMEs, that currently avail grants from international climate funds. The upcoming budget is expected to lay focus on long-term climate resilience, and funding for augmenting nature-based solutions, building ground-level capacities, and working through state and local governments, A Nambi Appadurai, director, Climate Resilience Practice Program, WRI India reportedly says. 

An outlay of Rs 1,200 crore by 2024 in the upcoming Budget could trigger pilots in various end-use applications such as testing green hydrogen readiness of natural gas pipelines, underground hydrogen storage, and pilots for equipment such as furnaces, boilers, and process heaters, said Hemant Mallya, senior programme lead, Council on Energy, Environment and Water (CEEW). Another Rs 165 crore may be allocated for supporting research and development on catalysts and electrolyzer membranes, finding substitutes for critical minerals, setting up testing labs, and enforcing safety standards. 

READ FULL STORY HERE 

As Finance Minister Nirmala Sitharaman unveiled Economic Survey (2021-22) ahead of the 2022 budget, it was noted that India needs to be wary of imported inflation from elevated global energy prices. While India’s Consumer Price Index inflation stood at 5.6 percent YoY in December 2021, the Wholesale Price Index inflation (WPI) rose to 12.5 percent, witnessing a sharp uptick during 2021-22 (April-December).

"Inflation has reappeared as a global issue in both advanced and emerging economies. India's Consumer Price Index inflation stood at 5.6% YoY in December 2021 which is within the targeted tolerance band," the survey report presented by Finance Minister Nirmala Sitharaman to the parliament revealed.

But it rang the alarm on the wholesale price inflation that has been running in double-digits due to base effects, which as per the GoI, will even out. 

Overall, the inflation has been higher in the current financial year compared to the previous year in all three major groups. In the 'fuel and power' group, it is above 20% reflecting the high international petroleum prices. This was because of the rising international prices in WPI manufacturing. On the retail front, the average retail inflation inched up from 4.8% in 2019-20 to 6.2% in 2020-21 due to pandemic-related supply chain disruptions. 

"Since July 2021, retail inflation is well within the tolerance band of the targeted limit of 4 percent +/- 2 percentage points set by the Government for the period April 1, 2021- March 31, 2026. In 2021-22, the decline in retail inflation was led by the easing of food inflation," according to the Economic Survey. 

READ FULL STORY HERE  

Economic Survey 2022 outlines that the upcoming budget will focus on job creation, will strengthen domestic industries, and target 9% growth. Discussing this report, economic and market experts tell Republic Media Network that these are some key goals for the overall progression of economic growth. They emphasized that budget 2022 must focus on small scale industries of India. Speaking to Republic, market expert Sharad Kohli and economist Arvind Mohan said that the government’s focus on job creation and boosting employment “is encouraging” especially since the year 2021posed endless challenges on the economy due to the COVID-19 pandemic. 

“I think govt should speed up spending and boost private investments as they were slagging in the last 2 years,” Market expert Sharad Kohli tells Republic.

With the upcoming 2022 budget slated for today, relief is expected for the middle class. Speaking on the government’s own sweeping measures for boosting domestic industries, Kohli said, "If you remember govt decision to pull out RCEP- 14 country conglomerate where free trade was supposed to be promoted and PM rightly backed out as it could have ruined domestic industry.” 

Economist Mohan said that the major areas of focus on the budget should be on agriculture, small scale and cottage industry, and secondly on human development- health and education. He adds that focus should also be brought back on the critical savings, an aspect not prioritized over the last few years. Economist Alok Puranik, who expects relief for the middle class, says that he expects tax relief on the middle class in this year’s 2022 budget. 

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Leader of the House in the Rajya Sabha, Piyush Goyal, told members of the upper House of Parliament that due to time constraints, there would be no legislative business in the first part of the Session. Meanwhile, a meeting was called with the floor leader of 15 political parties by the Rajya Sabha Chairman M Venkaiah Naidu, who clarified that during the first phase of the Budget Session, only 23 hours will be available for business other than Question Hour, Zero Hour, and Private Members' Business. 

Rajya Sabha's Business Advisory Committee meeting would be held on Tuesday after the presentation of the Union Budget 2022-23 to allocated time for two discussions that would take place in the first part of the Budget Session. "Discussion on Motion of Thanks to the President for his address to members of both the Houses today and discussion on Union Budget 2022-23 to be presented tomorrow will get priority during the first part of the session," sources informed PTI.

"I earnestly appeal to all the leaders to enable a productive Budget Session by urging members of respective parties so as to make meaningful contributions for economic recovery and all-around development at his hour of challenge,” Rajya Sabha Chairman M Venkaiah Naidu said after the meeting. 

The meeting was attended by Anand Sharma, Mukhtar Abbas Naqvi, Bhupendra Yadav, Tiruchi Siva, Derek O'Brien, Prasanna Acharya, Dr. K Kesava Rao, Premchand Acharya, Praful Patel, Ramnath Thakur, Kanakamedala, Vijayasai Reddy, Birendra Prasad Baishya, Ravindra Kumar, and Abdul Wahab. 

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In the Union Budget 2022, experts are hoping for some key announcements from the Finance Ministry this year for boosting employment, and creating jobs. Market analysts believe that this year taxpayers can expect the Centre to maintain the same tax slabs as the last year 2021 while raising the standard deduction to Rs 1 lakh.

Other key announcements may include boosting consumption, growth in the 9% range, preserving domestic industry, and exporting fillip through Free Trade Agreements (FTAs). The GoI is also expected to prioritize the healthcare segment and increase public expenditure in the sector to at least 3% of the GDP in the upcoming Union Budget. 

Union Finance Minister is also expected to unveil a tax structure under which incomes in cryptocurrencies will be regulated. In a key budget recommendation, The Apparel Export Promotion Council (AEPC) has urged the government to remove import duty on cotton for boosting apparel exports. Apparel exports are expected to soar to $20 billion in fiscal 2022-23 but currently high raw material prices are a hurdle, AEPC chairman Narendra Goenka tells ANI. So, therefore, scrapping import duties in the budget 2022 will give a major boost to India’s apparel industry. 

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Budget session of Parliament can serve as an opportunity for India to reach greater economic heights, Prime Minister Modi said, as he appealed to the MPs and parliamentarians to engage in debates, and discussion on the 2022 budget plan “with an open mind”. PM Modi also urged the lawmakers not to curate agendas influenced by the upcoming Assembly elections in UP, Uttarakhand, Manipur, Goa, and Punjab. He then welcomed all parliamentarians from across the nation to the  2022 Budget session.

"I hope that all honorable MPs, all political parties discuss with an open mind and help take the country on the path of progress and accelerate this process,” said the Prime Minister, addressing the nation ahead of the crucial budged to be tabled on February 1, 2022.

“It is true that the sessions and discussions are impacted by elections quite often,” he reminded. “But I want to urge all honorable MPs that elections have their own importance,” the Prime Minister stressed, as he appealed for a fruitful session with full commitment. “Upcoming year,” he said, “will create an opportunity for India to reach new economic heights.”

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Economic Survey 2022 Highlights for Union Budget 2022:

1. State of Economy

• Agriculture and allied sectors least impacted by the pandemic. 

• Sector growth expectation by 3.9% in 2021-22

• The Services sector hardest hit by pandemic, estimated to grow by 8.2% 

• Total Consumption growth at 7.0% in 2021-22 due to government spending

• Exports of both goods and services strong in 2021-22

• Indian economy GDP growth expectation at 8.0-8.5% in 2022-23

• India’s balance of payments surplus in last two years.

• RBI to keep accumulating foreign exchange reserves (at US$ 634 billion on Dec 31 2021). 

• GoI to meet its targets upping capital expenditure

• Consumer Price Index inflation at 5.6 per cent YoY in December 2021, within the targeted tolerance band. Wholesale price inflation in double-digits

2. Indian aviation sector at 14% growth, rebounds. Domestic traffic more than doubled from 61 million in 2013-14 to 137 million in 2019-20, with 14% per annum.

3. FDI in pharma sees 'sudden spurt' in 2020-21as per Economic Survey. FDI inflows in April-September 2021 continued to be buoyant at Rs 4,413 crore with 53% growth in 2020-21, mainly due to investments related to COVID-19 therapeutics and vaccines

4. India third largest startup ecosystem globally, behind US and China. Over 14,000 new startups in 2021-22 with 733 increase since 2016-17, and 83 total unicorns, with a total valuation of $277.77 billion

5. Farm credit worth Rs 7.36 lakh crore disbursed in H1 of 2021-22. GoI fixed a farm credit target of Rs 16.50 lakh crore for the current fiscal.

6. Air India sale to boost privatization drive redefined the public sector role in business enterprises

7. India needs a diversified energy mix, the focus remains on building storage for intermittent electricity generation from solar PV and wind farms to ensure an on-demand energy supply

8. India needs free-trade agreements (FTAs) push to diversify export basket

9. Policy initiatives such as relaxation of Other Service Provider (OSP) regulations to catapult IT sector to next level of growth. Telecom sector reforms to witness job opportunity growth 

10. COVID vaccination, a macro-economic indicator, vital for the opening up economy

Finance Minister Nirmala Sitharaman on Tuesday will present the Union Budget in the Parliament for the fiscal year starting April 1, 2022. The Union Budget 2022-23 will be in paperless form once again. This will be her fourth Budget. The Union Budget 2022-23 would be available on the Mobile App after the process of Budget presentation has been completed on February 1, 2022, in Parliament, as per a Finance Ministry statement. 

"The mobile App allows complete access to 14 Union Budget documents, including the Budget Speech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution. The mobile app is bilingual (English & Hindi) and is available on both Android and iOS platforms," it said. 

The app can also be downloaded from the Union Budget web portal (www.indiabudget.gov.in), it said, adding, the Budget documents will also be available for download by the general public on the portal. 

Sitharaman, who in her maiden Budget presentation in 2019 shunned the long-standing practice of carrying the speech and Budget document in a briefcase in favour of a 'bahi-khata' holding the papers, used a handheld tablet to read her speech on the last occasion on February 1, 2021. She came to Parliament carrying the gadget inside the red-coloured 'bahi-khata' cloth.

As the most-awaited and crucial event - Union Budget 2022 is almost here. All eyes are now on Union Finance Minister Nirmala Sitharaman's fourth budget which is expected to boost spending to revive investment and create jobs. 
 
The first part of the Union Budget Session of Parliament will be held from January 31 to February 11 and the second part of the Budget Session will take place from March 14 to April 8. Finance Minister Nirmala Sitharaman will begin her speech in Parliament at 11 am and citizens can watch it LIVE on Republic TV here and also on Republic World's YouTube channel. The speech will also be aired live on the official Parliament channel, Sansad TV, and national broadcaster Doordarshan.