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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;

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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>
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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

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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;

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<h5>India has once again become one of the fastest growing economies of the world. President Kovind</h5>
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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

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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

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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

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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? 

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When Jeffrey Epstein died, he left behind an estate with an estimated value of $600 million. There were vast financial holdings, a private jet and palatial properties including an island hideaway, a grand Manhattan mansion and a 7,600-acre New Mexico ranch.

But taxes, property upkeep and temperature-controlled storage for his art collection — as well as $121 million in settlements to more than 135 women who accused him of sexually abusing them when they were young — have since cut into the size of Epstein’s estate. It is now worth about one-third of its value when the financier, 66, hanged himself in a Manhattan jail cell while awaiting trial on sex-trafficking charges 2 1/2 years ago.

The biggest continuing expense is legal costs: $30 million so far to law firms brought in to clean up Epstein’s affairs. Lawyers have helped hand out settlements, liquidate assets and sift through the complicated holdings of a man who once set up his own offshore bank.

The work won’t be finished anytime soon. The estate must still resolve a civil fraud lawsuit, brought by the attorney general of the Virgin Islands, who claims Epstein used the territory to facilitate a criminal enterprise by bilking it out of more than $70 million in tax revenue. And Ghislaine Maxwell, the former associate of Epstein who was convicted of sex-trafficking charges last month, has sued the estate to recoup her legal fees.

Not until all that is over will the estate dispense whatever is left, according to the terms of a secret trust that Epstein set up and named in a will drawn just two days before he died.

The details of the trust are not public. But Karyna Shuliak, Epstein’s girlfriend and the last person he spoke to on the phone before killing himself, will be one of the main beneficiaries, The New York Times previously reported. Shuliak, a native of Belarus, is a dentist who shared an office on the island of St. Thomas with Epstein’s Southern Trust Co. A lawyer for Shuliak declined to comment.

The estate has paid $9 million to the lawyers who established and oversaw the victims restitution fund, and $21 million to at least 16 law firms for services and expenses, according to a review of quarterly financial statements filed by the estate in Superior Court in the Virgin Islands.

Five firms — Troutman Pepper, Hughes Hubbard &amp; Reed, White &amp; Case, McLaughlin &amp; Stern and Kellerhals Ferguson Kroblin — have each taken in fees that exceed the nearly $900,000 average award to victims from the compensation fund. A lawyer for nine accusers who submitted claims took issue with the size of those legal bills.

“It is appalling that lawyers divvying up the estate of Jeffrey Epstein are profiting more than his victims,” said Florida lawyer Spencer Kuvin, who has been seeking compensation for some of Epstein’s accusers for more than a decade.

Daniel Weiner, a lawyer with Hughes Hubbard, which has billed the estate more than $6 million, said it was wrong to compare the legal fees and the settlement amounts. He said the estate’s executors, Darren Indyke and Richard Kahn, had put no limitations on the amount of money handed out by the restitution fund, which an independent administrator oversaw.

The victims who participated, he added, were able to avoid litigation costs that could have reduced the amount they received. (Victims’ lawyers are being paid out of the awards; a one-third share is typical.)

Weiner said he would not discuss whether Indyke and Kahn, who were longtime advisers to Epstein, would ultimately receive any proceeds from the estate through the trust.

“The trust Mr. Epstein created before his death has not and will not be funded, if ever, until every single claim against the estate has been resolved,” Weiner said in a statement. “Public curiosity as to contingent beneficiaries who may never receive anything from that trust cannot justify violating their legitimate privacy interests.”

Although the estate’s legal expenses continue to grow, William LaPiana, a professor at New York Law School and a trust and estates expert, said the costs were, so far, fairly typical.

LaPiana said it is not unusual for legal fees in complex estates that involve extensive litigation to approach 5% of the estate’s initial value. The legal fees unrelated to the compensation fund currently represent about 3.5% percent of the estate’s beginning valuation.

“I don’t believe a court would yet decide that the admittedly large fees are excessive,” he said.

The fees are just one component of the long list of costs that have whittled away at the fortune that Epstein built primarily by providing financial and tax advice to a small group of wealthy men. Among them were two billionaires: Leon Black, a founder of the private equity firm Apollo Global Capital, and Leslie Wexner, founder of a retail empire that once included Victoria’s Secret.

The estate’s tax bill alone was roughly $180 million. Upkeep of the properties — two tropical islands, the ranch and a Paris apartment are still unsold — has cost millions more. The estate is also paying about $15,000 a month to store Epstein’s art collection in a temperature-controlled warehouse in Long Island City, according to court filings. More routine expenses include roughly $390 a month to Verizon for phone services and about $154 a month to Dish for satellite TV services, the filings show.

Cash has come in as assets have been sold off: $66 million from the sale of Epstein’s former homes in Manhattan and Palm Beach, Florida, although that was well below their asking prices. A Gulfstream jet, one of three planes Epstein owned, was sold in late 2020 for $10 million, some $7 million less than the estate had valued it.

In August, the estate sold its half interest in a yacht club on St. Thomas for $4.6 million. A few months earlier, it sold Epstein's Sikorsky helicopter, generating $1.5 million. Other asset sales have netted more modest sums: In September, the estate got $985 for an “Ikea green shag rug” and outdoor furniture from Epstein’s island home.

The value of the estate is now roughly $185 million, and the litigation with the Virgin Islands has the potential to wipe out much of that.

Denise George, the territory’s attorney general, filed a civil fraud complaint against the estate two years ago, contending that Epstein improperly received a tax benefit that allowed him to finance sex trafficking. That wrongly deprived the territory — where the poverty rate is roughly twice the national average — of badly needed revenue, George said. She is seeking to recoup tens of millions in lost revenue, plus punitive damages.

George’s office retained a law firm, Motley Rice, to handle much of its investigation. Motley Rice’s compensation will ultimately be based on any judgment or recovery in the case, the attorney general’s office said.

The two sides began settlement talks last year, although the parties are not close to a deal, said two people briefed on the matter, who spoke on the condition of anonymity because the talks are confidential.

Sandra Goomansingh, a spokesperson for George, declined to comment on whether the parties were engaged in settlement negotiations. Weiner also declined to comment on settlement talks.

The size of any settlement depends, in part, on how much money Epstein’s two islands off St. Thomas can fetch at sale. His estate valued the properties at about $20 million, according to the most recent quarterly report. But a local real estate agent said they could go for much more.

The agent, April Newland, who specializes in selling high-end properties, said she had shown the islands to a number of interested buyers, including several cryptocurrency investors. Newland said getting both for just $20 million would be a “steal.”

“There is a market for private islands,” she said. “And once they start marketing them, they will go.”

When Jeffrey Epstein died, he left behind an estate with an estimated value of $600 million. There were vast financial holdings, a private jet and palatial properties including an island hideaway, a grand Manhattan mansion and a 7,600-acre New Mexico ranch.

When Jeffrey Epstein died, he left behind an estate with an estimated value of $600 million. There were vast financial holdings, a private jet and palatial properties including an island hideaway, a grand Manhattan mansion and a 7,600-acre New Mexico ranch. But taxes, property upkeep and temperature-controlled storage for his art collection — as well as $121 million in settlements to more than 135 women who accused him of sexually abusing them when they were young — have since cut into the size of Epstein’s estate. It is now worth about one-third of its value when the financier, 66, hanged himself in a Manhattan jail cell while awaiting trial on sex-trafficking charges 2 1/2 years ago. The biggest continuing expense is legal costs: $30 million so far to law firms brought in to clean up Epstein’s affairs. Lawyers have helped hand out settlements, liquidate assets and sift through the complicated holdings of a man who once set up his own offshore bank. The work won’t be finished anytime soon. The estate must still resolve a civil fraud lawsuit, brought by the attorney general of the Virgin Islands, who claims Epstein used the territory to facilitate a criminal enterprise by bilking it out of more than $70 million in tax revenue. And Ghislaine Maxwell, the former associate of Epstein who was convicted of sex-trafficking charges last month, has sued the estate to recoup her legal fees. Not until all that is over will the estate dispense whatever is left, according to the terms of a secret trust that Epstein set up and named in a will drawn just two days before he died. The details of the trust are not public. But Karyna Shuliak, Epstein’s girlfriend and the last person he spoke to on the phone before killing himself, will be one of the main beneficiaries, The New York Times previously reported. Shuliak, a native of Belarus, is a dentist who shared an office on the island of St. Thomas with Epstein’s Southern Trust Co. A lawyer for Shuliak declined to comment. The estate has paid $9 million to the lawyers who established and oversaw the victims restitution fund, and $21 million to at least 16 law firms for services and expenses, according to a review of quarterly financial statements filed by the estate in Superior Court in the Virgin Islands. Five firms — Troutman Pepper, Hughes Hubbard & Reed, White & Case, McLaughlin & Stern and Kellerhals Ferguson Kroblin — have each taken in fees that exceed the nearly $900,000 average award to victims from the compensation fund. A lawyer for nine accusers who submitted claims took issue with the size of those legal bills. “It is appalling that lawyers divvying up the estate of Jeffrey Epstein are profiting more than his victims,” said Florida lawyer Spencer Kuvin, who has been seeking compensation for some of Epstein’s accusers for more than a decade. Daniel Weiner, a lawyer with Hughes Hubbard, which has billed the estate more than $6 million, said it was wrong to compare the legal fees and the settlement amounts. He said the estate’s executors, Darren Indyke and Richard Kahn, had put no limitations on the amount of money handed out by the restitution fund, which an independent administrator oversaw. The victims who participated, he added, were able to avoid litigation costs that could have reduced the amount they received. (Victims’ lawyers are being paid out of the awards; a one-third share is typical.) Weiner said he would not discuss whether Indyke and Kahn, who were longtime advisers to Epstein, would ultimately receive any proceeds from the estate through the trust. “The trust Mr. Epstein created before his death has not and will not be funded, if ever, until every single claim against the estate has been resolved,” Weiner said in a statement. “Public curiosity as to contingent beneficiaries who may never receive anything from that trust cannot justify violating their legitimate privacy interests.” Although the estate’s legal expenses continue to grow, William LaPiana, a professor at New York Law School and a trust and estates expert, said the costs were, so far, fairly typical. LaPiana said it is not unusual for legal fees in complex estates that involve extensive litigation to approach 5% of the estate’s initial value. The legal fees unrelated to the compensation fund currently represent about 3.5% percent of the estate’s beginning valuation. “I don’t believe a court would yet decide that the admittedly large fees are excessive,” he said. The fees are just one component of the long list of costs that have whittled away at the fortune that Epstein built primarily by providing financial and tax advice to a small group of wealthy men. Among them were two billionaires: Leon Black, a founder of the private equity firm Apollo Global Capital, and Leslie Wexner, founder of a retail empire that once included Victoria’s Secret. The estate’s tax bill alone was roughly $180 million. Upkeep of the properties — two tropical islands, the ranch and a Paris apartment are still unsold — has cost millions more. The estate is also paying about $15,000 a month to store Epstein’s art collection in a temperature-controlled warehouse in Long Island City, according to court filings. More routine expenses include roughly $390 a month to Verizon for phone services and about $154 a month to Dish for satellite TV services, the filings show. Cash has come in as assets have been sold off: $66 million from the sale of Epstein’s former homes in Manhattan and Palm Beach, Florida, although that was well below their asking prices. A Gulfstream jet, one of three planes Epstein owned, was sold in late 2020 for $10 million, some $7 million less than the estate had valued it. In August, the estate sold its half interest in a yacht club on St. Thomas for $4.6 million. A few months earlier, it sold Epstein's Sikorsky helicopter, generating $1.5 million. Other asset sales have netted more modest sums: In September, the estate got $985 for an “Ikea green shag rug” and outdoor furniture from Epstein’s island home. The value of the estate is now roughly $185 million, and the litigation with the Virgin Islands has the potential to wipe out much of that. Denise George, the territory’s attorney general, filed a civil fraud complaint against the estate two years ago, contending that Epstein improperly received a tax benefit that allowed him to finance sex trafficking. That wrongly deprived the territory — where the poverty rate is roughly twice the national average — of badly needed revenue, George said. She is seeking to recoup tens of millions in lost revenue, plus punitive damages. George’s office retained a law firm, Motley Rice, to handle much of its investigation. Motley Rice’s compensation will ultimately be based on any judgment or recovery in the case, the attorney general’s office said. The two sides began settlement talks last year, although the parties are not close to a deal, said two people briefed on the matter, who spoke on the condition of anonymity because the talks are confidential. Sandra Goomansingh, a spokesperson for George, declined to comment on whether the parties were engaged in settlement negotiations. Weiner also declined to comment on settlement talks. The size of any settlement depends, in part, on how much money Epstein’s two islands off St. Thomas can fetch at sale. His estate valued the properties at about $20 million, according to the most recent quarterly report. But a local real estate agent said they could go for much more. The agent, April Newland, who specializes in selling high-end properties, said she had shown the islands to a number of interested buyers, including several cryptocurrency investors. Newland said getting both for just $20 million would be a “steal.” “There is a market for private islands,” she said. “And once they start marketing them, they will go.”

Where is Jeffrey Epstein’s money going?

Budget 2022 is just around the corner and like other sectors, auto sector in India has its expectations as well. Around 50% of manufacturing contribution in India's GDP comes from auto sector so what are the expectations of this shining sector? Today we're joined by Santosh Iyer, VP of Mercedes-Benz.

50% of manufacturing contribution in India's GDP comes from auto sector

India's startup sector is one of the shining examples of the Indian economy over the past two years. Going forward, 2022 is supposed to be even more optimistic, with more hopes for the startup ecosystem.

Bright outlook for India's startup ecosystem ahead of budget 2022

Central Bank Federal Reserve is likely to hike interest rates this March and has reaffirmed plans to end its bond purchases.

US: Central Bank Federal Reserve is likely to hike interest rates in March

Bentley says that it will launch its first fully electric car in 2025. It has also said that it will invest $3.4 Billion in sustainability in the next 10 years.

Bentley to launch its first fully electric car in 2025, $3.4 Billion to be invested in next 10 years

US plane maker Boeing has incurred a 3.5 billion dollar charge in the fourth quarter. This was due to longer than expected delivery delays.

US plane maker Boeing incurs a 3.5 billion dollar charge due to delivery delays

The International Monetary Fund (IMF) has slashed its growth prediction for 2022, citing higher-than-expected inflation and the Omicron variant&nbsp;as reasons for the downgrade.

In a quarterly update on predictions released in October 2021, the IMF predicted that growth would be 4.4 percent this year, down 0.5 percentage points from last year, with the possibility of a worse performance.

The downgrading was blamed on mounting cost pressures and the rapid spread of Omicron, according to the Washington-based organisation, which added that while the forecast for the world's two largest economies – the US and China—was considerably worse in 2022, few countries would be spared a downturn.&nbsp;

The UK is predicted to increase by 4.7 per cent in 2022, down 0.3 percentage points from the IMF's October 2021 World Economic Outlook prediction.

Despite the cut, the IMF predicts that the UK will expand faster this year than the other six G7 industrial nations — the United States, Japan, Germany, France, Italy, and Canada.&nbsp;

The United States, the world's largest economy, saw its estimate slashed due to concerns over President Joe Biden's spending agenda, while China, the world's second-largest economy, faced real estate issues.

According to the IMF, the global economy grew 5.9% last year, the greatest in four decades of detailed statistics.

This followed a 3.1 percent drop in 2020, the largest drop in broader data since the Great Depression.

(With inputs from agencies)

The International Monetary Fund (IMF) has slashed its growth prediction for 2022, citing higher-than-expected inflation and the Omicron variant as reasons for the downgrade.

The International Monetary Fund (IMF) has slashed its growth prediction for 2022, citing higher-than-expected inflation and the Omicron variant as reasons for the downgrade. In a quarterly update on predictions released in October 2021, the IMF predicted that growth would be 4.4 percent this year, down 0.5 percentage points from last year, with the possibility of a worse performance. The downgrading was blamed on mounting cost pressures and the rapid spread of Omicron, according to the Washington-based organisation, which added that while the forecast for the world's two largest economies – the US and China—was considerably worse in 2022, few countries would be spared a downturn. The UK is predicted to increase by 4.7 per cent in 2022, down 0.3 percentage points from the IMF's October 2021 World Economic Outlook prediction. Despite the cut, the IMF predicts that the UK will expand faster this year than the other six G7 industrial nations — the United States, Japan, Germany, France, Italy, and Canada. The United States, the world's largest economy, saw its estimate slashed due to concerns over President Joe Biden's spending agenda, while China, the world's second-largest economy, faced real estate issues. According to the IMF, the global economy grew 5.9% last year, the greatest in four decades of detailed statistics. This followed a 3.1 percent drop in 2020, the largest drop in broader data since the Great Depression. (With inputs from agencies)

IMF cuts 2022 economic growth outlook amid inflation

Texas, Indiana, Washington state and the district of Columbia they've all sued alphabet's Google over deceptive location tracking practices that invade users privacy. The search engine firm is accused of falsely leading consumers to believe that changing their account and device settings would allow customers to protect their privacy.

Google sued over location-tracking