National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides

The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS

Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent

India names 27 sites in Arunachal Pradesh

Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?

How many soldiers operate one S-400 battery?

Shakib Al Hasan ready to return to Bangladesh—under one condition

‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states

Technology transfer deal boosts India's defence manufacturing ambitions

Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy

Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS

'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia

Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside

Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift

New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more

Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot

RSS says Gen Z protests reflect genuine distress

Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'

IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act

Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott

Why the Su-30MKI doesn't need external fuel tanks to fly vast distances

Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation

New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know

India officially names 27 places in Arunachal to counter China's renaming claims

Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed

US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance

Why the Su-30MKI is one of the heaviest fighters ever built

Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH

Chilling video shows students take cover as teen opens fire at Thai school

Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report

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'&nbsp;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.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/will-indias-union-budget-2022-will-live-up-to-the-expectations-of-ev-industry-449314">Will India's Union Budget 2022 will live up to the expectations of EV industry?</a>

"They (US companies) are looking at tax parity. For example, e-commerce companies that have equalisation levy, that needs to be done away with. They are looking at lowering of tariffs. It is good for India also because domestic companies become much more competitive and efficient,"&nbsp;he told PTI in an interview on Monday.

American companies, Aghi said, are looking at more investment in India's infrastructure. They also want the labour laws and land acquisition process streamlined, he observed.

"Because ease-of-doing business is still very critical in the minds of these investors. They spent a lot of time putting in an application for more land or water so that has to be sorted out,"&nbsp;he said.

The USISPF chief further said the US companies, from a long-term perspective, expect from the annual budget "a sense of predictability, transparency and concentrated process". These are the critical questions raised inside a boardroom when a company is planning to invest millions or billions in India, he added.

Watch |&nbsp;Indian FM Nirmala Sitharaman tables Indian Economic Survey, 8-8.5% GDP growth projected for FY23

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/indian-fm-nirmala-sitharaman-tables-indian-economic-survey-8-85-gdp-growth-projected-for-fy23-449178/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"I think it is important that the tax regime, for example, do not behave like tax terrorism, but behave more like tax partners. If you look at any US company at the moment, there will be some kind of tax issues with the authorities," he said in response to a question.

Aghi added that it is important that corporate taxes are in line from a global perspective. They do not have extra taxes, which makes these companies' cost of manufacturing itself more expensive, he said.

He said Sitharaman has been transparent and her confidence has gone up in handling the economy and the budget itself.

Asked about the expectations of Indian Americans from the budget, Aghi said certain reforms in the regulations and taxations related to start-ups in India would help them create a better atmosphere and bring in more investment from the diaspora.

"What we are seeing is more and more Indian Americans are funding startups,"&nbsp;he said, noting that India produced 44 unicorns last year and there are over 10,000 startups blossoming in India.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/what-can-the-start-ups-in-india-expect-from-countrys-union-budget-2022-23-449295">What can the start-ups in India expect from country's Union Budget 2022-23?</a>

"It is important to allow these startups to list in the US as the capital and access is much easily available in the US, so valuation gets better,"&nbsp;he said, adding that taxation reform is essential on options granted to employees. Early taxation on such options makes it less attractive, he argued.

"India has a tremendous success story of startups. It is the third-largest ecosystem in the world. That shows the zeal and the spirit of entrepreneurs in India". They are willing to go out into an environment in which they can get better.

"At the end of day, startups are job creators, and they are innovators. The combination is critical for India to sustain 8.5 to 9 per cent economic growth for the next 10-15 years,"&nbsp;Aghi added.

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.

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. Also read | Will India's Union Budget 2022 will live up to the expectations of EV industry? "They (US companies) are looking at tax parity. For example, e-commerce companies that have equalisation levy, that needs to be done away with. They are looking at lowering of tariffs. It is good for India also because domestic companies become much more competitive and efficient," he told PTI in an interview on Monday. American companies, Aghi said, are looking at more investment in India's infrastructure. They also want the labour laws and land acquisition process streamlined, he observed. "Because ease-of-doing business is still very critical in the minds of these investors. They spent a lot of time putting in an application for more land or water so that has to be sorted out," he said. The USISPF chief further said the US companies, from a long-term perspective, expect from the annual budget "a sense of predictability, transparency and concentrated process". These are the critical questions raised inside a boardroom when a company is planning to invest millions or billions in India, he added. Watch | Indian FM Nirmala Sitharaman tables Indian Economic Survey, 8-8.5% GDP growth projected for FY23 "I think it is important that the tax regime, for example, do not behave like tax terrorism, but behave more like tax partners. If you look at any US company at the moment, there will be some kind of tax issues with the authorities," he said in response to a question. Aghi added that it is important that corporate taxes are in line from a global perspective. They do not have extra taxes, which makes these companies' cost of manufacturing itself more expensive, he said. He said Sitharaman has been transparent and her confidence has gone up in handling the economy and the budget itself. Asked about the expectations of Indian Americans from the budget, Aghi said certain reforms in the regulations and taxations related to start-ups in India would help them create a better atmosphere and bring in more investment from the diaspora. "What we are seeing is more and more Indian Americans are funding startups," he said, noting that India produced 44 unicorns last year and there are over 10,000 startups blossoming in India. Also read | What can the start-ups in India expect from country's Union Budget 2022-23? "It is important to allow these startups to list in the US as the capital and access is much easily available in the US, so valuation gets better," he said, adding that taxation reform is essential on options granted to employees. Early taxation on such options makes it less attractive, he argued. "India has a tremendous success story of startups. It is the third-largest ecosystem in the world. That shows the zeal and the spirit of entrepreneurs in India". They are willing to go out into an environment in which they can get better. "At the end of day, startups are job creators, and they are innovators. The combination is critical for India to sustain 8.5 to 9 per cent economic growth for the next 10-15 years," Aghi added.

India Union Budget 2022: Tax partnership not 'tax terrorism', US companies look for tax parity, predictability

India's Finance Minister Nirmala Sitharaman on Tuesday (February 1), presented the Budget 2022-2023 aiming to put the economy on the path of development amid the ongoing coronavirus (COVID-19) pandemic.

India's Finance Minister Nirmala Sitharaman on Tuesday (February 1), presented the Budget 2022-2023 aiming to put the economy on the path of development amid the ongoing coronavirus (COVID-19) pandemic. Overall, the government emphasised capital expenditure and investments to power the country's GDP growth forward with a pro-growth Budget. The government is aiming to step up spending to $529.7 billion (Rs39.45 trillion) in the coming fiscal year to drive economic growth and infrastructure. It is important to note that it involves a wider fiscal deficit than targeted and record borrowing. While presenting the budget, Sitharaman said that total government spending in the 2022-23 fiscal year beginning in April will be 4.6 per cent more than the current year. ALSO READ | India Union Budget 2022: What gets costly, what will be cheaper In her opening remarks, Sitharaman said that the growth is estimated to be 9.2 per cent for 2021-2022, the fastest among the world's major economies. As mentioned by an Indian politician and Bharatiya Janata Party (BJP) leader Kiren Rijiju, it is an "inclusive" Budget that takes care of the interests of every section of society including the poor, rural and border areas. But how will it impact the Non-Resident Indian (NRI)? Here's a report: Main Pointers -The introduction of the digital rupee might benefit NRIs in reducing the cost of cross-border remittances. -E-passports with the embedded chip will help in managing arrival and departure with ease. The chip will help in linkages of data with the Indian Ministry of External Affairs and tax authorities. -Those who want to file updated tax returns can do it for 2 years from the end of the assessment year. It will also help those who are living abroad. Bharat Bhatia, who is the founder and CEO of Conares, the second-largest private steel manufacturer in the UAE, said as quoted by an India-based news agency ANI: "The finance minister presented a highly promising budget projecting a lot of opportunities for growth and investments that would prove to be beneficial to the economy at large." "The budget promises marginal allocations for urban capacity building, modernisation of building by laws, town planning schemes and transit-oriented development will be implemented," he said. ALSO READ | How Budget 2022-2023 will impact the common man and middle class in India? Bhatia also appreciated revoking customs duty on stainless steel, flat products and high steel bars; in addition to the extension of customs duty exemption on steel scrap for another year for small and medium-sized businesses. Dr Sunil Kumar K, who is the Managing Director of SAM Corporate in Dubai, hailed the announcements on e-passports and digital currency. As quoted by the news agency, Kumar said that e-passports will help NRIs and the RBI's digital Rupee will be a trendsetter in the digital currency market, "where state can play a catalyst and bring controls and confidence. The future is bright." During her Budget speech, Sitharaman proposed that the Reserve Bank of India (RBI) will introduce digital currency in the next financial year beginning April 2022 to boost the digital economy and efficient currency management. She also said e-passports with the embedded chip will be rolled out. According to Kumar, the voluntary winding up of companies will bring in increased growth without bad baggage and improve investors confidence. "Financing of Investment is a welcome move which is going to provide huge impetus to growth of early stage companies. Nothing could be better than supporting the young entrepreneurial generation," he added. WATCH WION's analysis | Union Budget 2022: A lot of this year's budget is focused on digital, says Niranjan Hiranandani × (With inputs from agencies)

How will Union Budget 2022-2023 impact Non-Resident Indians (NRIs)?

After presenting the Budget in Parliament, India's finance minister Nirmala Sitharaman said that India's central bank will issue digital currencies.

Sitharaman said consultations with stakeholders on the description of digital assets is underway while adding that the RBI will issue digital currencies in the country.

<a href="https://www.wionews.com/india-news/india-union-budget-2022-what-gets-costly-what-will-be-cheaper-449550">Also Read |&nbsp;India Union Budget 2022: What gets costly, what will be cheaper</a>

"Everything that prevails outside of it is assets being created by individuals and we are taxing profits made out of transactions of those assets at 30 per cent," India's finance minister added.

"We are also tracking every trail of money in the transaction of crypto assets by imposing 1 per cent TDS on every transaction," Sitharaman said.

Watch:&nbsp;A lot of this year's budget is focused on digital, says Niranjan Hiranandani

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/union-budget-2022-a-lot-of-this-years-budget-is-focused-on-digital-says-niranjan-hiranandani-449570/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

India's finance minister added that&nbsp;not even a "single paisa" increase in taxes was imposed in the Budget this year since PM Narendra Modi had given clear instructions not to tax people during the pandemic despite the deficit while adding that the government has taken several steps to tackle unemployment and inflation.

<a href="https://www.wionews.com/business-economy/indian-union-budget-2022-no-change-in-income-tax-rates-tax-relief-for-persons-with-disabilities-449480">Also Read:&nbsp;Indian Union Budget 2022: No change in income tax rates, tax relief for persons with disabilities</a>

"Our government didn't allow inflation to go double-digit. Yes, it breached the 6 per cent limit for a month but never crossed it," India's finance minister said.

"The pandemic snatched away so many jobs across the world but the Atmanirbhar Bharat package saved jobs for a lot of people."

"We are trying to help those who lost their jobs through various schemes, it is not fair to say that we didn't do anything," the finance minister asserted.

(With inputs from Agencies)

After presenting the Budget in Parliament, India's finance minister Nirmala Sitharaman said that India's central bank will issue digital currencies. Sitharaman said consultations with stakeholders on the description of digital assets is underway while adding that the RBI will issue digital currencies in the country.

After presenting the Budget in Parliament, India's finance minister Nirmala Sitharaman said that India's central bank will issue digital currencies. Sitharaman said consultations with stakeholders on the description of digital assets is underway while adding that the RBI will issue digital currencies in the country. Also Read | India Union Budget 2022: What gets costly, what will be cheaper "Everything that prevails outside of it is assets being created by individuals and we are taxing profits made out of transactions of those assets at 30 per cent," India's finance minister added. "We are also tracking every trail of money in the transaction of crypto assets by imposing 1 per cent TDS on every transaction," Sitharaman said. Watch: A lot of this year's budget is focused on digital, says Niranjan Hiranandani India's finance minister added that not even a "single paisa" increase in taxes was imposed in the Budget this year since PM Narendra Modi had given clear instructions not to tax people during the pandemic despite the deficit while adding that the government has taken several steps to tackle unemployment and inflation. Also Read: Indian Union Budget 2022: No change in income tax rates, tax relief for persons with disabilities "Our government didn't allow inflation to go double-digit. Yes, it breached the 6 per cent limit for a month but never crossed it," India's finance minister said. "The pandemic snatched away so many jobs across the world but the Atmanirbhar Bharat package saved jobs for a lot of people." "We are trying to help those who lost their jobs through various schemes, it is not fair to say that we didn't do anything," the finance minister asserted. (With inputs from Agencies)

Indian Union Budget 2022: We are tracking every transaction in crypto assets, says Nirmala Sitharaman

The Indian markets ended on a buoyant note after finance minister Nirmala Sitharaman's presented the Budget in Parliament on Tuesday.

The Sensex jumped 848.40 points to end at 58,862.57 and the Nifty rose 237.00 points to end at 17,576.85.

The Sensex had opened over 600 points up and the Nifty had advanced 159 points in opening trade ahead of the Budget presentation.

<a href="https://www.wionews.com/business-economy/how-budget-2022-2023-will-impact-the-common-man-and-middle-class-in-india-449505">Also Read:&nbsp;How Budget 2022-2023 will impact the common man and middle class in India?</a>

Bank stocks led the gains early as IndusInd Bank was the top gainer along with ICICI Bank, HDFC twins and Kotak Bank. In the Economic Survey presented on Monday, India's finance minister had forecast GDP growth at 9.2 per cent for 2021/2022.

Watch:&nbsp;Will startups be the engine of jobs?

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-union-budget-2022-will-startups-be-the-engine-of-jobs-449543/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"The economy has shown strong resilience to come out of the effects of the pandemic with high growth. However, we need to sustain that level to make up for the setback of 2020/21," India's finance minister had said during the Budget speech as she added that the fiscal deficit for the current financial year was expected to be 6.9 per cent slightly more than the 6.8 per cent targeted earlier.

During the speech, the markets had reached an intra-day high of 59,032.20.

<a href="https://www.wionews.com/business-economy/india-union-budget-2022-pm-gati-shakti-plan-highlights-449450">Also Read | India Union Budget 2022: PM Gati Shakti plan highlights</a>

Tata Steel was the biggest gainer on Budget day going up 7.57 per cent with Sun Pharma, IndusInd Bank, L&amp;T, UltraCement, ITC and HCL Tech also making gains. However, Bharti Airtel, Maruti, NTPC, Reliance and SBI lost out on Budget day.

(With inputs from Agencies)

The Indian markets ended on a buoyant note after finance minister Nirmala Sitharaman's presented the Budget in Parliament on Tuesday. The Sensex jumped 848.40 points to end at 58,862.

The Indian markets ended on a buoyant note after finance minister Nirmala Sitharaman's presented the Budget in Parliament on Tuesday. The Sensex jumped 848.40 points to end at 58,862.57 and the Nifty rose 237.00 points to end at 17,576.85. The Sensex had opened over 600 points up and the Nifty had advanced 159 points in opening trade ahead of the Budget presentation. Also Read: How Budget 2022-2023 will impact the common man and middle class in India? Bank stocks led the gains early as IndusInd Bank was the top gainer along with ICICI Bank, HDFC twins and Kotak Bank. In the Economic Survey presented on Monday, India's finance minister had forecast GDP growth at 9.2 per cent for 2021/2022. Watch: Will startups be the engine of jobs? "The economy has shown strong resilience to come out of the effects of the pandemic with high growth. However, we need to sustain that level to make up for the setback of 2020/21," India's finance minister had said during the Budget speech as she added that the fiscal deficit for the current financial year was expected to be 6.9 per cent slightly more than the 6.8 per cent targeted earlier. During the speech, the markets had reached an intra-day high of 59,032.20. Also Read | India Union Budget 2022: PM Gati Shakti plan highlights Tata Steel was the biggest gainer on Budget day going up 7.57 per cent with Sun Pharma, IndusInd Bank, L&T, UltraCement, ITC and HCL Tech also making gains. However, Bharti Airtel, Maruti, NTPC, Reliance and SBI lost out on Budget day. (With inputs from Agencies)

India Union Budget 2022: Markets cheer as Sensex, Nifty close on a high

After finance minister Nirmala Sitharaman presented India's Budget, Prime Minister Narendra Modi said the "Budget is full of possibilities for more investments including infrastructure and jobs."

"Budget has provisions to make farming profitable," PM Modi said.

India's prime minister said the Budget is "people-friendly" and "progressive" while adding that,&nbsp;"Parvatmala scheme to promote transport, connectivity in hilly regions will also make villages in the border areas more vibrant."

<a href="https://www.wionews.com/business-economy/how-budget-2022-2023-will-impact-the-common-man-and-middle-class-in-india-449505">Also Read:&nbsp;How Budget 2022-2023 will impact the common man and middle class in India?</a>

The&nbsp;"Parvat Mala" has been introduced in Uttarakhand, J&amp;K, Himachal Pradesh and the northeastern state to ensure transportation and connectivity.

Watch |&nbsp;India Budget 2022: 4 main pillars of development highlighted

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-budget-2022-we-will-undertake-reforms-in-customs-administration-of-sez-nirmala-sitharaman-449504/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"This Budget brings in new hopes and opportunities for the people. It strengthens the economy," the Indian prime minister said, adding, "There is also a new provision of green jobs."

"The Budget ensures a bright future for the youth," PM Modi said.

<a href="https://www.wionews.com/business-economy/india-union-budget-2022-sitharaman-unveils-india-100-key-points-449424">Also Read:&nbsp;India Union Budget 2022: Sitharaman unveils India @ 100 - Key points</a>

"An announcement of over Rs 2.25 lakh crores MSP will be directly transferred to farmers," the prime minister said.

"For MSMEs, credit guarantee and many new schemes have been announced," the PM said.

India's prime minister said natural farming on the banks of Ganga in Uttarakhand, Uttar Pradesh, Jharkhand, Bihar, West Bengal will be promoted in a move to make the Ganga "chemical-free".

(With inputs from Agencies)

After finance minister Nirmala Sitharaman presented India's Budget, Prime Minister Narendra Modi said the "Budget is full of possibilities for more investments including infrastructure and jobs.

After finance minister Nirmala Sitharaman presented India's Budget, Prime Minister Narendra Modi said the "Budget is full of possibilities for more investments including infrastructure and jobs." "Budget has provisions to make farming profitable," PM Modi said. India's prime minister said the Budget is "people-friendly" and "progressive" while adding that, "Parvatmala scheme to promote transport, connectivity in hilly regions will also make villages in the border areas more vibrant." Also Read: How Budget 2022-2023 will impact the common man and middle class in India? The "Parvat Mala" has been introduced in Uttarakhand, J&K, Himachal Pradesh and the northeastern state to ensure transportation and connectivity. Watch | India Budget 2022: 4 main pillars of development highlighted "This Budget brings in new hopes and opportunities for the people. It strengthens the economy," the Indian prime minister said, adding, "There is also a new provision of green jobs." "The Budget ensures a bright future for the youth," PM Modi said. Also Read: India Union Budget 2022: Sitharaman unveils India @ 100 - Key points "An announcement of over Rs 2.25 lakh crores MSP will be directly transferred to farmers," the prime minister said. "For MSMEs, credit guarantee and many new schemes have been announced," the PM said. India's prime minister said natural farming on the banks of Ganga in Uttarakhand, Uttar Pradesh, Jharkhand, Bihar, West Bengal will be promoted in a move to make the Ganga "chemical-free". (With inputs from Agencies)

Budget brings in new hopes and opportunities for the people: PM Modi

In her Budget speech, India's finance minister Nirmala Sitharaman said the Budget seeks to lay the foundation to steer the economy over "Amrit Kaal" of the next 25 years from India at 75 to India at 100 while continuing to build on the vision of Budget.

In a sense, India's finance minister was pointing towards the long-term effect of the Budget as a vision statement.

<a href="https://www.wionews.com/india-news/indian-union-budget-2022-finance-minister-announces-kisan-drones-in-boost-to-agriculture-sector-449449">Also Read |&nbsp;Budget 2022: Finance Minister announces kisan drones in boost to agriculture sector</a>

"The approach is powered by clean energy and Sabka Prayas(everyone's effort together&nbsp;leading to huge job and entrepreneurial opportunities for all, especially the youth," India's finance minister said while highlighting the plan.

It involved seven engines - roads, railways, airports, mass transport, ports, waterways and logistics infrastructure which will be supported by energy transmission, IT, water, sewerage and social infrastructure.&nbsp;

Watch:&nbsp;We will undertake reforms in customs administration of SEZ, says Sitharaman

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-budget-2022-we-will-undertake-reforms-in-customs-administration-of-sez-nirmala-sitharaman-449504/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The plan is based on "seamless multimodal connectivity and logistics efficiency". It will also include infrastructure developed by state governments, according to the "Gati Shakti National Master Plan".

According to the plan, the key focus would be planning, financing and finding innovative ways through technology and fast implementation.

<a href="https://www.wionews.com/business-economy/indian-union-budget-2022-no-change-in-income-tax-rates-tax-relief-for-persons-with-disabilities-449480">Also Read|&nbsp;Budget 2022: No change in income tax rates, tax relief for persons with disabilities</a>

PM Gati Shakti framework is the key focus area, according to the finance minister's Budget statement. The PM Gati Shakti programme seeks to formulate a master plan for expressways for the faster movement of people and goods.

It involves a Unified Logistics Interface Platform (ULIP) designed for application programming interface (API). It will cut time and eliminate tedious documentation, Sitharaman said.

"This will provide real-time information to all stakeholders and improve international competitiveness. Open-source mobility stack&nbsp;for organising seamless travel of passengers will also be facilitated," the finance minister informed.

(With inputs from Agencies)

In her Budget speech, India's finance minister Nirmala Sitharaman said the Budget seeks to lay the foundation to steer the economy over "Amrit Kaal" of the next 25 years from India at 75 to India at 100 while continuing to build on the vision of Budget.

In her Budget speech, India's finance minister Nirmala Sitharaman said the Budget seeks to lay the foundation to steer the economy over "Amrit Kaal" of the next 25 years from India at 75 to India at 100 while continuing to build on the vision of Budget. In a sense, India's finance minister was pointing towards the long-term effect of the Budget as a vision statement. Also Read | Budget 2022: Finance Minister announces kisan drones in boost to agriculture sector "The approach is powered by clean energy and Sabka Prayas(everyone's effort together leading to huge job and entrepreneurial opportunities for all, especially the youth," India's finance minister said while highlighting the plan. It involved seven engines - roads, railways, airports, mass transport, ports, waterways and logistics infrastructure which will be supported by energy transmission, IT, water, sewerage and social infrastructure. Watch: We will undertake reforms in customs administration of SEZ, says Sitharaman The plan is based on "seamless multimodal connectivity and logistics efficiency". It will also include infrastructure developed by state governments, according to the "Gati Shakti National Master Plan". According to the plan, the key focus would be planning, financing and finding innovative ways through technology and fast implementation. Also Read| Budget 2022: No change in income tax rates, tax relief for persons with disabilities PM Gati Shakti framework is the key focus area, according to the finance minister's Budget statement. The PM Gati Shakti programme seeks to formulate a master plan for expressways for the faster movement of people and goods. It involves a Unified Logistics Interface Platform (ULIP) designed for application programming interface (API). It will cut time and eliminate tedious documentation, Sitharaman said. "This will provide real-time information to all stakeholders and improve international competitiveness. Open-source mobility stack for organising seamless travel of passengers will also be facilitated," the finance minister informed. (With inputs from Agencies)

Indian Union Budget 2022: Amrit Kaal & India at 100 explained

India's Finance Minister Nirmala Sitharaman on Tuesday (February 1) introduced the Finance Bill 2022, which is deemed as a pro-growth Budget with an emphasis on capital expenditure and investments to power the country's GDP growth forward amid the ongoing coronavirus (COVID-19) pandemic.&nbsp;

Rajyavardhan Singh Rathore, who is a leader of the ruling party Bharatiya Janata Party (BJP) called it&nbsp;a budget for the "common man".&nbsp;

He said, "With an increase of 35% in infrastructure, to automatically accelerate the economy. It's a booster shot that will pace up manufacturing in the country, keeping the country's money in the country."&nbsp;

Another BJP leader and minister of law Kiren Rijiju said it is an inclusive Budget that takes care of the interests of every section of society including the poor, rural and border areas.&nbsp;

But how will the Budget 2022-2023 will impact the common man and middle class? Here's a report:&nbsp;

Taxation: There are no changes in income tax slabs and rates.&nbsp;

Those who want to file updated tax returns can do it for 2 years from the end of the assessment year. India's FM also said that the incomes that might have been missed out can be declared.&nbsp;

Differently-abled people: Payment of annuity and lump sum amount from insurance scheme to be allowed to differently-abled dependent during the lifetime of parents/guardians, i.e., on parents/ guardian attaining the age of 60 years.&nbsp;

Parity in National Pension Scheme Contribution: Tax deduction limit increased from 10 per cent to 14 per cent on employer's contribution to the NPS account of State Government employees.&nbsp;

Employment: Productivity Linked Incentive (PLI) scheme in 14 sectors to create 60 lakh jobs. Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal) will be launched to empower citizens to skill, reskill or upskill through online training.&nbsp;

Health: An open platform for National Digital Health Ecosystem to be rolled out. 'National Tele Mental Health Programme' for quality mental health counselling and care services to be launched.&nbsp;

Housing: Rs 48,000 crore allocated for completion of 80 lakh houses in 2022-23 under PM Awas Yojana.&nbsp;

Crypto investment: On cryptocurrency exchanges and apps, which are luring millions into investing in digital tokens, the Indian government announced a 30 per cent tax on any income from the transfer of virtual digital assets, specifying that no deductions and exemptions will be allowed.&nbsp;

"Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent," Sitharaman said.&nbsp;

"No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition. Further, loss from transfer of virtual digital assets cannot be set off against any other income," she stressed.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/indian-budget-2022-digital-rupee-to-be-issued-using-blockchain-and-other-technologies-nirmala-sitharaman-449483/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

India's Finance Minister Nirmala Sitharaman on Tuesday (February 1) introduced the Finance Bill 2022, which is deemed as a pro-growth Budget with an emphasis on capital expenditure and investments to power the country's GDP growth forward amid the ongoing coronavirus (COVID-19) pandemic.

India's Finance Minister Nirmala Sitharaman on Tuesday (February 1) introduced the Finance Bill 2022, which is deemed as a pro-growth Budget with an emphasis on capital expenditure and investments to power the country's GDP growth forward amid the ongoing coronavirus (COVID-19) pandemic. Rajyavardhan Singh Rathore, who is a leader of the ruling party Bharatiya Janata Party (BJP) called it a budget for the "common man". He said, "With an increase of 35% in infrastructure, to automatically accelerate the economy. It's a booster shot that will pace up manufacturing in the country, keeping the country's money in the country." Another BJP leader and minister of law Kiren Rijiju said it is an inclusive Budget that takes care of the interests of every section of society including the poor, rural and border areas. But how will the Budget 2022-2023 will impact the common man and middle class? Here's a report: Taxation: There are no changes in income tax slabs and rates. Those who want to file updated tax returns can do it for 2 years from the end of the assessment year. India's FM also said that the incomes that might have been missed out can be declared. Differently-abled people: Payment of annuity and lump sum amount from insurance scheme to be allowed to differently-abled dependent during the lifetime of parents/guardians, i.e., on parents/ guardian attaining the age of 60 years. Parity in National Pension Scheme Contribution: Tax deduction limit increased from 10 per cent to 14 per cent on employer's contribution to the NPS account of State Government employees. Employment: Productivity Linked Incentive (PLI) scheme in 14 sectors to create 60 lakh jobs. Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal) will be launched to empower citizens to skill, reskill or upskill through online training. Health: An open platform for National Digital Health Ecosystem to be rolled out. 'National Tele Mental Health Programme' for quality mental health counselling and care services to be launched. Housing: Rs 48,000 crore allocated for completion of 80 lakh houses in 2022-23 under PM Awas Yojana. Crypto investment: On cryptocurrency exchanges and apps, which are luring millions into investing in digital tokens, the Indian government announced a 30 per cent tax on any income from the transfer of virtual digital assets, specifying that no deductions and exemptions will be allowed. "Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent," Sitharaman said. "No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition. Further, loss from transfer of virtual digital assets cannot be set off against any other income," she stressed. ×

How Budget 2022-2023 will impact the common man and middle class in India?

India's Finance Minister Nirmala Sitharaman during her Union Budget speech said that the government will introduce a new policy for battery swapping. This is being done to encourage the use of electric vehicles.

"Considering the constraint of space in urban areas for setting up charging stations, battery swapping policy will be brought out and interoperability standards will be formalised," the Finance Minister said.

This comes in as India's Reliance Industries and Britain's BP Plc have collaborated for battery swapping in the country.

<a href="https://www.wionews.com/business-economy/union-budget-2022-indias-finance-minister-sitharaman-says-growth-expected-at-92-449432">Also read&nbsp; |&nbsp;Union Budget 2022: India's Finance Minister Sitharaman says growth expected at 9.2%</a>

After the announcement was made, shares of several Indian battery makers surged by 2 per cent.

In her opening remarks, Sitharaman said that India's growth is estimated to be at 9.2 per cent, the highest among all large economies as the nation is now in a strong position to withstand challenges, such as coronavirus. 
Like last year, the budget was paperless. However, it will be available on an application named "Union Budget Mobile App".&nbsp;

The mobile app allows complete access to 14 Union Budget documents. This includes the Budget Speech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill as prescribed by the Constitution.&nbsp;

(With inputs from agencies)

India's Finance Minister Nirmala Sitharaman during her Union Budget speech said that the government will introduce a new policy for battery swapping. This is being done to encourage the use of electric vehicles.

India's Finance Minister Nirmala Sitharaman during her Union Budget speech said that the government will introduce a new policy for battery swapping. This is being done to encourage the use of electric vehicles. "Considering the constraint of space in urban areas for setting up charging stations, battery swapping policy will be brought out and interoperability standards will be formalised," the Finance Minister said. This comes in as India's Reliance Industries and Britain's BP Plc have collaborated for battery swapping in the country. Also read | Union Budget 2022: India's Finance Minister Sitharaman says growth expected at 9.2% After the announcement was made, shares of several Indian battery makers surged by 2 per cent. In her opening remarks, Sitharaman said that India's growth is estimated to be at 9.2 per cent, the highest among all large economies as the nation is now in a strong position to withstand challenges, such as coronavirus. Like last year, the budget was paperless. However, it will be available on an application named "Union Budget Mobile App". The mobile app allows complete access to 14 Union Budget documents. This includes the Budget Speech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill as prescribed by the Constitution. (With inputs from agencies)

Budget 2022: India to introduce a new policy to promote battery swapping

India's Finance Minister Nirmala Sitharaman hailed the tax-payers of the country as she announced that Goods and Services Tax (GST) collections touched a record of Rs1.4 trillion on rapid economic recovery.&nbsp;

With an aim to put the pandemic-ravaged economy on the path of development, India's finance minister introduced the Finance Bill 2022 in Parliament.&nbsp;

Important&nbsp;to note that January is the seventh straight month when the GST collection has crossed the Rs 1 trillion mark.&nbsp;

During her address of Budget 2022-2023, Sitharaman said there has been remarkable progress made in the GST regime, but still, a few challenges remain. "Gross GST collection in January at record Rs 1,40,986 crores; this has been possible due to rapid economic recovery," she said.&nbsp;

Reflecting on the economy, Sitharaman said that India's growth is estimated to be at 9.2 per cent, the highest among all large economies as the nation is now in a strong position to withstand challenges, such as coronavirus (COVID-19).&nbsp;

The finance minister further said that the nation is in the midst of the Omicron wave but the speed of the vaccination campaign has helped greatly. She said, "I am confident that 'Sabka Prayaas' we'll continue with strong growth."

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/indian-budget-2022-digital-rupee-to-be-issued-using-blockchain-and-other-technologies-nirmala-sitharaman-449483/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

India's Finance Minister Nirmala Sitharaman hailed the tax-payers of the country as she announced that Goods and Services Tax (GST) collections touched a record of Rs1.

India's Finance Minister Nirmala Sitharaman hailed the tax-payers of the country as she announced that Goods and Services Tax (GST) collections touched a record of Rs1.4 trillion on rapid economic recovery. With an aim to put the pandemic-ravaged economy on the path of development, India's finance minister introduced the Finance Bill 2022 in Parliament. Important to note that January is the seventh straight month when the GST collection has crossed the Rs 1 trillion mark. During her address of Budget 2022-2023, Sitharaman said there has been remarkable progress made in the GST regime, but still, a few challenges remain. "Gross GST collection in January at record Rs 1,40,986 crores; this has been possible due to rapid economic recovery," she said. Reflecting on the economy, Sitharaman said that India's growth is estimated to be at 9.2 per cent, the highest among all large economies as the nation is now in a strong position to withstand challenges, such as coronavirus (COVID-19). The finance minister further said that the nation is in the midst of the Omicron wave but the speed of the vaccination campaign has helped greatly. She said, "I am confident that 'Sabka Prayaas' we'll continue with strong growth." ×

Indian finance minister hails tax-payers over highest-ever GST collection in January 2022

<a href="https://www.wionews.com/business-economy/indian-union-budget-2022-no-change-in-income-tax-rates-tax-relief-for-persons-with-disabilities-449480">Also read | No change in income tax rates, tax relief for persons with disabilities</a> 
 
<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2020/04/27/138227-tax-ians.jpg" /> 
Indian finance minister Nirmala Sitharaman in Budget 2022 allowed provision for tax players to file updated return on payment of taxes within two years from the end of the assessment year.

<a href="https://www.wionews.com/business-economy/indian-union-budget-2022-what-the-start-ups-received-from-this-years-budget-449475">Also read | Indian Union Budget 2022: What the start-ups received from this year's budget</a> 
 
<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2022/02/01/237617-untitled-design-2022-02-01t112517481.jpg" /> 
After Indian Finance Minister Nirmala Sitharaman concluded her 90-minute long budget speech, Parliament adjourned till 4:30 pm tomorrow.

Announcements for taxpayers

Taxpayers have two years from the end of the relevant assessment year to make an updated return on payment of taxes.

The new provision will encourage people to file their taxes voluntarily and reduce litigation.

The proceeds of virtual/digital assets are subject to a 30% tax, with no deductions other than the cost of purchase.

There is no allowance for a set-off against other income.

Payments made for the transfer of digital assets will be subject to a 1% TDS.

Employer contributions to the National Pension System (NPS) are now deducted at a rate of 14 per cent for state government employees, up from 10 per cent previously.&nbsp; 
&nbsp;

Income from cryptocurrency to be taxed at 30%

In her Budget speech, Finance Minister Nirmala Sitharaman made a huge statement, saying that any income from virtual digital assets will be taxed at 30%.

She also stated that any losses incurred as a result of virtual digital assets cannot be offset against other gains.

Gifts of virtual digital assets will be taxed in the hands of the recipient, according to the FM.

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<h5>Digital Rupee based on blockchain to be introduced in 2022 by the RBI, says FM</h5>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=Digital Rupee based on blockchain to be introduced in 2022 by the RBI, says FM" target="_blank">&nbsp;</a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">×</a></div>
</div>
</div>

&nbsp;

Important Announcements

Electric Vehicles

To strengthen the EV ecosystem, a battery-swapping regulation will be introduced along with interoperability standards.

E-passports

In 2022-23, the issuance of E passports employing embedded ship and futuristic technology will be rolled out to improve the convenience of citizens travelling abroad.

National Digital Health Ecosystem

Digital registries of health practitioners and facilities, a unique health identity, and universal access to health services will all be part of it.

Urban planning high-level committee

For recommendations on urban capacity building, planning execution, and governance, a high-level group of urban planners and economists will be constituted.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/LIVE?src=hash&amp;ref_src=twsrc%5Etfw">#LIVE</a> | Indian Finance Minister <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> presents <a href="https://twitter.com/hashtag/UnionBudget2022?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2022</a> in the parliament<a href="https://twitter.com/hashtag/BudgetSession?src=hash&amp;ref_src=twsrc%5Etfw">#BudgetSession</a> <a href="https://twitter.com/hashtag/UnionBudget?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget</a> 
 
Watch more: <a href="https://t.co/AXC5qRuO3J">https://t.co/AXC5qRuO3J</a> <a href="https://t.co/mDFtYAEWbA">https://t.co/mDFtYAEWbA</a>
— WION (@WIONews) <a href="https://twitter.com/WIONews/status/1488384207500251141?ref_src=twsrc%5Etfw">February 1, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

Inclusion of financial resources

100% of the 150,000 post offices will be connected to the core banking system, allowing for financial inclusion and account access via net banking, mobile banking, and ATMs, as well as online fund transfers between post office and bank accounts.

This would be especially beneficial to farmers and senior residents in rural areas, as it will allow for interoperability and financial inclusion.

So far, Indian Finance Minister Nirmala Sitharaman has made a number of significant statements.

1) In the coming fiscal year, India's economic growth is expected to reach 9.2%.

2) Everyone can see that the health infrastructure is being strengthened and that the vaccination programme is being implemented quickly.

3) Afternoon Gati Shakti will propel the economy forward, resulting in more jobs and opportunity for young people.

4) In 2022-23, the National Highway network will be enlarged by 25,000 kilometres.Gati Shakti would have seven engines for multi-modal connectivity for states, as well as faster implementation of development projects using technology to allow for faster flow of people and products, thanks to a government-funded project worth Rs 200 billion.&nbsp;

5) Railways will develop efficient logistics for small farmers &amp; enterprises. 'One station, one product' to help supply chain of local product.

6) 100 Cargo Terminals under PM Gati Shakti will be developed in the next few years.

7) 'Parwatmala' for conventional roads in hilly areas to be taken in PPP modes.

India@100

Sitharaman said that their goal is complementing macro-growth with micro-all-inclusive welfare, digital economy and fintech, tech-enabled development, energy transition and climate action.

&nbsp;

<a href="https://www.wionews.com/business-economy/ahead-of-india-union-budget-2022-sensex-and-nifty-surge-in-early-trade-449412">Also read | Ahead of India Union Budget 2022, Sensex and Nifty surge in early trade</a> 
 
<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2019/04/01/88445-untitled-design.jpg" />

The Sensex surged over 600 points in early trade to reach 58,617.56 as bank stocks ICICI, HDFC, Kotak rose including Sun Pharma, Infosys and Bajaj Finserv. 
&nbsp;

&nbsp;

&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<h5>Finance Minister Nirmala Sitharaman 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.</h5>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=Finance Minister Nirmala Sitharaman 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." target="_blank">&nbsp;</a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">×</a></div>
</div>
</div>

&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<h5>The Union Cabinet has approved the India Budget 2022; the Parliamentary meeting is now over. Nirmala Sitharaman, the Union Finance Minister, will present the Budget shortly.</h5>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=The Union Cabinet has approved the India Budget 2022; the Parliamentary meeting is now over.
Nirmala Sitharaman, the Union Finance Minister, will present the Budget shortly. " target="_blank">&nbsp;</a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">×</a></div>
</div>
</div>

&nbsp;

&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<h5>Prime Minister Narendra Modi arrives at the Parliament</h5>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=Prime Minister Narendra Modi arrives at the Parliament

" target="_blank">&nbsp;</a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">×</a></div>
</div>
</div>

&nbsp;

&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Delhi: Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others arrive at the Parliament for the union cabinet meeting ahead of the presenting of the <a href="https://twitter.com/hashtag/Budget?src=hash&amp;ref_src=twsrc%5Etfw">#Budget</a> <a href="https://t.co/GtUEvt7gmo">pic.twitter.com/GtUEvt7gmo</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1488373935242878977?ref_src=twsrc%5Etfw">February 1, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

Also read | No change in income tax rates, tax relief for persons with disabilities Indian finance minister Nirmala Sitharaman in Budget 2022 allowed provision for tax players to file updated return on payment of taxes within two years from the end of the assessment year.

Also read | No change in income tax rates, tax relief for persons with disabilities Indian finance minister Nirmala Sitharaman in Budget 2022 allowed provision for tax players to file updated return on payment of taxes within two years from the end of the assessment year. Also read | Indian Union Budget 2022: What the start-ups received from this year's budget After Indian Finance Minister Nirmala Sitharaman concluded her 90-minute long budget speech, Parliament adjourned till 4:30 pm tomorrow. Announcements for taxpayers Taxpayers have two years from the end of the relevant assessment year to make an updated return on payment of taxes. The new provision will encourage people to file their taxes voluntarily and reduce litigation. The proceeds of virtual/digital assets are subject to a 30% tax, with no deductions other than the cost of purchase. There is no allowance for a set-off against other income. Payments made for the transfer of digital assets will be subject to a 1% TDS. Employer contributions to the National Pension System (NPS) are now deducted at a rate of 14 per cent for state government employees, up from 10 per cent previously. Income from cryptocurrency to be taxed at 30% In her Budget speech, Finance Minister Nirmala Sitharaman made a huge statement, saying that any income from virtual digital assets will be taxed at 30%. She also stated that any losses incurred as a result of virtual digital assets cannot be offset against other gains. Gifts of virtual digital assets will be taxed in the hands of the recipient, according to the FM. Digital Rupee based on blockchain to be introduced in 2022 by the RBI, says FM × Important Announcements Electric Vehicles To strengthen the EV ecosystem, a battery-swapping regulation will be introduced along with interoperability standards. E-passports In 2022-23, the issuance of E passports employing embedded ship and futuristic technology will be rolled out to improve the convenience of citizens travelling abroad. National Digital Health Ecosystem Digital registries of health practitioners and facilities, a unique health identity, and universal access to health services will all be part of it. Urban planning high-level committee For recommendations on urban capacity building, planning execution, and governance, a high-level group of urban planners and economists will be constituted. #LIVE | Indian Finance Minister @nsitharaman presents #UnionBudget2022 in the parliament#BudgetSession #UnionBudget Watch more: https://t.co/AXC5qRuO3J https://t.co/mDFtYAEWbA — WION (@WIONews) February 1, 2022 × Inclusion of financial resources 100% of the 150,000 post offices will be connected to the core banking system, allowing for financial inclusion and account access via net banking, mobile banking, and ATMs, as well as online fund transfers between post office and bank accounts. This would be especially beneficial to farmers and senior residents in rural areas, as it will allow for interoperability and financial inclusion. So far, Indian Finance Minister Nirmala Sitharaman has made a number of significant statements. 1) In the coming fiscal year, India's economic growth is expected to reach 9.2%. 2) Everyone can see that the health infrastructure is being strengthened and that the vaccination programme is being implemented quickly. 3) Afternoon Gati Shakti will propel the economy forward, resulting in more jobs and opportunity for young people. 4) In 2022-23, the National Highway network will be enlarged by 25,000 kilometres.Gati Shakti would have seven engines for multi-modal connectivity for states, as well as faster implementation of development projects using technology to allow for faster flow of people and products, thanks to a government-funded project worth Rs 200 billion. 5) Railways will develop efficient logistics for small farmers & enterprises. 'One station, one product' to help supply chain of local product. 6) 100 Cargo Terminals under PM Gati Shakti will be developed in the next few years. 7) 'Parwatmala' for conventional roads in hilly areas to be taken in PPP modes. India@100 Sitharaman said that their goal is complementing macro-growth with micro-all-inclusive welfare, digital economy and fintech, tech-enabled development, energy transition and climate action. Also read | Ahead of India Union Budget 2022, Sensex and Nifty surge in early trade The Sensex surged over 600 points in early trade to reach 58,617.56 as bank stocks ICICI, HDFC, Kotak rose including Sun Pharma, Infosys and Bajaj Finserv. Finance Minister Nirmala Sitharaman 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. × The Union Cabinet has approved the India Budget 2022; the Parliamentary meeting is now over. Nirmala Sitharaman, the Union Finance Minister, will present the Budget shortly. × Prime Minister Narendra Modi arrives at the Parliament × Delhi: Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others arrive at the Parliament for the union cabinet meeting ahead of the presenting of the #Budget pic.twitter.com/GtUEvt7gmo — ANI (@ANI) February 1, 2022 ×

LIVE Budget 2022 Updates: RBI to issue digital rupee in FY22-23, says FM Sitharaman

Indian finance minister Nirmala Sitharaman during the Budget presentation 2022 applauded taxpayers for the highest-ever GST collection.&nbsp;

The&nbsp;finance minister proposed no change in income tax rates and slabs in Budget 2022 while announcing that the government will provide a one-time window to correct omissions in income tax returns filed by citizens.

Key highlights:

<ul>
	<li>The government proposed to increase tax deduction from 10 per cent to 14 per cent on contribution in National Pension System (NPS) by state government to employees.</li>
</ul>

<ul>
	<li>Concessional corporate tax rate of 15 per cent for 1 more year till March 2024 for newly incorporated manufacturing companies.</li>
</ul>

<ul>
	<li>Tax players can file updated return on payment of taxes within two years from the end of assessment year.</li>
</ul>

<ul>
	<li>New provision to ensure voluntary tax filing and reduce litigation.</li>
</ul>

<ul>
	<li>30 per cent tax on income from transfer of virtual digital assets with&nbsp;no deduction on expenses except cost of acquisition.</li>
</ul>

<ul>
	<li>The government also proposed to issue sovereign green bonds to mobilise resources as part of the governments borrowing programme.</li>
</ul>

<ul>
	<li>Sitharaman said that outlay for capital expenditure has been stepped up by 35.4 per cent to Rs 7.5 lakh crore in FY'23.</li>
</ul>

<ul>
	<li>To extend the period of incorporation by 1 year up to March 31, 2023 for startups to avail tax incentives.</li>
</ul>

<ul>
	<li>Import duty on certain chemicals to be reduced.</li>
</ul>

<ul>
	<li>Customs duty exemption on steel scrap to be extended for another year for small-and medium-sized businesses.</li>
</ul>

<ul>
	<li>Customs duty on stainless steel, flat products, high steel bars to be revoked</li>
</ul>

<ul>
	<li>1 per cent TDS to be levied on payments made on transfer of digital assets.</li>
</ul>

<ul>
	<li>In a significant move, finance minister Nirmala Sitharaman announced tax relief for persons with disabilities.&nbsp;</li>
</ul>

Indian finance minister Nirmala Sitharaman during the Budget presentation 2022 applauded taxpayers for the highest-ever GST collection. The finance minister proposed no change in income tax rates and slabs in Budget 2022 while announcing that the government will provide a one-time window to correct omissions in income tax returns filed by citizens.

Indian finance minister Nirmala Sitharaman during the Budget presentation 2022 applauded taxpayers for the highest-ever GST collection. The finance minister proposed no change in income tax rates and slabs in Budget 2022 while announcing that the government will provide a one-time window to correct omissions in income tax returns filed by citizens. Key highlights: The government proposed to increase tax deduction from 10 per cent to 14 per cent on contribution in National Pension System (NPS) by state government to employees. Concessional corporate tax rate of 15 per cent for 1 more year till March 2024 for newly incorporated manufacturing companies. Tax players can file updated return on payment of taxes within two years from the end of assessment year. New provision to ensure voluntary tax filing and reduce litigation. 30 per cent tax on income from transfer of virtual digital assets with no deduction on expenses except cost of acquisition. The government also proposed to issue sovereign green bonds to mobilise resources as part of the governments borrowing programme. Sitharaman said that outlay for capital expenditure has been stepped up by 35.4 per cent to Rs 7.5 lakh crore in FY'23. To extend the period of incorporation by 1 year up to March 31, 2023 for startups to avail tax incentives. Import duty on certain chemicals to be reduced. Customs duty exemption on steel scrap to be extended for another year for small-and medium-sized businesses. Customs duty on stainless steel, flat products, high steel bars to be revoked 1 per cent TDS to be levied on payments made on transfer of digital assets. In a significant move, finance minister Nirmala Sitharaman announced tax relief for persons with disabilities.

Indian Union Budget 2022: No change in income tax rates,  tax relief for persons with disabilities

A gift to the Indian Railways as the country's Finance Minister Nirmala Sitharaman on Tuesday (February 1) said that about 2,000km of the rail network will be brought under the indigenous world-class technology KAWACH.&nbsp;

While announcing this year's Budget, the finance minister also said that 400 new 'Vande Bharat' trains will be manufactured in the next three years.&nbsp;

She also said 100 PM Gati Shakti Cargo terminals to be developed during the next three years and implementation of innovative ways for building metro systems.

During her address, Sitharaman said, "As a part of Atmanirbhar Bharat, 2,000 km of rail network to be brought under the indigenous world-class technology KAWACH in 2022-23, for safety and capacity augmentation."

"A total of 400 new generation Vande Bharat trains with better energy efficiency and passenger riding experience to be manufactured in next three years."

The KAWACH technology is an indigenously developed anti-collision device to prevent accidents to achieve railways its goal of zero accidents.&nbsp;

She also said that Indian Railways will develop new products and efficient logistics services for small farmers, small and medium enterprises.&nbsp;

"Contracts for implementation of multimodal logistics parks at four locations will be awarded in 2022-23 in PPP mode. Indian Railways to develop new products and efficient logistics services for small farmers, small and medium enterprises. One Station One Product to be popularised to help local businesses and supply chains," she said.&nbsp;

Overall, this year's Union Budget seeks to lay the foundation and give a blueprint of the economy over 'Amrit Kal' of next 25 years - from India at 75 to India at 100.&nbsp;

Reflecting on the economy, Sitharaman said that India's growth is estimated to be at 9.2 per cent, the highest among all large economies as the nation is now in a strong position to withstand challenges, such as coronavirus (COVID-19).&nbsp;

A gift to the Indian Railways as the country's Finance Minister Nirmala Sitharaman on Tuesday (February 1) said that about 2,000km of the rail network will be brought under the indigenous world-class technology KAWACH.

A gift to the Indian Railways as the country's Finance Minister Nirmala Sitharaman on Tuesday (February 1) said that about 2,000km of the rail network will be brought under the indigenous world-class technology KAWACH. While announcing this year's Budget, the finance minister also said that 400 new 'Vande Bharat' trains will be manufactured in the next three years. She also said 100 PM Gati Shakti Cargo terminals to be developed during the next three years and implementation of innovative ways for building metro systems. During her address, Sitharaman said, "As a part of Atmanirbhar Bharat, 2,000 km of rail network to be brought under the indigenous world-class technology KAWACH in 2022-23, for safety and capacity augmentation." "A total of 400 new generation Vande Bharat trains with better energy efficiency and passenger riding experience to be manufactured in next three years." The KAWACH technology is an indigenously developed anti-collision device to prevent accidents to achieve railways its goal of zero accidents. She also said that Indian Railways will develop new products and efficient logistics services for small farmers, small and medium enterprises. "Contracts for implementation of multimodal logistics parks at four locations will be awarded in 2022-23 in PPP mode. Indian Railways to develop new products and efficient logistics services for small farmers, small and medium enterprises. One Station One Product to be popularised to help local businesses and supply chains," she said. Overall, this year's Union Budget seeks to lay the foundation and give a blueprint of the economy over 'Amrit Kal' of next 25 years - from India at 75 to India at 100. Reflecting on the economy, Sitharaman said that India's growth is estimated to be at 9.2 per cent, the highest among all large economies as the nation is now in a strong position to withstand challenges, such as coronavirus (COVID-19).

India's Railway Budget: 400 new-gen 'Vande Bharat' trains, 2000km of network will be brought under KAWACH tech

The Union Budget session of Indian Parliament has kickstarted on Monday with President Ram Nath Kovind's address to the joint sitting of both houses in the Central Hall.&nbsp; 
 
President Ram Nath Kovind praised India's fight against the new coronavirus while speaking before the Parliament's Budget Session: “India’s capability to fight COVID-19 was evident in its vaccination program. In less than a year, we made a record of administering over 1.5 billion doses of vaccine. Today, we’re one of the leading nations in the world when it comes to the number of doses given.”

Here are the highlights of President Ramnath Kovind's speech:

<ol>
	<li>We saw the capability of India's youth power in the Tokyo Olympics. Giving its best-ever performance, India won seven medals. In the Tokyo Paralympics, too, India won 19 medals and set a record. 
	&nbsp;</li>
	<li>Our small-scale farmers have a significant role in the country’s development. My government has always prioritised 80 per cent of our small-scale farmers. As part of the PM Kisan Samman Nidhi, over 11 crore families have benefited to date, said President Kovind. 
	&nbsp;</li>
	<li>Women's empowerment is one of the top priorities of my government. We're witnesses to the success of the Ujjwala Yojana. Through the Mudra Yojana, the entrepreneurship and skills of women have received a boost. Many positive results have come to the fore with "Beti Bachao, Beti Padhao". In an attempt to provide an equal status to sons and daughters, my government has presented a Bill to increase the minimum age of marriage for women from 18 to 21 years. 
	&nbsp;</li>
	<li>My government is also running a PM Svanidhi Yojana to benefit the street vendors. So far, 2.8 million&nbsp;street vendors have received monetary support worth over Rs 29 billion. The Centre is now connecting these vendors via online companies. We can also see the impact of the manner in which my government linked Jan Dhan-Aadhaar-Mobile, the JAM trinity, to citizen empowerment. Thousands and thousands of people have received direct cash transfers during the pandemic. 
	&nbsp;</li>
	<li>To ensure that no one returns home hungry, my government distributes free rations to the poor every month as part of the PM Gareeb Kalyan Yojana. Today, India is running the world's largest food distribution program. Also, the Ayushman Bharat card has benefitted the poor. The availability of medicines at low prices at Jan Aushadi Kendra was also a great move. 
	&nbsp;</li>
	<li>I bow down to the freedom fighters who prioritised their duties and helped India get its rights. I also respectfully remember the personalities who contributed to the development of India in the 75 years of Independence. 
	&nbsp;</li>
	<li>It is true that polls affect Sessions and discussions. But I request all MPs that elections will go on but the Budget Session draws a blueprint for the entire year. The more fruitful we make it, the better our economic progress will be.</li>
</ol>

The pre-budget Economic Survey 2022 was tabled in Parliament today, ahead of the Union Budget for the next fiscal year, which starts on April 1, 2022.

The Economic Survey summarises the health of the economy and recommends policy recommendations, however it frequently underestimates GDP forecasts.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
By criminalizing Triple Talaq, govt is moving in the direction of riddance from ill-practices. Govt has also lifted the ban on Muslim women to go to Haj with Mehram (male-guardian): President Ram Nath Kovind <a href="https://t.co/pBfdqBKfzz">pic.twitter.com/pBfdqBKfzz</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1488035905395118080?ref_src=twsrc%5Etfw">January 31, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The Budget session, which begins today, is the sixth since the COVID-19 pandemic broke out in January 2020.

The 2020 Budget Session was shortened by eight sittings, while the 2021 Budget Session was abbreviated by ten sittings. 
 
(With inputs from agencies) 
&nbsp;

The Union Budget session of Indian Parliament has kickstarted on Monday with President Ram Nath Kovind's address to the joint sitting of both houses in the Central Hall.

The Union Budget session of Indian Parliament has kickstarted on Monday with President Ram Nath Kovind's address to the joint sitting of both houses in the Central Hall. President Ram Nath Kovind praised India's fight against the new coronavirus while speaking before the Parliament's Budget Session: “India’s capability to fight COVID-19 was evident in its vaccination program. In less than a year, we made a record of administering over 1.5 billion doses of vaccine. Today, we’re one of the leading nations in the world when it comes to the number of doses given.” Here are the highlights of President Ramnath Kovind's speech: We saw the capability of India's youth power in the Tokyo Olympics. Giving its best-ever performance, India won seven medals. In the Tokyo Paralympics, too, India won 19 medals and set a record. Our small-scale farmers have a significant role in the country’s development. My government has always prioritised 80 per cent of our small-scale farmers. As part of the PM Kisan Samman Nidhi, over 11 crore families have benefited to date, said President Kovind. Women's empowerment is one of the top priorities of my government. We're witnesses to the success of the Ujjwala Yojana. Through the Mudra Yojana, the entrepreneurship and skills of women have received a boost. Many positive results have come to the fore with "Beti Bachao, Beti Padhao". In an attempt to provide an equal status to sons and daughters, my government has presented a Bill to increase the minimum age of marriage for women from 18 to 21 years. My government is also running a PM Svanidhi Yojana to benefit the street vendors. So far, 2.8 million street vendors have received monetary support worth over Rs 29 billion. The Centre is now connecting these vendors via online companies. We can also see the impact of the manner in which my government linked Jan Dhan-Aadhaar-Mobile, the JAM trinity, to citizen empowerment. Thousands and thousands of people have received direct cash transfers during the pandemic. To ensure that no one returns home hungry, my government distributes free rations to the poor every month as part of the PM Gareeb Kalyan Yojana. Today, India is running the world's largest food distribution program. Also, the Ayushman Bharat card has benefitted the poor. The availability of medicines at low prices at Jan Aushadi Kendra was also a great move. I bow down to the freedom fighters who prioritised their duties and helped India get its rights. I also respectfully remember the personalities who contributed to the development of India in the 75 years of Independence. It is true that polls affect Sessions and discussions. But I request all MPs that elections will go on but the Budget Session draws a blueprint for the entire year. The more fruitful we make it, the better our economic progress will be. The pre-budget Economic Survey 2022 was tabled in Parliament today, ahead of the Union Budget for the next fiscal year, which starts on April 1, 2022. The Economic Survey summarises the health of the economy and recommends policy recommendations, however it frequently underestimates GDP forecasts. By criminalizing Triple Talaq, govt is moving in the direction of riddance from ill-practices. Govt has also lifted the ban on Muslim women to go to Haj with Mehram (male-guardian): President Ram Nath Kovind pic.twitter.com/pBfdqBKfzz — ANI (@ANI) January 31, 2022 × The Budget session, which begins today, is the sixth since the COVID-19 pandemic broke out in January 2020. The 2020 Budget Session was shortened by eight sittings, while the 2021 Budget Session was abbreviated by ten sittings. (With inputs from agencies)

Economic Survey 2022 updates: Indian President Kovind highlights govt's agenda for growth

Oil rose 1% on Monday, hovering near 7-year highs hit in the previous session, amid concerns over tight supply as well as geopolitical tensions in Eastern Europe and the Middle East.

Oil prices are up around 1%, tensions in Eastern Europe back high prices

In the new year 2022 new areas of concerns are emerging for world economy. The Omicron wave has it many nations and geopolitical tensions between European Union, Russia and in UAE they have all sport investors, so what could be impact of all these developments. Today, for this we are joined by Narayan Shroff investments head of Barclays private client.

What is the concern of Covid-19 third wave on global economies?

Union Budget 2022 is just around the corner and citizens and experts alike are keen to know what it will have for women. This has gained importance as allocation for scheme for women decreased by 26 per cent from the levels in 2020 budget. The allocation came down from Rs 20,72,610 millon in years 2020 to Rs 15,33,260 million in year 2021.&nbsp;

Indian President Ram Nath Kovind, during his speech that kicked off Indian Parliament's budget session on MOnday underlined the role and importance of participation of women in the country's development. The president said that women's empowerment is one of the top priorities of the government.

"Women participation in the development of the rural economy is increasing. In the year 2021-22, 28 lakh Self Help Groups (SHGs) were given financial support of Rs 65,000 crore by the banks," the President said while addressing both the houses of Parliament on the first day of the Budget session.

Also Read | <a href="https://www.wionews.com/business-economy/india-budget-2022-economic-survey-projects-8-85-gdp-growth-for-2022-23-449130">India Budget 2022: Economic Survey projects 8-8.5% GDP growth for 2022-23</a>

He said this figure is four times higher than that of 2014-15 financial year.

Kovind further informed that the Centre has trained thousands of such groups and helped them participate as `Banking Sakhi`. "These women are connecting banking services in rural areas to each and every household there," he said.

Highlighting the schemes introduced by the Centre to help women, the President said that the success of Ujjwala Yojna has been witnessed by all and with the help of schemes like Mudra Yojna, more than 15 crore people have been benefited and around 4 crore people have started their own business.

Kovind also mentioned the `Beti Bachao, Beti padhao` campaign, adding that it yielded positive results as the number of girls taking admission in schools has increased significantly.

To ensure equality between genders, the Centre has proposed to increase the marriageable age of women from 18 to 21, he said.

He said that by brining in a law against Triple Talaq, the Centre has abolished a social evil prevalent in Muslim society, "and Muslim women will no longer need to be accompanied by a blood-relative (Mehram) to go for Haj pilgrimage," he added.

Upliftment of the gender demographic needs investment in government-backed programmes, incubation centres for businesses led by women. MSMEs led by women would benefit from, interest-free loans. Similarly focussing on girls' and women's education would go a long way in building a better society.

(With inputs from agencies)

Union Budget 2022 is just around the corner and citizens and experts alike are keen to know what it will have for women. This has gained importance as allocation for scheme for women decreased by 26 per cent from the levels in 2020 budget.

Union Budget 2022 is just around the corner and citizens and experts alike are keen to know what it will have for women. This has gained importance as allocation for scheme for women decreased by 26 per cent from the levels in 2020 budget. The allocation came down from Rs 20,72,610 millon in years 2020 to Rs 15,33,260 million in year 2021. Indian President Ram Nath Kovind, during his speech that kicked off Indian Parliament's budget session on MOnday underlined the role and importance of participation of women in the country's development. The president said that women's empowerment is one of the top priorities of the government. "Women participation in the development of the rural economy is increasing. In the year 2021-22, 28 lakh Self Help Groups (SHGs) were given financial support of Rs 65,000 crore by the banks," the President said while addressing both the houses of Parliament on the first day of the Budget session. Also Read | India Budget 2022: Economic Survey projects 8-8.5% GDP growth for 2022-23 He said this figure is four times higher than that of 2014-15 financial year. Kovind further informed that the Centre has trained thousands of such groups and helped them participate as `Banking Sakhi`. "These women are connecting banking services in rural areas to each and every household there," he said. Highlighting the schemes introduced by the Centre to help women, the President said that the success of Ujjwala Yojna has been witnessed by all and with the help of schemes like Mudra Yojna, more than 15 crore people have been benefited and around 4 crore people have started their own business. Kovind also mentioned the `Beti Bachao, Beti padhao` campaign, adding that it yielded positive results as the number of girls taking admission in schools has increased significantly. To ensure equality between genders, the Centre has proposed to increase the marriageable age of women from 18 to 21, he said. He said that by brining in a law against Triple Talaq, the Centre has abolished a social evil prevalent in Muslim society, "and Muslim women will no longer need to be accompanied by a blood-relative (Mehram) to go for Haj pilgrimage," he added. Upliftment of the gender demographic needs investment in government-backed programmes, incubation centres for businesses led by women. MSMEs led by women would benefit from, interest-free loans. Similarly focussing on girls' and women's education would go a long way in building a better society. (With inputs from agencies)

India Union Budget 2022: What women want

According to India's Economic Survey 2022, the country has fiscal space to do more to support the economy and has the legroom to boost spending&nbsp;to&nbsp;become the world's fastest-growing economy overtaking China.

India's Economic Survey presented by the government on Monday pegged growth for 2022-23 at 8-8.5 per cent and for 2021-22 at 9.2 per cent.

India was the fourth-largest forex reserves holder in the world after China, Japan&nbsp;and Switzerland, it said.

<a href="https://www.wionews.com/business-economy/union-budget-2022-what-women-want-449197">Also Read:&nbsp;India Union Budget 2022: What women want</a>

The survey said economic activity has&nbsp;recovered to pre-pandemic levels with the impact of COVID-19 mainly felt on&nbsp;the suppy-side reforms.

Watch: India's finance minister Nirmala&nbsp;Sitharaman tables Indian Economic Survey

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/indian-fm-nirmala-sitharaman-tables-indian-economic-survey-8-85-gdp-growth-projected-for-fy23-449178/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The survey said the economy had contracted&nbsp;7.3 per cent in 2020-21 as the coronavirus pandemic took hold in the country resulting in lockdowns across the nation at various times.

However, the survey said the country is now "well placed to take on the challenges of 2022-23".

"Advance estimates suggest that GDP will record an expansion of 9.2 per cent in 2021-22. This implies that the level of real economic output will surpass the pre-COVID level of 2019-20," the survey said while asserting that private sector investment is likely to pick up which will boost the economy.

<a href="https://www.wionews.com/india-news/ahead-of-indias-budget-session-2022-pm-narendra-modi-urges-mps-to-discuss-with-open-mind-449120">Also Read:&nbsp;Ahead of India's Budget Session 2022, PM Narendra Modi urges MPs to discuss with open mind</a>

The survey underlined that the economy is in a good position due to its "unique response strategy" with recovery seen in the second half of 2020-21 as it avoided severe impact during the second wave in April-June last year with rebond witnessed in government revenues in 2021-22 so far.

However, the survey cautioned that India should be wary of imported inflation due to rise in&nbsp;global energy crisis even as it said the economy is well placed to face the challenges in 2022-23.

The survey pointed out that the performance of the agriculture and the allied sector has been "resilient" amid COVID-19 shock.&nbsp;

"Growth in allied sectors including livestock, dairying and fisheries has been the major drivers of overall growth in the sector," it said.

The report said the sources of income across groups of agricultural households accounted for nearly 15 per cent of average monthly income.

(With inputs from Agencies)

According to India's Economic Survey 2022, the country has fiscal space to do more to support the economy and has the legroom to boost spending to become the world's fastest-growing economy overtaking China.

According to India's Economic Survey 2022, the country has fiscal space to do more to support the economy and has the legroom to boost spending to become the world's fastest-growing economy overtaking China. India's Economic Survey presented by the government on Monday pegged growth for 2022-23 at 8-8.5 per cent and for 2021-22 at 9.2 per cent. India was the fourth-largest forex reserves holder in the world after China, Japan and Switzerland, it said. Also Read: India Union Budget 2022: What women want The survey said economic activity has recovered to pre-pandemic levels with the impact of COVID-19 mainly felt on the suppy-side reforms. Watch: India's finance minister Nirmala Sitharaman tables Indian Economic Survey The survey said the economy had contracted 7.3 per cent in 2020-21 as the coronavirus pandemic took hold in the country resulting in lockdowns across the nation at various times. However, the survey said the country is now "well placed to take on the challenges of 2022-23". "Advance estimates suggest that GDP will record an expansion of 9.2 per cent in 2021-22. This implies that the level of real economic output will surpass the pre-COVID level of 2019-20," the survey said while asserting that private sector investment is likely to pick up which will boost the economy. Also Read: Ahead of India's Budget Session 2022, PM Narendra Modi urges MPs to discuss with open mind The survey underlined that the economy is in a good position due to its "unique response strategy" with recovery seen in the second half of 2020-21 as it avoided severe impact during the second wave in April-June last year with rebond witnessed in government revenues in 2021-22 so far. However, the survey cautioned that India should be wary of imported inflation due to rise in global energy crisis even as it said the economy is well placed to face the challenges in 2022-23. The survey pointed out that the performance of the agriculture and the allied sector has been "resilient" amid COVID-19 shock. "Growth in allied sectors including livestock, dairying and fisheries has been the major drivers of overall growth in the sector," it said. The report said the sources of income across groups of agricultural households accounted for nearly 15 per cent of average monthly income. (With inputs from Agencies)

India Budget 2022: India can become world’s fastest growing economy: Economic Survey

India's Finance Minister, Nirmala Sitharaman, on Monday tabled the Economic Survey 2021-22 prepared by Principal Economic Adviser Sanjeev Sanyal, which predicted a GDP growth of 8-8.5% for the upcoming financial year.&nbsp;

The Indian economy is set to grow at 9.2% in the current fiscal year, the survey stated. India's GDP grew by 8.4% in the July-September quarter.

According to the report, which was tabled by Finance Minister Nirmala Sitharaman ahead of the Union Budget for 2022-23, which is scheduled to be presented on Tuesday, all macro indicators indicated that the economy was well positioned to face challenges, aided by pick-ups in farm and industrial output growth. 
 
<a href="https://www.wionews.com/business-economy/economic-survey-2022-updates-indian-president-kovind-highlights-govts-agenda-for-growth-449108">Also read | Economic Survey 2022 updates: Indian President Kovind highlights govt's agenda for growth</a>

India, which is likely to grab the title of the world's fastest-growing major economy from China and maintain it for at least another two years, has the fiscal space to do more to boost the economy.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<h5>India has once again become one of the fastest growing economies of the world. President Kovind</h5>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=India has once again become one of the fastest growing economies of the world.

President Kovind" target="_blank">&nbsp;</a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">×</a></div>
</div>
</div>

Highlights:

<ul>
	<li data-changed="false" data-paragraphid="17">Economic survey presented in parliament 
	&nbsp;</li>
	<li data-changed="false" data-paragraphid="19">FY 2023 GDP growth is estimated at 8-8.5% 
	&nbsp;</li>
	<li data-changed="false" data-paragraphid="20">FY 22 real GDP growth of 9.2% is possible 
	&nbsp;</li>
	<li>11.8% industrial growth is possible. 
	&nbsp;</li>
	<li>Agriculture sector growth at &nbsp;3.9 % 
	&nbsp;</li>
	<li>Improvements in the supply chain would help growth. 
	&nbsp;</li>
	<li>There will be challenges in the macro economy in FY 23 
	&nbsp;</li>
	<li>Exports will contribute significantly to FY 23 GDP growth 
	&nbsp;</li>
	<li>India has third largest startup ecosystem in the world after US and China.</li>
</ul>

Watch | Budget 2022: 'Sabka sath, Sabka Vikas,' Indian Prez Kovind highlights govt's agenda for growth

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/budget-2022-sabka-sath-sabka-vikas-indian-prez-kovind-highlights-govts-agenda-for-growth-449119/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

According to the survey, "The projection is based on the assumption that there will be no further debilitating pandemic related economic disruption, the monsoon will be normal, and the withdrawal of global liquidity by major central banks will be orderly." 
 
Watch | PM Narendra Modi addresses media before budget session of parliament commences

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/budget-session-2022-pm-narendra-modi-addresses-media-before-budget-session-of-parliament-commences-449113/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

It also depends on oil prices remaining at the $70-$75 per barrel level, as well as global supply chain issues subsiding.

By increasing spending, the budget is expected to prioritise growth over fiscal consolidation.&nbsp;

The budget is presented just days before elections in five states, including the most populous, Uttar Pradesh, which may prompt Sitharaman to promise increased rural expenditure and food and fertiliser subsidies.&nbsp;

(With inputs from agencies)

India's Finance Minister, Nirmala Sitharaman, on Monday tabled the Economic Survey 2021-22 prepared by Principal Economic Adviser Sanjeev Sanyal, which predicted a GDP growth of 8-8.

India's Finance Minister, Nirmala Sitharaman, on Monday tabled the Economic Survey 2021-22 prepared by Principal Economic Adviser Sanjeev Sanyal, which predicted a GDP growth of 8-8.5% for the upcoming financial year. The Indian economy is set to grow at 9.2% in the current fiscal year, the survey stated. India's GDP grew by 8.4% in the July-September quarter. According to the report, which was tabled by Finance Minister Nirmala Sitharaman ahead of the Union Budget for 2022-23, which is scheduled to be presented on Tuesday, all macro indicators indicated that the economy was well positioned to face challenges, aided by pick-ups in farm and industrial output growth. Also read | Economic Survey 2022 updates: Indian President Kovind highlights govt's agenda for growth India, which is likely to grab the title of the world's fastest-growing major economy from China and maintain it for at least another two years, has the fiscal space to do more to boost the economy. India has once again become one of the fastest growing economies of the world. President Kovind × Highlights: Economic survey presented in parliament FY 2023 GDP growth is estimated at 8-8.5% FY 22 real GDP growth of 9.2% is possible 11.8% industrial growth is possible. Agriculture sector growth at 3.9 % Improvements in the supply chain would help growth. There will be challenges in the macro economy in FY 23 Exports will contribute significantly to FY 23 GDP growth India has third largest startup ecosystem in the world after US and China. Watch | Budget 2022: 'Sabka sath, Sabka Vikas,' Indian Prez Kovind highlights govt's agenda for growth According to the survey, "The projection is based on the assumption that there will be no further debilitating pandemic related economic disruption, the monsoon will be normal, and the withdrawal of global liquidity by major central banks will be orderly." Watch | PM Narendra Modi addresses media before budget session of parliament commences It also depends on oil prices remaining at the $70-$75 per barrel level, as well as global supply chain issues subsiding. By increasing spending, the budget is expected to prioritise growth over fiscal consolidation. The budget is presented just days before elections in five states, including the most populous, Uttar Pradesh, which may prompt Sitharaman to promise increased rural expenditure and food and fertiliser subsidies. (With inputs from agencies)

India Budget 2022: Economic Survey projects 8-8.5% GDP growth for 2022-23

China will toughen law enforcement to curb monopoly practices and unfair competition this time in its pharma industry, the action follows November's regulatory guidelines that were to stamp out monopoly's inactive pharma ingredients.

China's crackdown on Pharma industry

In another news from China where as a resurgence of covid-19 cases and tough lockdowns hit production and demand growth in China's factory activity has slowed down this month, however, the slight expansion offered some signs of resilience as world's second largest economy enters a lightly bumpy New Year.

China January factory activity growth slows, COVID surge hits production & demand

The Union Budget is rapidly approaching. With Finance Minister Nirmala Sitharaman preparing to deliver the Budget on February 1, now is the time for us to study and prepare for the speech.

To assist you in better understanding the budget, WION digital has created a list of frequently used financial phrases that you may anticipate hearing during the budget announcements. Read on 
 
Union Budget

Union Budget Union Budget is the most comprehensive report of the Government's finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government's accounts for the next Fiscal year called Budgeted Estimates.

Union Budget actually lays down the statement of the estimated receipts and expenditure of the Govt. of India for the coming financial year.&nbsp; It sets out exactly how the govt proposes to allocate the financial resources among the various agencies that make claim on it and how it proposes to raise the finances for this.&nbsp; &nbsp;&nbsp;

Union Budget is undoubtedly the most extensive account of the government's finances, in which revenues from all sources and expenses of all activities undertaken are aggregated. It comprises the revenue budget and the capital budget. 
 
Watch: India's Budget 2022 with Gautam Chikermane: Taxation, investments and stock markets

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/indias-budget-2022-with-gautam-chikermane-taxation-investments-and-stock-markets-447354/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Gross Domestic Product

GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country.&nbsp;

Direct and Indirect Taxes

Direct taxes are the one that fall directly on individuals and corporations. For example, income tax, corporate tax etc. Indirect taxes are imposed on goods and services. They are paid by consumers when they buy goods and services. These include excise duty, customs duty etc.

GST

The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government.

“Goods” means every kind of movable property other than money and securities but includes the actionable claim, growing crops, grass and things attached to or forming part of the land which is agreed to be severed before supply or under a contract of supply.

“Services” means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged.

Customs Duty

These are levies charged when goods are imported into, or exported from, the country, and they are paid by the importer or exporter. Usually, these are also passed on to the consumer.

Fiscal Deficit&nbsp;

When the government's non-borrowed receipts fall short of its entire expenditure, it has to borrow money from the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called the fiscal deficit.

Revenue Deficit&nbsp;

The difference between revenue expenditure and revenue receipt is known as revenue deficit. It shows the shortfall of government's current receipts over current expenditure.

Primary Deficit

The primary deficit is the fiscal deficit minus interest payments. It tells how much of the Government's borrowings are going towards meeting expenses other than interest payments.

Fiscal policy

It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented through the budget and is the primary means by which the government can influence the economy.

Monetary Policy

This comprises actions taken by the central bank (i.e. RBI) to regulate the level of money or liquidity in the economy or change the interest rates.

Inflation

A sustained increase in the general price level. The inflation rate is the percentage rate of change in the price level.

Capital Budget

The Capital Budget consists of capital receipts and payments. It includes investments in shares, loans and advances granted by the central Government to State Governments, Government companies, corporations and other parties.

Revenue Budget

The revenue budget consists of revenue receipts of the Government and its expenditure. Revenue receipts are divided into tax and non-tax revenue. Tax revenues constitute taxes like income tax, corporate tax, excise, customs, service and other duties that the Government levies. The non-tax revenue sources include interest on loans, dividend on investments.

Finance Bill

The Bill produced immediately after the presentation of the Union Budget detailing the Imposition, abolition, alteration or regulation of taxes proposed in the Budget.

Vote on Account

The Vote on Account is a grant made in advance by the parliament, in respect of the estimated expenditure for a part of&nbsp;new&nbsp;financial year, pending the completion of procedure relating to the voting on the Demand for Grants and the passing of the Appropriation Act.

Excess Grants

If the total expenditure under a Grant exceeds the provision allowed through its original Grant and Supplementary Grant, then, the excess requires regularization by obtaining the Excess Grant from the Parliament under Article 115 of the Constitution of India. It will have to go through the whole process as in the case of the Annual Budget, i.e. through the presentation of Demands for Grants and passing of Appropriation Bills.

Budget Estimates

Amount of money allocated in the Budget to any ministry or scheme for the coming financial year.

Revised Estimates

Revised Estimates are the mid-year review of possible expenditure, taking into account the rest of expenditure, New Services and New instrument of Services etc. Revised Estimates are not voted by the Parliament, and hence by itself do not provide any authority for expenditure. Any additional projections made in the Revised Estimates need to be authorized for expenditure through the Parliament's approval or by Re-appropriation order.

Re-appropriations

Re-appropriations allow the Government to re-appropriate provisions from one sub-head to another within the same Grant. Re-appropriation provisions may be sanctioned by a competent authority at any time before the close of the financial year to which such grant or appropriation relates. The Comptroller &amp; Auditor General and the Public Accounts Committee reviews these re-appropriations and comments on them for taking corrective actions.

Outcome Budget

From the fiscal year 2006-07, every Ministry presents a preliminary Outcome Budget to the Ministry of Finance, which is responsible for compiling them. The Outcome Budget is a progress card on what various Ministries and Departments have done with the outlays in the previous annual budget. It measures the development outcomes of all Government programs and whether the money has been spent for the purpose it was sanctioned including the outcome of the fund usage.

Guillotine

Parliament, unfortunately, has very limited time for scrutinising the expenditure demands of all the Ministries. So, once the prescribed period for the discussion on Demands for Grants is over, the Speaker of Lok Sabha puts all the outstanding Demands for Grants, Whether discussed or not, to the vote of the House. This process is popularly known as 'Guillotine'.

Cut Motions

Motions for reduction to various Demands for Grants are made in the Form of Cut Motions seeking to reduce the sums sought by Government on grounds of economy or difference of opinion on matters of policy or just in order to voice a grievance.

Consolidated Fund of India

All revenues raised by the Government, money borrowed and receipts from loans given by the Government ?ow into it. All Government expenditure other than certain exceptional items met from Contingency Fund and Public Account are made from this account. No money can be appropriated from the Fund except in accordance with the law.

Contingency Fund of India

A fund placed at the disposal of the President to enable him/her to make advances to the executive/Government to meet urgent unforeseen expenditure.

Public Account

Under provisions of Article 266(1) of the Constitution of India, Public Account is used in relation to all the fund flows where Government is acting as a banker. Examples include Provident Funds and Small Savings. This money does not belong to the government but is to be returned to the depositors. The expenditure from this fund need not be approved by the Parliament.

Corporate Tax

This is the tax paid by corporations or firms on the incomes they earn.

Minimum Alternative Tax (MAT)

The Minimum Alternative Tax is a minimum tax that a company must pay, even if it is under zero tax limits.

Disinvestment

By disinvestment, we mean the sale of shares of public sector undertakings by the Government. The shares of government companies held by the Government are earning assets at the disposal of the Government. If these shares are sold to get cash, then earning assets are converted into cash, So it is referred to as disinvestment.

The Union Budget is rapidly approaching. With Finance Minister Nirmala Sitharaman preparing to deliver the Budget on February 1, now is the time for us to study and prepare for the speech.

The Union Budget is rapidly approaching. With Finance Minister Nirmala Sitharaman preparing to deliver the Budget on February 1, now is the time for us to study and prepare for the speech. To assist you in better understanding the budget, WION digital has created a list of frequently used financial phrases that you may anticipate hearing during the budget announcements. Read on Union Budget Union Budget Union Budget is the most comprehensive report of the Government's finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government's accounts for the next Fiscal year called Budgeted Estimates. Union Budget actually lays down the statement of the estimated receipts and expenditure of the Govt. of India for the coming financial year. It sets out exactly how the govt proposes to allocate the financial resources among the various agencies that make claim on it and how it proposes to raise the finances for this. Union Budget is undoubtedly the most extensive account of the government's finances, in which revenues from all sources and expenses of all activities undertaken are aggregated. It comprises the revenue budget and the capital budget. Watch: India's Budget 2022 with Gautam Chikermane: Taxation, investments and stock markets Gross Domestic Product GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country. Direct and Indirect Taxes Direct taxes are the one that fall directly on individuals and corporations. For example, income tax, corporate tax etc. Indirect taxes are imposed on goods and services. They are paid by consumers when they buy goods and services. These include excise duty, customs duty etc. GST The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government. “Goods” means every kind of movable property other than money and securities but includes the actionable claim, growing crops, grass and things attached to or forming part of the land which is agreed to be severed before supply or under a contract of supply. “Services” means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged. Customs Duty These are levies charged when goods are imported into, or exported from, the country, and they are paid by the importer or exporter. Usually, these are also passed on to the consumer. Fiscal Deficit When the government's non-borrowed receipts fall short of its entire expenditure, it has to borrow money from the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called the fiscal deficit. Revenue Deficit The difference between revenue expenditure and revenue receipt is known as revenue deficit. It shows the shortfall of government's current receipts over current expenditure. Primary Deficit The primary deficit is the fiscal deficit minus interest payments. It tells how much of the Government's borrowings are going towards meeting expenses other than interest payments. Fiscal policy It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented through the budget and is the primary means by which the government can influence the economy. Monetary Policy This comprises actions taken by the central bank (i.e. RBI) to regulate the level of money or liquidity in the economy or change the interest rates. Inflation A sustained increase in the general price level. The inflation rate is the percentage rate of change in the price level. Capital Budget The Capital Budget consists of capital receipts and payments. It includes investments in shares, loans and advances granted by the central Government to State Governments, Government companies, corporations and other parties. Revenue Budget The revenue budget consists of revenue receipts of the Government and its expenditure. Revenue receipts are divided into tax and non-tax revenue. Tax revenues constitute taxes like income tax, corporate tax, excise, customs, service and other duties that the Government levies. The non-tax revenue sources include interest on loans, dividend on investments. Finance Bill The Bill produced immediately after the presentation of the Union Budget detailing the Imposition, abolition, alteration or regulation of taxes proposed in the Budget. Vote on Account The Vote on Account is a grant made in advance by the parliament, in respect of the estimated expenditure for a part of new financial year, pending the completion of procedure relating to the voting on the Demand for Grants and the passing of the Appropriation Act. Excess Grants If the total expenditure under a Grant exceeds the provision allowed through its original Grant and Supplementary Grant, then, the excess requires regularization by obtaining the Excess Grant from the Parliament under Article 115 of the Constitution of India. It will have to go through the whole process as in the case of the Annual Budget, i.e. through the presentation of Demands for Grants and passing of Appropriation Bills. Budget Estimates Amount of money allocated in the Budget to any ministry or scheme for the coming financial year. Revised Estimates Revised Estimates are the mid-year review of possible expenditure, taking into account the rest of expenditure, New Services and New instrument of Services etc. Revised Estimates are not voted by the Parliament, and hence by itself do not provide any authority for expenditure. Any additional projections made in the Revised Estimates need to be authorized for expenditure through the Parliament's approval or by Re-appropriation order. Re-appropriations Re-appropriations allow the Government to re-appropriate provisions from one sub-head to another within the same Grant. Re-appropriation provisions may be sanctioned by a competent authority at any time before the close of the financial year to which such grant or appropriation relates. The Comptroller & Auditor General and the Public Accounts Committee reviews these re-appropriations and comments on them for taking corrective actions. Outcome Budget From the fiscal year 2006-07, every Ministry presents a preliminary Outcome Budget to the Ministry of Finance, which is responsible for compiling them. The Outcome Budget is a progress card on what various Ministries and Departments have done with the outlays in the previous annual budget. It measures the development outcomes of all Government programs and whether the money has been spent for the purpose it was sanctioned including the outcome of the fund usage. Guillotine Parliament, unfortunately, has very limited time for scrutinising the expenditure demands of all the Ministries. So, once the prescribed period for the discussion on Demands for Grants is over, the Speaker of Lok Sabha puts all the outstanding Demands for Grants, Whether discussed or not, to the vote of the House. This process is popularly known as 'Guillotine'. Cut Motions Motions for reduction to various Demands for Grants are made in the Form of Cut Motions seeking to reduce the sums sought by Government on grounds of economy or difference of opinion on matters of policy or just in order to voice a grievance. Consolidated Fund of India All revenues raised by the Government, money borrowed and receipts from loans given by the Government ?ow into it. All Government expenditure other than certain exceptional items met from Contingency Fund and Public Account are made from this account. No money can be appropriated from the Fund except in accordance with the law. Contingency Fund of India A fund placed at the disposal of the President to enable him/her to make advances to the executive/Government to meet urgent unforeseen expenditure. Public Account Under provisions of Article 266(1) of the Constitution of India, Public Account is used in relation to all the fund flows where Government is acting as a banker. Examples include Provident Funds and Small Savings. This money does not belong to the government but is to be returned to the depositors. The expenditure from this fund need not be approved by the Parliament. Corporate Tax This is the tax paid by corporations or firms on the incomes they earn. Minimum Alternative Tax (MAT) The Minimum Alternative Tax is a minimum tax that a company must pay, even if it is under zero tax limits. Disinvestment By disinvestment, we mean the sale of shares of public sector undertakings by the Government. The shares of government companies held by the Government are earning assets at the disposal of the Government. If these shares are sold to get cash, then earning assets are converted into cash, So it is referred to as disinvestment.

India's Budget 2022: Important terms you should know

We've arrived at the time of year when Indian Finance Minister Nirmala Sitharaman and her colleagues must perform a delicate balancing act in order to satisfy the budget's numerous objectives.

Because of the prolonged pandemic, this budget is more challenging than most, but the recent strong tax revenues have given her some freedom.

Even so, she must ensure that economic growth is maintained, that social sector spending is not decreased, and that all of this is done without jeopardising fiscal responsibility.&nbsp;

Finance ministers are regarded as holding the most powerful positions in the world.

In India, many of these ministers went on to become Prime Ministers (PMs) or even Presidents of the country.

Jawaharlal Lal Nehru, Indira and Rajiv Gandhi all delivered the Budget while serving as Prime Minister of India.

Jawaharlal Nehru (Finance Minister and Prime Minister)

Beginning with the country's first Prime Minister, Jawaharlal Nehru served as India's first Prime Minister from 1947 to 1964, and was the second person to propose the Union Budget (after Shanmukham Chetty), while holding the Ministry of Finance position in the fiscal year 1958-59.

Morarji Desai (Finance Minister to the Prime Minister)

With ten times as Finance Minister, Morarji Desai holds the record for presenting the most Union Budgets.

Following Jawaharlal Nehru, Desai served as finance minister from 13 March 1958 to 29 August 1963, and then again from 13 March 1967 to 16 July 1969 after Indira Gandhi.

Between March 24, 1977, and July 28, 1979, Desai served as India's fourth Prime Minister.

Indira Gandhi:

Indira Gandhi, Nehru's daughter, was the first and only woman to serve as Prime Minister twice, from 1966 to 1977 and from 1980 to 1984.

From July 16, 1969, to June 27, 1970, she was also in charge of the Ministry of Finance.

Similarly, when serving as Prime Minister of India, Charan Singh held the position of Finance Minister but did not submit the Budget.

Charan Singh

Similarly, Charan Singh served as India's finance minister (for a brief period between January and July 1979) before becoming Prime Minister from July 1979 to January 1980.&nbsp;

Rajiv Gandhi

Rajiv Gandhi, Indira Gandhi's son, served as Prime Minister from 1984 to 1989 and delivered the Union Budget in 1987-88, during which time he introduced the corporate tax. He also served as Minister of Finance.

Manmmohan Singh

Manmohan Singh served as India's Finance Minister from 1991 to 1996, and was a key figure in the liberalisation of the economy and the abolition of the licence raj system.

From 1982 to 1985, he served as the Governor of the Reserve Bank of India.

From 1998 to 2014, he served as Prime Minister of the United Progressive Alliance (UPA), succeeding Atal Bihari Vajpayee (before Narendra Modi).

V P Singh

Vishwanath Pratap Singh was India's finance minister from December 1984 to January 1, 1987, and then Prime Minister from December 2, 1989 to November 10, 1990.

R Venkataraman

Venkataraman was the finance minister from January 14, 1980, to January 15, 1982, during which time he presented the budget three times.

From August 31st, 1984, to July 24, 1987, he served as Vice President, and then as President from July 25, 1987, until July 25, 1992.

Pranab Mukherjee

Pranab Mukherjee, like Venkataram, was the finance minister before ascending to the presidency as India's 13th President in July 2012.

From 1982 to 1984, he was the finance minister, and then again from 2009 until 2012.

He has delivered the budget seven times, along with Yashwant Sinha for third most, after P. Chidambaram and Morarji Desai.

(With inputs from agencies)

We've arrived at the time of year when Indian Finance Minister Nirmala Sitharaman and her colleagues must perform a delicate balancing act in order to satisfy the budget's numerous objectives.

We've arrived at the time of year when Indian Finance Minister Nirmala Sitharaman and her colleagues must perform a delicate balancing act in order to satisfy the budget's numerous objectives. Because of the prolonged pandemic, this budget is more challenging than most, but the recent strong tax revenues have given her some freedom. Even so, she must ensure that economic growth is maintained, that social sector spending is not decreased, and that all of this is done without jeopardising fiscal responsibility. Finance ministers are regarded as holding the most powerful positions in the world. In India, many of these ministers went on to become Prime Ministers (PMs) or even Presidents of the country. Jawaharlal Lal Nehru, Indira and Rajiv Gandhi all delivered the Budget while serving as Prime Minister of India. Jawaharlal Nehru (Finance Minister and Prime Minister) Beginning with the country's first Prime Minister, Jawaharlal Nehru served as India's first Prime Minister from 1947 to 1964, and was the second person to propose the Union Budget (after Shanmukham Chetty), while holding the Ministry of Finance position in the fiscal year 1958-59. Morarji Desai (Finance Minister to the Prime Minister) With ten times as Finance Minister, Morarji Desai holds the record for presenting the most Union Budgets. Following Jawaharlal Nehru, Desai served as finance minister from 13 March 1958 to 29 August 1963, and then again from 13 March 1967 to 16 July 1969 after Indira Gandhi. Between March 24, 1977, and July 28, 1979, Desai served as India's fourth Prime Minister. Indira Gandhi: Indira Gandhi, Nehru's daughter, was the first and only woman to serve as Prime Minister twice, from 1966 to 1977 and from 1980 to 1984. From July 16, 1969, to June 27, 1970, she was also in charge of the Ministry of Finance. Similarly, when serving as Prime Minister of India, Charan Singh held the position of Finance Minister but did not submit the Budget. Charan Singh Similarly, Charan Singh served as India's finance minister (for a brief period between January and July 1979) before becoming Prime Minister from July 1979 to January 1980. Rajiv Gandhi Rajiv Gandhi, Indira Gandhi's son, served as Prime Minister from 1984 to 1989 and delivered the Union Budget in 1987-88, during which time he introduced the corporate tax. He also served as Minister of Finance. Manmmohan Singh Manmohan Singh served as India's Finance Minister from 1991 to 1996, and was a key figure in the liberalisation of the economy and the abolition of the licence raj system. From 1982 to 1985, he served as the Governor of the Reserve Bank of India. From 1998 to 2014, he served as Prime Minister of the United Progressive Alliance (UPA), succeeding Atal Bihari Vajpayee (before Narendra Modi). V P Singh Vishwanath Pratap Singh was India's finance minister from December 1984 to January 1, 1987, and then Prime Minister from December 2, 1989 to November 10, 1990. R Venkataraman Venkataraman was the finance minister from January 14, 1980, to January 15, 1982, during which time he presented the budget three times. From August 31st, 1984, to July 24, 1987, he served as Vice President, and then as President from July 25, 1987, until July 25, 1992. Pranab Mukherjee Pranab Mukherjee, like Venkataram, was the finance minister before ascending to the presidency as India's 13th President in July 2012. From 1982 to 1984, he was the finance minister, and then again from 2009 until 2012. He has delivered the budget seven times, along with Yashwant Sinha for third most, after P. Chidambaram and Morarji Desai. (With inputs from agencies)

Watch: Indian finance ministers who went on to become President or PM

Governments around the world have traditionally imposed a "sin" tax on things that have a negative impact on people's health.

What exactly is the Sin Tax?

A sin tax is placed on goods and services that are seen to be socially detrimental.

Tobacco, gambling ventures, alcohol, cigarettes, and other things are examples of products that are subject to a sin tax.

What is the primary goal of the sin tax?

Sin taxes are intended to discourage people from engaging in socially detrimental activities.

The goal is to make dangerous products more expensive to obtain in order to reduce or eliminate their consumption.

They also provide governments with a source of revenue.

Alcohol, tobacco, and cigarettes are primarily included among these items, and governments strive to tax them at a higher rate in order to prevent usage while also using the funds gained to fund welfare programmes.&nbsp;

Tobacco products are taxed at a rate of 28 per cent in India, whereas tobacco leaves are taxed at a rate of 5%.&nbsp;

Is it coming this year?

Over the last two years, the Indian government has not increased taxes on these commodities.

However, the government established an expert panel a few months ago in order to create a comprehensive tax policy plan that would include all tobacco products from a public health standpoint.

This time, analysts anticipate a higher'sin' tax on cigarette products as a result of this move.&nbsp;

(With inputs from agencies)

Governments around the world have traditionally imposed a "sin" tax on things that have a negative impact on people's health. What exactly is the Sin Tax? A sin tax is placed on goods and services that are seen to be socially detrimental.

Governments around the world have traditionally imposed a "sin" tax on things that have a negative impact on people's health. What exactly is the Sin Tax? A sin tax is placed on goods and services that are seen to be socially detrimental. Tobacco, gambling ventures, alcohol, cigarettes, and other things are examples of products that are subject to a sin tax. What is the primary goal of the sin tax? Sin taxes are intended to discourage people from engaging in socially detrimental activities. The goal is to make dangerous products more expensive to obtain in order to reduce or eliminate their consumption. They also provide governments with a source of revenue. Alcohol, tobacco, and cigarettes are primarily included among these items, and governments strive to tax them at a higher rate in order to prevent usage while also using the funds gained to fund welfare programmes. Tobacco products are taxed at a rate of 28 per cent in India, whereas tobacco leaves are taxed at a rate of 5%. Is it coming this year? Over the last two years, the Indian government has not increased taxes on these commodities. However, the government established an expert panel a few months ago in order to create a comprehensive tax policy plan that would include all tobacco products from a public health standpoint. This time, analysts anticipate a higher'sin' tax on cigarette products as a result of this move. (With inputs from agencies)

India's Budget 2022: What is the Sin Tax? Is it in this year's budget? 

Which are the world's best-selling airplanes?

India's leading two-wheeler manufacturer TVS Motor has bought Switzerland’s largest electric bike company Swiss e-Mobility Group (SEMG); it is Switzerland’s largest electric bike company.

TVS acquires 75% in Swiss e-bike player

After US government ramped up trillions of dollars in covid-19 relief, economy has notched its strongest growth in nearly four decades in 2021. It is also seen that forging ahead despite the crisis from the pandemic.

US economy's strongest growth in 40 years