Kicking off the budget session of the parliament, India's finance minister Nirmala Sitharaman tabled the economic recovery and the economic survey in the parliament, the survey is the flagship annual document that reviews the state of economy, it projects India's GDP growth between 8-8.5 % in the financial year 2023.

India: FM Nirmala Sitharaman to table annual budget in Parliament today

The economic impact of the "second wave" of COVID-19 was much smaller than that during the full lockdown phase in 2020-21, though the health impact was more severe, according to the Economic Survey 2021-22 tabled in the parliament on Monday.

While presenting the annual survey report ahead of the Union Budget, Finance Minister Nirmala Sitharaman said that the Centre`s unique response to the second wave of COVID-19 comprised of safety-nets to cushion its impact on vulnerable sections of society and the business sector.

She added that the government significantly increased the capital expenditure to spur growth and introduced supply-side reforms for a sustained long-term expansion of the economy.

"The government`s flexible and multi-layered response is partly based on an "Agile" framework that uses feedback-loops, and the use of eighty High-Frequency Indicators (HFIs) in an environment of extreme uncertainty," she stated.

As per the report, the Indian economy is estimated to grow by 9.2 per cent in real terms in 2021-22 (as per first advanced estimates) subsequent to a contraction of 7.3 per cent in 2020-21 and the GDP is projected to grow by 8- 8.5 per cent in real terms in 2022-23.

<a href="https://www.wionews.com/india-news/india-union-budget-2022-what-are-expenditure-and-revenue-budgets-449333">Also read |&nbsp;India Union Budget 2022: What are expenditure and revenue budgets?</a>

The year ahead is poised for a pickup in private sector investment with the financial system in a good position to provide support for the economy`s revival, said the survey report.

The projection is comparable with World Bank and Asian Development Bank`s latest forecasts of real GDP growth of 8.7 per cent and 7.5 per cent respectively for 2022-23, it added.

As per IMF`s latest World Economic Outlook projections, India`s real GDP is projected to grow at 9 per cent in 2021-22 and 2022-23 and at 7.1 per cent in 2023-2024, which would make India the fastest-growing major economy in the world for all three years.

Macroeconomic stability indicators suggest that the Indian Economy is well placed to take on the challenges of 2022-23.

A combination of high foreign exchange reserves, sustained foreign direct investment, and rising export earnings will provide an adequate buffer against possible global liquidity tapering in 2022-23.&nbsp;

The economic impact of the "second wave" of COVID-19 was much smaller than that during the full lockdown phase in 2020-21, though the health impact was more severe, according to the Economic Survey 2021-22 tabled in the parliament on Monday.

The economic impact of the "second wave" of COVID-19 was much smaller than that during the full lockdown phase in 2020-21, though the health impact was more severe, according to the Economic Survey 2021-22 tabled in the parliament on Monday. While presenting the annual survey report ahead of the Union Budget, Finance Minister Nirmala Sitharaman said that the Centre`s unique response to the second wave of COVID-19 comprised of safety-nets to cushion its impact on vulnerable sections of society and the business sector. She added that the government significantly increased the capital expenditure to spur growth and introduced supply-side reforms for a sustained long-term expansion of the economy. "The government`s flexible and multi-layered response is partly based on an "Agile" framework that uses feedback-loops, and the use of eighty High-Frequency Indicators (HFIs) in an environment of extreme uncertainty," she stated. As per the report, the Indian economy is estimated to grow by 9.2 per cent in real terms in 2021-22 (as per first advanced estimates) subsequent to a contraction of 7.3 per cent in 2020-21 and the GDP is projected to grow by 8- 8.5 per cent in real terms in 2022-23. Also read | India Union Budget 2022: What are expenditure and revenue budgets? The year ahead is poised for a pickup in private sector investment with the financial system in a good position to provide support for the economy`s revival, said the survey report. The projection is comparable with World Bank and Asian Development Bank`s latest forecasts of real GDP growth of 8.7 per cent and 7.5 per cent respectively for 2022-23, it added. As per IMF`s latest World Economic Outlook projections, India`s real GDP is projected to grow at 9 per cent in 2021-22 and 2022-23 and at 7.1 per cent in 2023-2024, which would make India the fastest-growing major economy in the world for all three years. Macroeconomic stability indicators suggest that the Indian Economy is well placed to take on the challenges of 2022-23. A combination of high foreign exchange reserves, sustained foreign direct investment, and rising export earnings will provide an adequate buffer against possible global liquidity tapering in 2022-23.

India Budget 2022: Govt's supply-side reforms prepare economy for long-term expansion, says FM Sitharaman

Several opposition parties in the Business Advisory Committee meeting that took place early on Monday afternoon chaired by the Lok Sabha Speaker Om Birla, objected to the government presenting paperless Union Budget and Economic Survey.

Sources said that these Lok Sabha leaders conveyed to the government via the speaker that it would be impossible to download every document from the Internet, read it and process it in time for reactions. As per the sources, privy to the details of the meeting Adhir Ranjan Chowdhury floor leader of the Lok Sabha for the Congress, Sudip Bandyopadhyay from the TMC, Vinayak Raut from Shiv Sena, and Supriya Sule of NCP were some of the leaders who spoke about the subject.

Vinayak Raut told ANI, "Our concern is very genuine and we have requested the Speaker to intervene so we will hope that at least the part one speech of the finance minister is given to us in a physical copy."

"We have raised a very important issue because it is not practically possible to download everything from the website et cetera. Speaker has stepped in so we will have to see what the government does," Sudip Bandyopadhyay told ANI.

Sources further stated that during the meeting, the Lok Sabha Speaker asked the government to see what can be done to address the concern of the opposition MPs.

It is being said that in the meeting, Parliamentary Affairs Minister Pralhad Joshi told the opposition that he would take note of their concerns, although the people`s budget and the survey was a huge boost to promote contactless documentation.

The Parliamentary Affairs Minister is also said to have told the members that he will be speaking to the Finance Minister Nirmala Sitharaman about their concerns.

<a href="https://www.wionews.com/business-economy/india-budget-2022-india-can-become-worlds-fastest-growing-economy-economic-survey-449214">Also read |&nbsp;India Budget 2022: India can become world’s fastest growing economy: Economic Survey</a>

The Finance Ministry, on January 27, through a statement had said," In a historic move, the Union Budget of 2021-22 was delivered in paperless form for the first time."

"A "Union Budget Mobile App" was also launched for hassle-free access of Budgetdocuments by Members of Parliament (MPs) and the general public.

The Union Budget 2022-23 would also be available on the Mobile App after the process of Budget presentation has been completed on February 1, 2022, in the Parliament," the statement read.

According to the statement, the mobile application allows complete access to 14 Union Budget documents, including the BudgetSpeech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill, etc. as prescribed by the Constitution.

The mobile app is bilingual (English and Hindi) and is available on both Android and iOS platforms.

Several opposition parties in the Business Advisory Committee meeting that took place early on Monday afternoon chaired by the Lok Sabha Speaker Om Birla, objected to the government presenting paperless Union Budget and Economic Survey.

Several opposition parties in the Business Advisory Committee meeting that took place early on Monday afternoon chaired by the Lok Sabha Speaker Om Birla, objected to the government presenting paperless Union Budget and Economic Survey. Sources said that these Lok Sabha leaders conveyed to the government via the speaker that it would be impossible to download every document from the Internet, read it and process it in time for reactions. As per the sources, privy to the details of the meeting Adhir Ranjan Chowdhury floor leader of the Lok Sabha for the Congress, Sudip Bandyopadhyay from the TMC, Vinayak Raut from Shiv Sena, and Supriya Sule of NCP were some of the leaders who spoke about the subject. Vinayak Raut told ANI, "Our concern is very genuine and we have requested the Speaker to intervene so we will hope that at least the part one speech of the finance minister is given to us in a physical copy." "We have raised a very important issue because it is not practically possible to download everything from the website et cetera. Speaker has stepped in so we will have to see what the government does," Sudip Bandyopadhyay told ANI. Sources further stated that during the meeting, the Lok Sabha Speaker asked the government to see what can be done to address the concern of the opposition MPs. It is being said that in the meeting, Parliamentary Affairs Minister Pralhad Joshi told the opposition that he would take note of their concerns, although the people`s budget and the survey was a huge boost to promote contactless documentation. The Parliamentary Affairs Minister is also said to have told the members that he will be speaking to the Finance Minister Nirmala Sitharaman about their concerns. Also read | India Budget 2022: India can become world’s fastest growing economy: Economic Survey The Finance Ministry, on January 27, through a statement had said," In a historic move, the Union Budget of 2021-22 was delivered in paperless form for the first time." "A "Union Budget Mobile App" was also launched for hassle-free access of Budgetdocuments by Members of Parliament (MPs) and the general public. The Union Budget 2022-23 would also be available on the Mobile App after the process of Budget presentation has been completed on February 1, 2022, in the Parliament," the statement read. According to the statement, the mobile application allows complete access to 14 Union Budget documents, including the BudgetSpeech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill, etc. as prescribed by the Constitution. The mobile app is bilingual (English and Hindi) and is available on both Android and iOS platforms.

Indian Budget 2022: Opposition raises objection to govt's presentation of paperless Budget

Indian finance minister Nirmala Sitharaman during the Budget 2022 presentation in Parliament announced a plan to boost the defence sector. Here are the key takeaways.

India Union Budget 2022: FM allots 68% capital for defence purchases for domestic sector

Despite the COVID-19&nbsp;pandemic, India's economic growth in the upcoming financial year, i.e., 2022-23, can be surprising on the higher side, ASSOCHAM Secretary-General said on Monday.&nbsp;

"While the 8-8.5 per cent GDP projections for FY23 are on the back of a high base of 9.2 per cent in the current financial year, ASSOCHAM is of the view that India's economic growth can surprise us on the higher side.&nbsp;

"Even as the pandemic is still raging in most parts of the world, its latest variant is less damaging. Besides, with 75 per cent of eligible Indians fully vaccinated and the booster dose being rolled out, India would be far better prepared to take on the challenges," ASSOCHAM Secretary General Deepak Sood said.&nbsp;

ASSOCHAM said it shares the prognosis of the Economic Survey that the Indian economy is well placed to take on the challenges of 2022-23, riding on the back of continuous reforms in supply-side and safety nets to the vulnerable sections of the society.&nbsp;

Sood further said that the advance estimates suggest manufacturing to be growing by 12.5 per cent in the current fiscal while services would expand by 8.5 per cent.&nbsp;

"Traditionally, services grow at a faster face. Clearly, the Covid impact on contact intensive industries is reflecting even as manufacturing has been aided by supply-side reforms. Once the impact of PLI scheme kicks in, we expect the manufacturing to be leading the growth for the foreseeable future," Sood said, adding that robust performance in exports has also helped the manufacturing.

He further said that the Economic Survey is right in its assessment about the investment scenario, saying: "The private investment recovery is still at a nascent stage, though there are increased activities in the brownfield projects. Heavy lifting would still be needed by the government with capital expenditure, and we expect that in the Budget."

The Survey has pointed out that the government has the fiscal capacity to maintain the support, and ramp up capital expenditure when required, ASSOCHAM said in a statement.

"Schemes like credit guarantee with 100 per cent guarantee for additional funding of Rs 4.5 lakh crore to MSMEs have provided critical relief to the sectors severely hit by the pandemic. More such measures are expected in the Budget," it said.

"The Survey has re-emphasised the government's asset monetisation and disinvestment agenda, which spells out bare minimum presence of government ownership even in the strategic sectors. Successful completion of Air India disinvestment should infuse confidence for the roadmap," it added.

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Despite the COVID-19 pandemic, India's economic growth in the upcoming financial year, i.e., 2022-23, can be surprising on the higher side, ASSOCHAM Secretary-General said on Monday.

Despite the COVID-19 pandemic, India's economic growth in the upcoming financial year, i.e., 2022-23, can be surprising on the higher side, ASSOCHAM Secretary-General said on Monday. "While the 8-8.5 per cent GDP projections for FY23 are on the back of a high base of 9.2 per cent in the current financial year, ASSOCHAM is of the view that India's economic growth can surprise us on the higher side. "Even as the pandemic is still raging in most parts of the world, its latest variant is less damaging. Besides, with 75 per cent of eligible Indians fully vaccinated and the booster dose being rolled out, India would be far better prepared to take on the challenges," ASSOCHAM Secretary General Deepak Sood said. ASSOCHAM said it shares the prognosis of the Economic Survey that the Indian economy is well placed to take on the challenges of 2022-23, riding on the back of continuous reforms in supply-side and safety nets to the vulnerable sections of the society. Sood further said that the advance estimates suggest manufacturing to be growing by 12.5 per cent in the current fiscal while services would expand by 8.5 per cent. "Traditionally, services grow at a faster face. Clearly, the Covid impact on contact intensive industries is reflecting even as manufacturing has been aided by supply-side reforms. Once the impact of PLI scheme kicks in, we expect the manufacturing to be leading the growth for the foreseeable future," Sood said, adding that robust performance in exports has also helped the manufacturing. He further said that the Economic Survey is right in its assessment about the investment scenario, saying: "The private investment recovery is still at a nascent stage, though there are increased activities in the brownfield projects. Heavy lifting would still be needed by the government with capital expenditure, and we expect that in the Budget." The Survey has pointed out that the government has the fiscal capacity to maintain the support, and ramp up capital expenditure when required, ASSOCHAM said in a statement. "Schemes like credit guarantee with 100 per cent guarantee for additional funding of Rs 4.5 lakh crore to MSMEs have provided critical relief to the sectors severely hit by the pandemic. More such measures are expected in the Budget," it said. "The Survey has re-emphasised the government's asset monetisation and disinvestment agenda, which spells out bare minimum presence of government ownership even in the strategic sectors. Successful completion of Air India disinvestment should infuse confidence for the roadmap," it added. ×

India's economic growth in 2022-23 could spring a surprise: ASSOCHAM

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)?

Indian finance minister Nirmala Sitharaman took questions from the media after presenting the Union Budget 2022-23 in Parliament along with her team.

Indian finance minister Nirmala Sitharaman briefs media on Union Budget 2022

For more analysis on India's Union Budget 2022, WION speaks to Niranjan Hiranandani, Co-founder and Managing Director of Hiranandani group.

Union Budget 2022: A lot of this year's budget is focused on digital, says Niranjan Hiranandani

With Nirmala Sitharaman's budget presentation lasting for about one hour 31 minutes on Tuesday, the Indian Finance Minister's budget speech this year became the shortest ever since 2019.&nbsp;

Last year, Sitharaman's budget speech lasted for about one hour 48 minutes, while in 2020, it went on for 2 hours 40 minutes, which was the longest speech ever.&nbsp;

In the year before that, the speech was 2 hours 17 minutes long.&nbsp;

Sitharaman presented the Union Budget 2022-23 in the Lok Sabha today during the Budget Session of Parliament.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/india-union-budget-2022-markets-cheer-as-sensex-nifty-close-on-a-high-449555">India Union Budget 2022: Markets cheer as Sensex, Nifty close on a high</a>

The budget will lay the foundation for India's economic growth and expansion for the next 25 years, Finance Minister said while presenting the budget.&nbsp;

"This 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," Sitharaman said while presenting her fourth union budget.&nbsp;

She said India is in a strong position to withstand future challenges.&nbsp;

The Finance Minister said the government's focus will continue on boosting public investment to modernise infrastructure.&nbsp;

One of the priority areas of the government in the coming years would be the PM Gati Shakti programme.&nbsp;

Seven engines of the PM Gati Shakti initiative are roads, Railways, airports, ports, mass transport, waterways and logistics infra.&nbsp;

The Union Cabinet on Tuesday approved the Budget 2022-23 which was presented by Finance Minister Nirmala Sitharaman in Parliament.&nbsp;

The meeting began at around 10:20am (local time) ahead of the Budget presentation.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/entertainment/lifestyle/news-nirmala-sitharaman-opts-for-orissa-handloom-saree-to-present-the-union-budget-2022-449433">Nirmala Sitharaman opts for Orissa handloom saree to present the Union Budget 2022</a>

Indian Prime Minister Narendra Modi, Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others were present at the Parliament for the Union Cabinet Meeting ahead of the Budget presentation.&nbsp;

Earlier today, Sitharaman met President Ram Nath Kovind ahead of the Budget presentation. She was accompanied by Ministers of State for Finance Pankaj Chaudhary, Bhagwat Karad and other officials from the Ministry.&nbsp;

Amid the ongoing coronavirus pandemic, replacing her signature 'bahi khata', she opted to carry the documents in a tablet, which was wrapped in a red-coloured cover with the national emblem emblazoned on it.&nbsp;

WATCH |&nbsp;India Union Budget 2022: Will startups be the engine of jobs?

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With Nirmala Sitharaman's budget presentation lasting for about one hour 31 minutes on Tuesday, the Indian Finance Minister's budget speech this year became the shortest ever since 2019.

With Nirmala Sitharaman's budget presentation lasting for about one hour 31 minutes on Tuesday, the Indian Finance Minister's budget speech this year became the shortest ever since 2019. Last year, Sitharaman's budget speech lasted for about one hour 48 minutes, while in 2020, it went on for 2 hours 40 minutes, which was the longest speech ever. In the year before that, the speech was 2 hours 17 minutes long. Sitharaman presented the Union Budget 2022-23 in the Lok Sabha today during the Budget Session of Parliament. ALSO READ | India Union Budget 2022: Markets cheer as Sensex, Nifty close on a high The budget will lay the foundation for India's economic growth and expansion for the next 25 years, Finance Minister said while presenting the budget. "This 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," Sitharaman said while presenting her fourth union budget. She said India is in a strong position to withstand future challenges. The Finance Minister said the government's focus will continue on boosting public investment to modernise infrastructure. One of the priority areas of the government in the coming years would be the PM Gati Shakti programme. Seven engines of the PM Gati Shakti initiative are roads, Railways, airports, ports, mass transport, waterways and logistics infra. The Union Cabinet on Tuesday approved the Budget 2022-23 which was presented by Finance Minister Nirmala Sitharaman in Parliament. The meeting began at around 10:20am (local time) ahead of the Budget presentation. ALSO READ | Nirmala Sitharaman opts for Orissa handloom saree to present the Union Budget 2022 Indian Prime Minister Narendra Modi, Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others were present at the Parliament for the Union Cabinet Meeting ahead of the Budget presentation. Earlier today, Sitharaman met President Ram Nath Kovind ahead of the Budget presentation. She was accompanied by Ministers of State for Finance Pankaj Chaudhary, Bhagwat Karad and other officials from the Ministry. Amid the ongoing coronavirus pandemic, replacing her signature 'bahi khata', she opted to carry the documents in a tablet, which was wrapped in a red-coloured cover with the national emblem emblazoned on it. WATCH | India Union Budget 2022: Will startups be the engine of jobs? ×

Indian FM Sitharaman's Budget speech shortest since 2019, lasts for 91 minutes

Indian Prime Minister Narendra Modi hailed the Union Budget 2022 presented by finance minister Nirmala Sitharaman. He said that this will benefit the poor and create more growth and jobs for the country’s youth.

Union Budget 2022: Indian PM Modi hails this year's budget, calls it a budget for next 100 years

In the announcement of the Indian Union Budget 2022, Finance Minister (FM) Nirmala Sitharaman has shared several sops for farmers on Tuesday. &nbsp;&nbsp;

According to the FM, kisan drones will be used for crop assessment, land records and spraying of insecticides. It will drive a wave of technology in agriculture sector, the Sitharaman said. &nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/indian-union-budget-2022-icai-asks-government-to-hike-annual-limit-for-contribution-to-ppf-to-rs-300000-449427" hreflang="en">Indian Union Budget 2022: ICAI asks government to hike annual limit for contribution to PPF to Rs 3,00,000</a>

Not just this, the Indian government will also pay Rs 2.37 trillion towards procurement of wheat and paddy under MSP operations. The implementation of Ken-Betwa rivers linking with estimated cost of Rs 446.05 billion will also be taken up. All of these initiatives will provide a major boost to the farmers around the country. &nbsp;

The government has also announced a rationalised scheme to increase domestic oilseed production, which will be brought in to cut down imports. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/live-budget-2022-updates-fm-nirmala-sitharamans-begins-her-fourth-union-budget-speech-449407" hreflang="en">LIVE Budget 2022 Updates: Highways to growth, lifeline for hotels, farm sops in Budget so far</a>

The FM also said that 2022-23 has been announced as International Year of Millets. &nbsp;

The railways will also develop new products for small farmers and MSMEs, as per the minister. &nbsp;

She also noted that efforts of central and state governments are leading to jobs and entrepreneurial opportunities. &nbsp;

She also said that national highways will be extended by 25,000 km during 2022-23. &nbsp;

(With inputs from agencies)&nbsp;

In the announcement of the Indian Union Budget 2022, Finance Minister (FM) Nirmala Sitharaman has shared several sops for farmers on Tuesday. According to the FM, kisan drones will be used for crop assessment, land records and spraying of insecticides.

In the announcement of the Indian Union Budget 2022, Finance Minister (FM) Nirmala Sitharaman has shared several sops for farmers on Tuesday. According to the FM, kisan drones will be used for crop assessment, land records and spraying of insecticides. It will drive a wave of technology in agriculture sector, the Sitharaman said. Also Read: Indian Union Budget 2022: ICAI asks government to hike annual limit for contribution to PPF to Rs 3,00,000 Not just this, the Indian government will also pay Rs 2.37 trillion towards procurement of wheat and paddy under MSP operations. The implementation of Ken-Betwa rivers linking with estimated cost of Rs 446.05 billion will also be taken up. All of these initiatives will provide a major boost to the farmers around the country. The government has also announced a rationalised scheme to increase domestic oilseed production, which will be brought in to cut down imports. Also Read: LIVE Budget 2022 Updates: Highways to growth, lifeline for hotels, farm sops in Budget so far The FM also said that 2022-23 has been announced as International Year of Millets. The railways will also develop new products for small farmers and MSMEs, as per the minister. She also noted that efforts of central and state governments are leading to jobs and entrepreneurial opportunities. She also said that national highways will be extended by 25,000 km during 2022-23. (With inputs from agencies)

Indian Union Budget 2022: Finance Minister announces kisan drones in boost to agriculture sector

To provide a boost to the coronavirus-ravaged economy, the Indian Finance Minister Nirmala Sitharaman presented the annual Union Budget for the year 2022-2023 in Parliament on Tuesday (February 1).&nbsp;

The budget was paperless - just like last year and it is now available on an application named "Union Budget Mobile App". The app was launched last year for easy access to Budget documents by Members of Parliament (MPs) and the general public.&nbsp;

This year, the budget was read from Made in India tablet.&nbsp;Sitharaman was carrying the&nbsp;tablet kept inside a red coloured cover with a golden coloured national emblem embossed on it instead of the briefcase or 'bahi khata'.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/union-budget-2022-indias-finance-minister-sitharaman-says-growth-expected-at-92-449432">Union Budget 2022: India's Finance Minister Sitharaman says growth expected at 9.2%</a>

This was also seen as an attempt to go green and also to minimise physical contact amid the coronavirus COVID-19 pandemic.&nbsp;

In a historic move, the Union Budget 2021 was presented in a digital format for the first time to promote the Government of India's (GoI) Digital India flagship programme.

Sitharaman in 2019, ditched the longstanding tradition of carrying a briefcase and went 'Swadeshi' to replaced the briefcase with the traditional 'bahi khata' saying that the Modi government was not a 'suitcase-carrying government'.&nbsp;

The tradition of carrying the Budget briefcase was a copy of the 'Gladstone box', used in the British Budget. In 1860, the then British budget chief William E Gladstone used a red suitcase with Queen's monogram embossed in gold to carry his documents, which came to be known as the 'Gladstone Box'.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/entertainment/lifestyle/news-nirmala-sitharaman-opts-for-orissa-handloom-saree-to-present-the-union-budget-2022-449433">Nirmala Sitharaman opts for Orissa handloom saree to present the Union Budget 2022</a>

In 1947, India's first Finance Minister RK Shanmukham Chetty carried a leather portfolio to present the first Budget.

Before Nirmala Sitharaman, a long standing tradition in connection with the Budget presentation was broken during the Atal Bihari Vajpayee government with the then Finance Minister Yashwant Sinha presenting the Budget at 11am (local time) instead of the traditional time of 5pm (local time).&nbsp;

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(With inputs from agencies)

To provide a boost to the coronavirus-ravaged economy, the Indian Finance Minister Nirmala Sitharaman presented the annual Union Budget for the year 2022-2023 in Parliament on Tuesday (February 1).

To provide a boost to the coronavirus-ravaged economy, the Indian Finance Minister Nirmala Sitharaman presented the annual Union Budget for the year 2022-2023 in Parliament on Tuesday (February 1). The budget was paperless - just like last year and it is now available on an application named "Union Budget Mobile App". The app was launched last year for easy access to Budget documents by Members of Parliament (MPs) and the general public. This year, the budget was read from Made in India tablet. Sitharaman was carrying the tablet kept inside a red coloured cover with a golden coloured national emblem embossed on it instead of the briefcase or 'bahi khata'. ALSO READ | Union Budget 2022: India's Finance Minister Sitharaman says growth expected at 9.2% This was also seen as an attempt to go green and also to minimise physical contact amid the coronavirus COVID-19 pandemic. In a historic move, the Union Budget 2021 was presented in a digital format for the first time to promote the Government of India's (GoI) Digital India flagship programme. Sitharaman in 2019, ditched the longstanding tradition of carrying a briefcase and went 'Swadeshi' to replaced the briefcase with the traditional 'bahi khata' saying that the Modi government was not a 'suitcase-carrying government'. The tradition of carrying the Budget briefcase was a copy of the 'Gladstone box', used in the British Budget. In 1860, the then British budget chief William E Gladstone used a red suitcase with Queen's monogram embossed in gold to carry his documents, which came to be known as the 'Gladstone Box'. ALSO READ | Nirmala Sitharaman opts for Orissa handloom saree to present the Union Budget 2022 In 1947, India's first Finance Minister RK Shanmukham Chetty carried a leather portfolio to present the first Budget. Before Nirmala Sitharaman, a long standing tradition in connection with the Budget presentation was broken during the Atal Bihari Vajpayee government with the then Finance Minister Yashwant Sinha presenting the Budget at 11am (local time) instead of the traditional time of 5pm (local time). × (With inputs from agencies)

From 'Bahi Khata' to 'Made in India' tablet: Reflection of Digital India during Budget 2022

In Indian Union Budget 2022 speech, Finance Minister Nirmala Sitharaman said that India will develop and launch a digital currency. The central bank of the country, Reserve Bank of India, will come up with it by 2023. It will be based on blockchain technology. It will bring clarity to the cryptocurrency world.

India's RBI to launch digital currency

In the Indian Union Budget 2022 announcement on Tuesday, Finance Minister (FM) Nirmala Sitharaman has said that Reserve Bank of India (RBI) is planning to develop a digital rupee, which will be based on blockchain technology, in 2023. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/indian-union-budget-2022-5g-airwaves-auction-to-be-held-in-2022-says-finance-minister-449471">Indian Union Budget 2022: 5G airwaves auction to be held in 2022, says FM</a>

According to the Indian finance minister, digital currency will also lead to a more efficient and cheaper currency management system. “It is therefore proposed to introduce digital rupee using blockchain and other technology to be issued by the Reserve Bank of India starting, 2022 and 2023,” said Sitharaman. &nbsp;

To bring digital assets under the tax net, any income from these will be taxed at 30%, added the&nbsp;finance minister.

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/indian-union-budget-2022-finance-minister-announces-kisan-drones-in-boost-to-agriculture-sector-449449" hreflang="en">Indian Union Budget 2022: FM announces kisan drones in boost to agri sector</a>

She also stated that any losses incurred as a result of these assets cannot be offset against other gains.

She has also proposed a one per cent TDS (tax deducted at source) on transactions in such asset classes above a certain threshold.&nbsp;

Watch | India Budget 2022: Finance Minister Nirmala Sitharaman presents her fourth Union Budget

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Gifts of digital assets will be taxed in the hands of the recipient, according to the FM.

(With inputs from agencies) &nbsp;

In the Indian Union Budget 2022 announcement on Tuesday, Finance Minister (FM) Nirmala Sitharaman has said that Reserve Bank of India (RBI) is planning to develop a digital rupee, which will be based on blockchain technology, in 2023.

In the Indian Union Budget 2022 announcement on Tuesday, Finance Minister (FM) Nirmala Sitharaman has said that Reserve Bank of India (RBI) is planning to develop a digital rupee, which will be based on blockchain technology, in 2023. Also Read: Indian Union Budget 2022: 5G airwaves auction to be held in 2022, says FM According to the Indian finance minister, digital currency will also lead to a more efficient and cheaper currency management system. “It is therefore proposed to introduce digital rupee using blockchain and other technology to be issued by the Reserve Bank of India starting, 2022 and 2023,” said Sitharaman. To bring digital assets under the tax net, any income from these will be taxed at 30%, added the finance minister. Also Read: Indian Union Budget 2022: FM announces kisan drones in boost to agri sector She also stated that any losses incurred as a result of these assets cannot be offset against other gains. She has also proposed a one per cent TDS (tax deducted at source) on transactions in such asset classes above a certain threshold. Watch | India Budget 2022: Finance Minister Nirmala Sitharaman presents her fourth Union Budget × Gifts of digital assets will be taxed in the hands of the recipient, according to the FM. (With inputs from agencies)

Indian Union Budget 2022: Digital rupee to be introduced, virtual assets to be taxed at 30%  

Union Budget 2022: Daniel Lacalle, Chief Economist at Tressis in an exclusive conversation with WION analyses the hallmark of India's Union Budget 2022.

Government's major focus lays on MSME's, startups | Daniel Lacalle exclusive on Union Budget 2022

Finance Minister Nirmala Sitharaman presented her fourth Union Budget today. She said the Budget aims to lay the path for reforms over the next 25 years. But will this budget address the needs of foreign investors?

India: Does this budget address the need of foreign investors?

Finance Minister Nirmala Sitharaman announced that Special Economic Zones (SEZ) Act will be replaced with new legislation. She said that the move aimed "for the development of enterprise and hubs".

India Budget 2022: We will undertake reforms in customs administration of SEZ - Nirmala Sitharaman

Among the host of announcements, this morning FM, of India addressed concerns of the MSME sector. Finance minister Sitharaman in a budget speech, today said raising and accelerating MSME performance will be rolled out in the coming five years.

India Budget 2022: Program would improve the competitiveness and productivity of MSMEs

India's budget for 2022 gives a blueprint of the economy for the next 25 years. With a key focus on four main pillars of development, i.e., inclusive development, productivity enhancement, energy transition, and climate action.

India Budget 2022: 4 main pillars of development highlighted

WION talks to Narayan Shroff, Investment Head at Barclays, Mumbai. Watch this report to know his reaction to the Union Budget 2022.

India Budget 2022: Budget continues to provide an impetus for growth

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;

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&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?

To give a boost to the gems & jewellery sector customs duty on cut and polished diamonds and gemstones is being reduced to five per cent, says Finance Minister Nirmala Sitharaman.

India Budget 2022: Customs duty on cut and polished diamonds, gems to be reduced to 5% - Nirmala Sitharaman

In a big boost to the economy, the digital rupee - using blockchain and other technology - will be introduced by the central bank in 2022-23, Finance Minister Nirmala Sitharaman.

Indian Budget 2022: Digital Rupee to be issued using blockchain and other technologies - Nirmala Sitharaman

During the speech for Indian Union Budget 2022-23 in parliament on Tuesday, Finance Minister (FM) Nirmala Sitharaman said that the country will auction 5G airwaves this year. It will bring about a roll out of the next-generation telecoms service in 2022-23.&nbsp; &nbsp;

"Spectrum auctions will be conducted in 2022 to facilitate the roll-out of 5G mobile services within 2022-23 by private telecom providers," Sitharaman said.&nbsp;

The telecommunications sector in general and 5G, in particular, can enable growth and offer job opportunities, she added. &nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/indian-union-budget-2022-digital-rupee-to-be-introduced-virtual-assets-to-be-taxed-at-30-449464" hreflang="en">Indian Budget: Digital rupee to be introduced, virtual assets to be taxed</a>

"A scheme for design-led manufacturing will be launched to build a strong ecosystem for 5G as part of the production-linked incentive scheme," the FM said.&nbsp;

To enable affordable broadband and mobile services in rural and remote areas, five per cent of annual collections under the universal service obligation fund will be allocated, she said. &nbsp;

"This will promote R&amp;D and commercialisation of technologies and solutions. Our mission is that all villages and their residents should have the same access to e-services, communication facilities and digital resources as urban areas and their residents," the FM said.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/indian-union-budget-2022-finance-minister-announces-kisan-drones-in-boost-to-agriculture-sector-449449" hreflang="en">Indian Union Budget 2022: FM announces kisan drones in boost to agri sector</a>

The contract for laying optical fibre in all villages will be awarded through the BharatNet project in PPP mode in 2022-23, the minister added.&nbsp;

"Completion is expected in 2025. Measures will be taken to enable better and more efficient use of the optical fibre," the FM said.&nbsp;&nbsp;

(With inputs from agencies)&nbsp;

During the speech for Indian Union Budget 2022-23 in parliament on Tuesday, Finance Minister (FM) Nirmala Sitharaman said that the country will auction 5G airwaves this year.

During the speech for Indian Union Budget 2022-23 in parliament on Tuesday, Finance Minister (FM) Nirmala Sitharaman said that the country will auction 5G airwaves this year. It will bring about a roll out of the next-generation telecoms service in 2022-23. "Spectrum auctions will be conducted in 2022 to facilitate the roll-out of 5G mobile services within 2022-23 by private telecom providers," Sitharaman said. The telecommunications sector in general and 5G, in particular, can enable growth and offer job opportunities, she added. Also Read | Indian Budget: Digital rupee to be introduced, virtual assets to be taxed "A scheme for design-led manufacturing will be launched to build a strong ecosystem for 5G as part of the production-linked incentive scheme," the FM said. To enable affordable broadband and mobile services in rural and remote areas, five per cent of annual collections under the universal service obligation fund will be allocated, she said. "This will promote R&D and commercialisation of technologies and solutions. Our mission is that all villages and their residents should have the same access to e-services, communication facilities and digital resources as urban areas and their residents," the FM said. Also Read | Indian Union Budget 2022: FM announces kisan drones in boost to agri sector The contract for laying optical fibre in all villages will be awarded through the BharatNet project in PPP mode in 2022-23, the minister added. "Completion is expected in 2025. Measures will be taken to enable better and more efficient use of the optical fibre," the FM said. (With inputs from agencies)

Indian Union Budget: 5G airwaves auction to be held in 2022, says finance minister

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