Budget 2022 updates: Union Budget 2022 reflects vision for inclusive development, says Piyush Goyal

Budget 2022 LIVE Updates:

Union Budget 2022 reflects vision for inclusive development: Piyush Goyal

Emphasizing that the government is focused on enhancing infrastructure and raising people’s income, Union Commerce and Industry Minister Piyush Goyal on Tuesday said the Union Budget 2022-23 reflects a visionary framework for holistic and inclusive development of the country.

– ANI

Budget 2022 LIVE Updates:

It’s a Budget of self-reliant India: Union Minister Sarbananda Sonowal

Budget 2022 LIVE Updates:

Another budget comes to pick the pocket of the common man: Akhilesh Yadav

Taking swipe at the BJP-led Central government over the Union Budget 2022-23, former Uttar Pradesh Chief Minister and Samajwadi Party chief Akhilesh Yadav on Tuesday said that BJP has presented another budget that “picks the pocket of the common man”.
 

Samajwadi Party chief Yadav tweeted in Hindi, “All the businesses in India have come to a halt… due to historical recession, lakhs of people have lost their jobs… Income of people has reduced… Because of the pandemic, savings in banks have come down… Now, another budget comes to pick the pocket of the common man… With this, the sad era of BJP is beginning to end! Now UP people say that they don’t want BJP anymore.” Yadav’s remarks came ahead of the Assembly elections in five states including Uttar Pradesh.

–ANI

Budget 2022 LIVE Updates:

Consultation on crytocurrency on, will not regulate before it is completed, says Sitharaman

The finance minister said that consultation on cryptocurrency going on; govt will not regulate or formulate a framework for regularization before the consultation is completed

Budget 2022 LIVE Updates:

Centre trying to bring 5G under PLI scheme, says Nirmala Sitharaman

The finance minister said that now optical fiber is reaching everywhere in the country and the Centre is trying to bring 5G under the PLI scheme.

Budget 2022 LIVE Updates:

Union budget envisages public investment, capital spending by govt: SAIL Chairperson

Lauding the Union Budget 2022-23 tabled by Finance Minister Nirmala Sitharaman in Parliament on Tuesday, Chairperson of Steel Authority of India Limited (SAIL), Soma Mondal, said the budget envisages higher public investment and capital spending by the government.
 

“The union budget for Financial Year 2022-23 holds promise for faster economic development putting the Indian economy on a still higher trajectory of growth. It envisages higher public investment and capital spending by the Government,” said Mondal. She further stated that the budget lays a direct focus on intensifying the infrastructure development activities through the PM Gati Shakti programme.

-ANI

Budget 2022 LIVE Updates:

68% defence purchases will be from domestic companies, says Sitharaman

Budget 2022 LIVE Updates:

60 lakh jobs to be generated through PLI scheme in next 5 yrs, says Sitharaman

The Production-Linked Incentive (PLI) scheme across 14 sectors, including IT hardware manufacturing, has the potential to generate at least 60 lakh (6 million) new job opportunities, Finance Minister Nirmala Sitharaman said on Tuesday.

Budget 2022 LIVE Updates:

Capital expenditure increased from Rs. 5.5 lakh crore to Rs. 7.5 lakh crore, says Nirmala Sitharaman

Budget 2022 LIVE Updates:

Rs 60,000 crore allocated to provide tap water under Har Ghar, Nal Se Jal Scheme

An allocation of Rs 60,000 crore has been made to cover 3.8 crore households in 2022-23 under Har Ghar, Nal Se Jal Scheme, informed the Ministry of Finance on Tuesday.
 

Presenting the Union Budget 2022-23, the Minister for Finance and Corporate Affairs, Nirmala Sitharaman said that since 2014, the government’s focus has been on empowerment of citizens, especially the poor and the marginalized. Measures have included programmes that have provided housing, electricity, cooking gas and access to water. Giving more details, the Finance Minister said that the current coverage of Har Ghar, Nal Se Jal is 8.7 crores, out of which 5.5 crore households were provided tap water in last 2 years itself. According to the press statement from the Ministry, Sitharaman also announced an allocation of Rs 48,000 crore for completion of 80 lakh houses for the identified eligible beneficiaries of PM Awas Yojana, both Rural and Urban, in 2022-23. The Central Government will work with the state governments for reduction of time required for all land and construction related approvals, for promoting affordable housing for middle class and Economically Weaker Sections in urban areas. The Government will also work with the financial sector regulators to expand access to capital along with reduction in cost of intermediation.

-ANI

Budget 2022 LIVE Updates:

Have taken numerous measures to double farmers’ income, says Nirmala Sitharaman

Budget 2022 LIVE Updates:

Not increased tax on intermediaries and raw materials to support manufacturing, says Sitharaman

Budget 2022 LIVE Updates:

Nitin Gadkari hails new budget as historic

Union Minister for Road Transport and Highways Shri Nitin Gadkari hailed the Budget as historic giving a new vision to new India. He said it is exactly the vision of 21st century and the economic vision and priority has already been decided by this budget.  Shri Gadkari said the highest priority is for Scheduled Castes, Scheduled Tribe, Farmers, Rural India, Agricultural India Tribal India, Gaon, Garib Majdoor Insaan, the welfare of all the sectors is the highest priority in this budget.  The second highest priority is infrastructure. The Minister said he was really happy because he got the opportunity to work with Bharat Mala and Sagar Mala and now Parvat Mala a new programme has been started.  Now it is ropeway, a cable car which is a great gift for the area particularly hilly area of the country. He said it benefits North East, Uttarakhand, Himachal and Kashmir. Shri Gadkari said  It is very important for not only goods but tourism also as this can create more employment potential. He said the budget reflects the new vision of the prime minister and he was thankful to Finance Minister for giving this excellent Budget for the country.

– PIB

Budget 2022 LIVE Updates:

65% of corporate tax income for 2019-20 shifted to lower tax regime: Revenue Secy

Budget 2022 LIVE Updates:

FM announces proposal for bringing out Battery Swapping Policy  

Budget 2022 LIVE Updates:

Union Budget is progressive, forward-looking: NITI Aayog CEO

NITI Aayog CEO Amitabh Kant on Tuesday said that the Union Budget is very progressive and forward-looking and prepares India for the next stage of its sustained growth.
 

Speaking to ANI, Kant said, “It is a very progressive and forward-looking Budget. It prepares India for the next stage of its sustained growth. It is a continuation of the last year’s Budget. The real highlight of the Budget is its huge expansion on the capital expenditure.” He further said, “This Budget looks at sunrise areas of growth. India needs to go green, India needs to go digital and that is what this Budget pitches for. It pushes for urbanization, clean electricity, clean mobilization, and digital rupee."

– ANI

Budget 2022 LIVE Updates:

Private equity funds, venture capitalists behind many Startups becoming unicorns: FM

Budget 2022 LIVE Updates:

Union budget is full of opportunities for higher growth, more investment and jobs: PM Modi

Prime Minister Narendra Modi on Tuesday said that the Union Budget 2022-23 presented by Union Finance Minister Nirmala Sitharaman is full of new possibilities for “‘more infrastructure, more investment, more growth and more jobs”.
 

In his comments on the union budget presented by Finance Minister Nirmala Sitharaman in the Lok Sabha earlier in the day, the Prime Minister said the budget will “ensure a bright future for the country’s youth”. “This budget brings in new hopes and opportunities for the people. It strengthens the economy; it’s full of new opportunities of more infrastructure, more investment, more growth and more jobs. This budget ensures a bright future for the youth,” the prime minister said.

–ANI

Budget 2022 LIVE Updates:

Added Rs 50k-cr to ECLGS for benefit of hospitality, related sectors, says Sitharaman

Budget 2022 LIVE Updates

Finance Minister Nirmala Sitharam addresses post-Budget press conference

Union Budget 2022 Live Updates

Natural farming on banks of river Ganga in Uttarakhand, Uttar Pradesh, Jharkhand, Bihar, West Bengal will be promoted, says PM Modi

Budget 2022 LIVE Updates

Parvatmala scheme to create modern system of transportation in hilly regions: PM Modi

PM Modi LIVE on Budget

This Budget is for ‘kissan kalyan’ and ‘garib kalyan’

PM Modi LIVE on Budget

68% of Defence capital budget has been earmarked for procurement from domestic sources

PM Modi LIVE on Budget

Important step has been taken for the welfare of the farmers along with the faith of the people of India

Union Budget 2022 Live Updates

People friendly and progressive, says Prime Minister Narendra Modi

Union Budget 2022 Live Updates

New budget will lay the foundation for new India and improve lives of 130 crore Indians, says Nitin Gadkari

Union Budget 2022 Live Updates

Budget is only for the rich; has nothing for the poor, says Mallikarjun Kharge

Union Budget 2022 Live Updates

Nothing for salaried and middle classes, poor, youth, farmers and MSMEs, says Rahul Gandhi

Union Budget 2022 Live Updates

Visionary document to make India self-reliant, says Home Minister Amit Shah

Union Budget 2022 Live Updates

Progressive Budget; benefits all sections especially farmers, women, youth, says Yogi Adityanath

Union Budget 2022 Live Updates

Would like to thank finance minister for consistency in policy and tax rate, says FICCI President Sanjiv Mehta

Union Budget 2022 Live Updates

Very progressive and forward-looking Budget, says NITI Aayog CEO Amitabh Kant

Union Budget 2022 Live Updates

‘Pegasus spin Budget’, says West Bengal chief minister Mamata Banerjee

Union Budget 2022 Live Updates

Priority given to agriculture, rural areas, welfare of all sectors, says Nitin Gadkari

Union Budget 2022 Live Updates

This is budget of new, prosperous, powerful and developed India, says Shivraj Singh Chouhan

Madhya Pradesh chief minister Shivraj Singh Chouhan says, “This is the budget of a new and prosperous, powerful and developed India. More than 35 per cent amount has been increased on the budget for infrastructure development. With this, along with the development of infrastructure, new employment opportunities will also be created.

Union Budget 2022 Live Updates

Budget ‘growth oriented’, says Deepak Parekh, Chairman of HDFC

“What we needed was increased capital expenditure and everyone was asking for that and looking forward to that. So Gati Shakti which has all the modes of infrastructure and logistics, a lot of emphasis has been put by the finance minister on it and there has been allocation of large resources for infrastructure.”

“The direct taxes have not been changed at all except some surcharge here and there because the government has got phenomenal revenue. The gross tax revenue has increased by 50 percent in 9 months, corporate tax has gone up by 90 percent and so also the income tax has gone up by 48 percent. So there is no need to change the income tax slab rates, 80C exemptions etc. So I think the markets will like it, enough emphasis has been given to the private sector participation. So I think it is a growth oriented budget.”

Union Budget 2022 Live Updates

Party seems to be over for crypto assets and exchanges: Subhash Chandra Garg

Budget 2022 Speech Live Updates

FM’s Budget announcement betrayal of salaried, middle classes: Congress

The Congress on Tuesday accused Finance Minister Nirmala Sitharaman and Prime Minister 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.

Budget 2022 Speech Live Updates

FM announces customs reforms

Faceless customs have an enabler in PLI & Ease of Doing Business, said Nirmala Sitharaman. She proposed to apply a moderate tariff of 7.5 percent.

Custom duty on cut and polished diamond reduced to 5 percent. Custom duty on imitation jewelery duty and critical chemicals reduced. Duty on umbrellas raised to 20 percent with exemption to parts of umbrellas being withdrawn.

Budget 2022 Speech Live Updates

Gross GST collection for January 2022, highest since inception: FM

GST revenues are buoyant despite the COVID-19 pandemic. “Gross GST collection for January 2022 are Rs. 1,40,986 crores,” highest since inception of GST, Finance Minister Nirmala Sitharaman said in the Lok Sabha.

Budget 2022 Speech Live Updates

Tax deduction limit reduced for central govt employees

Tax deduction limit to be reduced for central government employees from 18 percent to 15 percent in their contribution to NPAs, said the finance minister.

Budget 2022 Speech Live Updates

State govt employees’ tax deduction limit increased from 10% to 14%

Both Centre and state government employees’ tax deduction limit to be increased from 10 percent to 14 percent to help the social security benefits of state government employees and bring them at par with the Central government employees, said Nirmala Sitharaman.

Budget 2022 Speech Live Updates

New provision to file updated return 

Proposing a new provision to file an updated return on payment of additional tax. This can be file within 2 years. This will enable the tax payee to declare an income if they have missed out earlier.

Budget 2022 Speech Live Updates

Tax on income from digital assests at 30%

The finance minister said virtual digital assets to have tax regime. Any income from transfer of such asset shall be taxed at 30 percent.

Budget 2022 Speech Live Updates

Tax relief for the differently-abled

The Finance Minister proposed to allow a payment annuity and lump-sum amount to dependents of differently-abled, during lifetime of parent or guardian reaching 60 years.

Budget 2022 Speech Live Updates

Co-operative societies tax rate reduced to 15%

To reduce surcharge on co-operative societies to 7 percent from 12 percent for income between Rs 1 crore o Rs 10 crore, said the finance minister.

Budget 2022 Speech Live Updates

‘Digital Rupee’ to be issued by the RBI: Nirmala Sitharaman

Nirmala Sitharaman has proposed to launch a digita currency from FY23, which will be issued by the Reserve Bank of India. “The digital currency will be generated by using blockchain technology,” she said.

Budget 2022 Speech Live Updates

400 new Vande Bharat trains in next 3 years: FM

Four hundred new generation Vande Bharat trains will be developed and manufactured in next 3 years, she informs the House.

Budget 2022 Speech Live Updates

5G rollout in 2022, says FM

Nirmala Sitharaman said that required spectrum auction will be conducted in 2022 for the rollout of 5G mobile srevices by private telecom providers.She added: “Scheme for design-led manufacturating will be launched to build strong ecosystem for 5G as part of PLI scheme.”

Budget 2022 Speech Live Updates

Startups for rural enterprise to be financed via NABARD, says FM

Fund to be facilitated through NABARD to finance startups for agriculture and rural enterprise, relevant for farm produce value chain. Startups will support FPOs and provide tech to farmers, said Nirmala Sitharaman.

She further added that the BJP’s vision is all villages and residents to have same access to e-services as people in urban areas.

Budget 2022 Speech Live Updates

Special mobility zones for e-vehicles to be developed: FM

Finance Minister Nirmala Sitharaman also proposed a shift in use of public transport and said that a “batter swapping policy” will be brought out.  Will develop special mobility zones for electric vehicles, said the finance minister.

Budget 2022 Speech Live Updates

Digital DESH e-portal for upskilling youth to be launched: FM

Skilling programs will be reoriented. For skilling, upskilling and reskilling of our youth, Digital DESH e-portal will be launched.

‘One Class, One TV Channel’ will be increased from 12 to 200 TV Channels to provide supplementary education in regional languages for class 1-12, said the finance minister.

Budget 2022 Speech Live Updates

ECLGS scheme extended till March 2023, says FM 

The Emergency Credit Line Guarantee Scheme (ECLGS) that was introduced by the Finance Ministry in 2020 to help Micro, Small and Medium Enterprises (MSMEs) amid the COVID-19 pandemic, has been extended till March 2023.

The guarantee cover has been expanded by Rs 50,000, Union Finance Minister Nirmala Sitharaman announced on 1 February, while presenting her fourth annual Budget 2022.

Budget 2022 Speech Live Updates

MSME portals to be interlinked for better credit faciliation

MSMEs such as Udyam,e-shram, NCS and Aseem portals will be interlinked, their scope will be widened. They will now perform as portals with live organic databases providing G-C, B-C & B-B services such as credit facilitation, enhancing entrepreneurial opportunities, said Nirmala Sitharaman.

Budget 2022 Speech Live Updates

Use of Kisan drones to be promoted: FM

The procurement of Wheat and Rabbi for 2021-22 will cover 1,208 lakh metric tonnes of wheat and paddy from 163 lakh farmers.

Chemical-free farming to be promoted across the country, said Finance Minister Nirmala Sitharaman.

She announced support for post-harvest value addition for millet products, as 2022 will be Year of Millet. “Use of Kisan drones will be promoted for crop assessments, spraying of insecticides,” she said.

Budget 2022 Speech Live Updates

‘One Station, One Product’ concept to be popularised: FM

Railways will develop efficient logistics for small farmers and enterprises. ‘One station, one product’ to help supply chain of local product.

Budget 2022 Speech Live Updates

1,000 LMT paddy to benefit over 1 crore farmers: FM 

Inclusive development is the government’s priority which includes farmers for Paddy, Kharif & Rabi crops under which 1,000 LMT Paddy is expected to be procured benefitting over 1 crore farmers, said the finance minister.

Budget 2022 Speech Live Updates

Make in India to create 6 milion jobs: FM

“PM Gatishakti is transformative approach and is driven by seven engines for growth and Transformation. ‘Make in India’ can create six million jobs. ‘Gati Shakti’ master plan for expressways to be formulated in 2022-23,” said Finance Minister Nirmala Sitharaman.

Budget 2022 Speech Live Updates

Highway network to expand by 25,000 km in 2022-23: FM

National Highway network will be expanded by 25,000 km in 2022-23. Strengthening of health infra, speedy vaccination programme implementation and nationwide resilient response to current wave of COVID19 pandemic are evident to all, said the finance minister.

Budget 2022 Speech Live Updates

LIC IPO is expected shortly: FM

Strategic transfer of ownership of Air India has been completed. Public issue of LIC is expected shortly, others are in line too, said the finace minister in the Lok Sabha on Tuesday.

Budget 2022 Speech Live Updates

Sabka Prayas to continue strong growth: FM

“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. During Amrit Kaal, our government aims to achieve the vision for India at 100 set out by the Prime Minister in his Independence Day Address,” said the finance minister.

Budget 2022 Speech Live Updates

India’s GDP projected at 9.27%: FM

This Budget seeks to lay the foundation and steer the economy in the next 25 years. From India at 75 to India at 100, said Finance Minister Nirmala Sitharaman in the Lok Sabha on Tuesday.

India’s growth is estimated to be at 9.27 percent. We are in a strong position to withstand challenges due to higher vaccinations.

Budget 2022 Speech Live Updates:

FM Sitharaman begins speech

Finance Minister Nirmala Sitharaman on Tuesday began the presentation of the Budget 2022 in the Lok Sabha. She started her speech by talking about the COVID-19 pandemic. “I am confident that with sabka prayas we will continue our efforts,” she said.

Income Tax 2022 Slabs

Support for MSME, no new taxes, says Soumya Kanti Ghosh on Budget expection

Soumya Kanti Ghosh, group chief economic advisor, State Bank of India said he expects support for MSME, no new taxes, hint of fiscal support and fiscal glide path from this year’s budget

Union Budget 2022 Live Updates

FM to present Budget shortly

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

Budget 2022 LATEST Updates

PM arrives at Parliament

Prime Minister Narendra Modi arrived at the Parliament for the Union Cabinet meeting. The Union Budget 2022 will be presented in the Parliament at 11 am on Tuesday.

Budget 2022 LATEST Updates

How long will FM Sitharaman’s Budget speech be this year?

Will Finance Minister Nirmala Sitharaman outdo herself today when she steps up to make the Budget speech? She already holds the record for the longest Budget speech. During Budget 2020, Sitharaman spoke for two hours and forty two minutes, crossing her own previous record of two hours and nineteen minutes for Budget 2019.

The third longest speech has been by the late Jaswant Singh in 2003: two hours and thirteen minutes, followed by the late Arun Jaitley during Budget 2014: two hours and ten minutes.

Budget 2022 LATEST Updates

Cabinet meet underway ahead of FM’s speech

Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others arrived at the Parliament for the Union Cabinet meeting ahead of the presenting of the Budget on Tuesday.

Budget 2022 LATEST Updates

Budget copies arrive at Parliament

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

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

Budget 2022 latest  Updates

FM calls on President Ram Nath Kovind ahead of Budget 

The Finance Minister, along with the Ministers of State for Finance called on President Ram Nath Kovind ahead of the Union Budget announcement at 11 am on Tuesday. The Budget session in Parliament began yesterday, kick-started by the President’s speech.

Budget 2022 latest  Updates

Indices open strong with Nifty above 17,500 ahead of Budget

The stock market on the day when Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget in Parliament is expected to open in the green as trends on the SGX Nifty indicate a gap-up opening for the broader index with a gain of around 169 points.

The BSE Sensex rallied 813.94 points to 58,014.17, while the Nifty50 jumped 237.80 points to 17,339.80 and formed a bullish candle on the daily charts.

According to pivot charts, the key support levels for the Nifty are placed at 17,266, followed by 17,192.2. If the index moves up, the key resistance levels to watch out for are 17,411.8 and 17,483.8.

Budget 2022 latest  Updates

Investors expecting cryptocurrency tax policy framework

Considering the huge size of the cryptocurrency market and the risk involved with the digital tokens, there should be a proper framework to regularise the asset in India.

While the much-awaited Cryptocurrency Bill will not be introduced during the ongoing Budget session of the Parliament, the investors are expecting the finance ministry to introduce a proper cryptocurrency tax policy framework during the Union Budget 2022.

Budget 2022 latest  Updates

FM Sitharaman reaches Rashtrapati Bhawan

Finance Minister Nirmala Sitharaman reached Rashtrapati Bhawan after holding meeting in Finance Ministry ahead of Union Budget 2022 on Tuesday. She will present Narendra Modi-led government’s 10th Budget.

Budget 2022 latest  Updates

Possible higher allocation for roads, railways and water

To scale up the economy to $5 trillion by 2025, Finance Minister Nirmala Sitharaman is widely expected to continue pushing for large-scale spending in hopes of accelerating investment and jobs. Under plans to spend more on infrastructure, experts expect to see a higher allocation for roads, railways and water.

Budget 2022 latest  Updates

Nirmala Sitharaman arrives at Ministry of Finance

Union Finance Minister Nirmala Sitharaman arrived at the Ministry of Finance on Tuesday. She will present the Budget 2022 in Parliament at 11 am.

Budget 2022 latest  Updates

Hope FM delivers a feel-good Budget, says Kiran Mazumdar-Shaw

Ahead of the Finance Minister’s Union Budget presentation in the Parliament, Biocon’s Executive Chairperson Kiran Mazumdar Shaw said, “Hope FM gives us a booster dose of incentives to overcome pandemic impact on our economy!”

Shaw on Tuesday shared her views in a blog and also batted for a focus on the health sector which relies on “insurance models to create closed loop systems that focus on reducing out of pocket spends (which are as high as 70% currently) and outcome-based reimbursement.”

She emphasized that India has underinvested in healthcare for many decades. “The government needs to raise public health spending to 3.5% of GDP to support healthcare transformation,” Shaw added.

Budget 2022 latest  Updates

US companies look at tax parity, transparency, predictability

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 US companies 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.

Budget 2022 latest  Updates

The A-team that have helped draft Budget with FM Sitharaman

Apart from Nirmala Sitharaman, the Budget is heavily dependent on her A-team.

Sitharaman’s team, comprising five high profile officials — TV Somanatham, Tarun Bajaj, Debashish Panda, Ajay Seth and Tuhin Kanta Pandey — has a key role in deciding how the amount during each fiscal is allocated to different sectors. They have been operative in Budget 2022 as well.

Budget 2022 latest  Updates

Key terms you may find handy ahead of FM’s speech

On Tuesday, all eyes will be on Finance Minister Nirmala Sitharaman as she will present the Union Budget in Parliament. Terms such as fiscal deficit, revenue receipts, capital expenditure, cess, tax, gross domestic product (GDP) and many more will feature in her budget speech.

Let’s try to comprehend them:

Capital Expenditure

Capital expenditure is the money spent by the government on the development of machinery, equipment, building, health facilities, education, etc. It is the part of the government spending that goes into the creation of assets like schools, colleges, hospitals, roads, bridges, dams, railway lines, airports and seaports.

Fiscal deficit

This is the gap between the government’s total spending and the sum of its revenue receipts and non-debt capital receipts. It represents the total amount of borrowed funds required by the government to completely meet its expenditure.

Budget 2022 latest  Updates

Highways budget may jump 30% to Rs 1.8 lakh crore 

With an eye on boosting the post-pandemic recovery of the Indian economy, the Narendra Modi government is likely to continue with its infra push in the 2022-23 Budget, especially for the highways sector. 

The sector is likely to see an at least 30 per cent jump in capital expenditure in the upcoming Union Budget 2022-23 — to approximately Rs 1.8 lakh crore from Rs 1.18 lakh crore in the ongoing 2021-22 fiscal.

Budget 2022 latest  Updates

Key expectations of health and pharma industry

There is an expectation of an increase in allocations for the health sector as the COVID-19 vaccination programme continues to cover more citizens and the booster dose is being administered.

It is hoped that government introduces benefits for exports to make India a global pharmacy market. It is also hoped that the government provides tax benefits for startups in critical healthcare research and health-tech services.

Budget 2022 latest  Updates

How to read the Union Budget 2022

Every year, the Union budget invites a significant amount of noise. Every year, it is a tightrope walk between limited resources and the ever increasing need for expenditure.  

Budget is more like an annual conference, where the CFO gives an account of the finances. Transparency and credibility are key.  

For those of us who find the budget clamour too disorienting, here are the four simple things to look out for.

1. Are the revenue sources credible?
2. Where is the money going?
3. What is the fiscal deficit?
4. How is the fiscal deficit being financed?

Budget 2022 latest  Updates

FM to present Union Budget in ‘paperless form’ today

Union Budget 2022-23, like last year, will also be presented by Finance Minister Nirmala Sitharaman in a “paperless form”. The ministry said that the entire Budget document will be released on a mobile application for the public after it is presented in the Parliament on 1 February.